Small drones market to be worth $10.04 billion by 2020
The commercial segment is projected to grow at a comparatively higher CAGR during the forecast period, primarily owing to huge investments made by major players in the development of small drones for applications in agriculture, transportation, medical, and so on.
This is according to the report "Small Drones Market by Application (Defense, Commercial), Size (Micro, Mini, Nano), Payload (Sensor, Telemetry System, Camera, Videoscreen, NBC Detection, SAR, Others), Type, Propulsion Systems, & Region - Global Forecasts to 2020" by MarketsandMarkets.
In Asia-Pacific, the agriculture sector dominates the demand for small drones in the commercial segment, followed by transportation and medical sectors.
The global small drones market is dominated by North America, as of 2015, owing to the technological advancements and the rising incidences of terrorism in the region.
However, the Middle East and Asia-Pacific are expected to drive the growth of the global small drones market in the coming years, with the Asia-Pacific market projected to grow at the highest CAGR during the forecast period, 2015 to 2020.
This rapid growth of the Asia-Pacific market can be attributed to the innovative technology solutions for drones and aiming to manufacture them at the lowest possible cost. The Asia-Pacific market is driven mainly by the increasing investments by China and India for the development of multifunctional small drones in defense as well as commercial applications.
The major players in this market are Lockheed Martin (U.S.), Elbit Systems (Israel), AeroVironment (U.S.), and Israel Aerospace Industries (Israel), among others. ■