Notable players profiled in the global drone payload market report include 3D Robotics Inc (U.S.), SZ DJI Technology Co. Ltd (China), Parrot S.A. (France), Israel Aerospace Industries (Israel), Thales Group (France), Aerovironment Inc. (U.S.), Northrop Grumman Corporation (U.S.), Lockheed Martin Corporation (U.S.), Elbit Systems Ltd (Israel), and BAE Systems Plc (U.K).
The global drone payload market is likely to grow at a 17% CAGR between 2018- 2023, as per the new report by Market Research Future (MRFR). A drone payload, simply put, is the weight which the drone can carry and comprises sensors, cameras, and other components. ISR, monitoring, photography, mapping, and surveying, and others are some of its key applications.
Various factors are adding to the global drone payload market growth. Such factors, according to the new MRFR report, include rapid technological advancement such as micro-miniaturization, and innovative use of integrated computer application chips and micro electromechanical devices, digitalization, persistent innovations, and increasing use for delivery purpose.
On the contrary, national security regulations and privacy issues are factors that may limit the global drone payload market growth over the forecast period.
Covid-19 Analysis on Drone Payload Market/Covid-19 ABC Market Analysis
COVID-19 has reshaped the manner in which different businesses function, and the ramifications & fallout of the outbreak has brought the economy across the world into a standstill. More alterations are imminent, and the drone payload market will feel and see it in the days to come. Drones are used in four ways during the current novel coronavirus pandemic. Through drones, officers are effectively scanning an area and broadcasting a message like remaining inside in an infected area or wearing the mask. Drones are also modified with a payload drop mechanism for delivering packages sans any risk to any parties. It is mostly used in hospitals that are treating the virus actively. With an aim in disinfecting public spaces and preventing the outbreak from spreading further, local health authorities are using agriculture spraying drones for disinfecting the areas effectively. Last but not least, drones that are equipped with infrared cameras are used for measuring body temperature.
The MRFR report offers an inclusive segmental analysis of the global drone payload market report based on application, end user, and type.
By type, the global drone payload market is segmented into optronics, CBRN sensors, laser sensors, MPR, COMINT, ELINT, SIGINT, SAR, cameras, and EO/IR. Of these, the SAR segment will lead the market over the forecast period.
By end user, the global drone payload market is segmented into commercial and defense. Of these, the defense segment will dominate the market over the forecast period.
By application, the global drone payload market is segmented into ISR, monitoring, photography, mapping and surveying, and others. Of these, the mapping & surveying segment will have a major share in the market over the forecast period.
Based on the region, the drone payload market report covers the recent trends & growth opportunities across the Americas, Europe, the Asia Pacific (APAC), and the Middle East and Africa (MEA). Of these, North America will spearhead the market over the forecast period for the key drone & payload vendors in the US. Besides, increasing entertaining and marketable application of drones and rising military drone activities are also adding market growth.
The drone payload market in the APAC region is predicted to have healthy growth over the forecast period for increased spending by the military on drone payloads in China and India, rising needs for military UAVs, and countries such as Indonesia, South Korea, and Japan are taking different initiatives for encouraging research & domestic production of UAVs.
The drone payload market in Europe is predicted to have remarkable growth over the forecast period for the different countries in the region initiating modifying regulations progressively concerning the use of drones in different marketable applications.