According to the new market research report "Drone Sensor Market by Sensor Type, Platform Type, Application (Navigation, Collision detection & Avoidance, Data Acquisition, Motion Detection, Air Pressure Measurement), End-User Industry, and Geography - Global Forecast to 2023", published by MarketsandMarkets™, the market is expected to grow from USD 345.7 million in 2018 to USD 1,007.6 million by 2023, at a CAGR of 23.86% between 2018 and 2023. The key factors that are driving the growth of this market include the rising need for higher resolution imaging for mapping & surveying and accurate positioning for accurate navigation, increased crop vigor analysis for precision farming, and growing demand for drones from the commercial and logistic sectors for payload delivery.
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Defense industry to account for the large size of the drone sensor market between 2018 and 2023
Among various applications, the defense industry is expected to account for the largest size of the drone sensor market between 2017 and 2023. Increased spending on drones in the defense industry for intelligence, surveillance, and reconnaissance (ISR) missions and for homeland security in the Middle East and APAC will drive the growth of the market for drone sensors during the forecast period.
Market for drone sensors for hybrid platform to grow at high CAGR between 2018 and 2023
The drone sensor market for hybrid platforms is expected to grow at a high CAGR during the forecast period. Hybrid drones comprises the advantages of better payload capacity and extended flight time and are, therefore, finding increased application in the military surveillance and agriculture segments.
North America expected to hold largest share of drone sensor market between 2018 and 2023
North America is expected to hold the largest size of the drone sensor market during the forecast period. The increasing use of drones to cover numerous sporting events by leading media houses is contributing to the growth of the drone sensor market for the media industry in North America. Military & defense is one of the largest application areas for drone sensors in North America. Rising adoption of drones in precision agriculture will drive the growth of the market for drone sensors during the forecast period. In addition, the oil & gas industry will also be a major contributor to the growth of the market as the use of drones to inspect oil & gas pipelines is increasing.
Trimble (US), Bosch Sensortec (Germany), TDK InvenSense (Japan), Sparton NavEx (US), and Raytheon (US) are among the major players in the drone sensor market.
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