Global Drone Sensors Market Expected to Grow Substantially Owing to the Rising Applications of Drone Sensors in the Industrial Sector | Research Dive

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26 Jun, 2023, 15:30 GMT

The global drone sensors market is expected to grow primarily due to increasing applications in the industrial sector. Navigation sub-segment is expected to flourish immensely. The market in the North America region is predicted to grow at a high CAGR by 2031.

NEW YORK, June 26, 2023 /PRNewswire/ -- Global Drone Sensors Market Forecast Analysis:

As per the report published by Research Dive, the global drone sensors market is expected to register a revenue of $3,930.4 million by 2031 at a CAGR of 23.2% during the forecast period 2022-2031.

Segments of the Drone Sensors Market

The report has divided the drone sensors market into the following segments:

  • Sensors Type: inertial sensor, image sensor, speed and distance sensor, position sensor, pressure sensor, light sensor, current sensor, and others
    • Image Sensor– Most dominant in 2021
      The rising investments in security and surveillance in public places all over the globe are expected to push the growth of this sub-segment further.
  • Platform Type: VTOL, and fixed-wing and hybrid
    • Fixed-Wing and Hybrid– Highest market share in 2021
      The growing demand for fixed wing drones for commercial flight operations, surveying and mapping, imaging, product delivery, and airborne remote sensing in the agricultural, environmental, and defense sectors is expected to augment the growth rate of the sub-segment in the 2022-2031 timeframe.
  • Application: navigation, collision detection and avoidance, data acquisition, and motion detection and air pressure measurement
    • Navigation– Most lucrative in 2021
      The increase in use of GPS sensors and navigation systems to provide precise information such as correct orientation and distances is anticipated to push the market forward.
  • End User: construction, media and entertainment, precision agriculture, security and surveillance, defense, law enforcement, transportation, and others
    • Defense– Highest market share in 2021
      The growing use of drones in defense sector particularly for border security, counterinsurgency, and commercial property surveillance is expected to augment the growth rate of the market in the 2022-2031 timeframe.
  • Region: North America, Europe, Asia-Pacific, and LAMEA
    • North America– Significant market share in 2031
      The high defense budget and the adoption of advanced technology in various sectors are predicted to propel the market in the forecast period.

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Dynamics of the Global Drone Sensors Market

The increasing demand and applications of drones in industrial sector is expected to make the drone sensors market a highly profitable one in the forecast period. Additionally, rising military budgets, especially in developing countries is predicted to propel the market forward. However, according to market analysts, safety concerns and high cost of drones might become a restraint in the growth of the market.

Increasing adoption of technologically advanced drone sensors is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, rising commercial applications of artificial intelligence are presently found in high-altitude military UAV autonomous flight types is expected to propel the drone sensors market forward in the coming period.

COVID-19 Impact on the Drone Sensors Market

The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The drone sensors market, too, was negatively impacted due to the pandemic. The lockdowns and travel restrictions affected the global supply chains which impacted the manufacturing of drone sensors which brought down the growth rate of the market during the pandemic.

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Key Players of the Global Drone Sensors Market

The major players of the market include

  • Trimble
  • ams AG
  • Sentera Inc.
  • Bosch Sensortec GmbH
  • Infineon Technologies AG
  • Slantrange
  • Sparton NavEx
  • PrescisionHawk
  • TDK Corporation
  • Raytheon

These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain market growth.

For instance, in January 2023, Dedrone, an airspace security solutions provider, announced the acquisition of Aerial Armor, a leading drone systems developer. This acquisition is predicted to boost the market share of Dedrone significantly in the coming period.

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What the Report Covers

Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)

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