According to Fact.MR's Drone Market report, the sector is expected to showcase stellar growth with a CAGR of ~ 23.5% over the forecast period of 2019-2029. The continued investment in futuristic R&D initiatives is proving to be a significant driver in this evolving market. As drone manufacturers seek opportunities within new market sectors, having payload capabilities is surfacing as a primary demand.
Existing opportunities
Construction. Highly sophisticated drone cameras are gaining favor when conducting aerial surveys for construction companies. This provides insights and vital information about the construction lifecycle, enable key stakeholders to fulfill project deliverables in a timely manner.
Emergency Response. Equipping drones with emergency resuscitation capabilities such as defibrillators, can prove instrumental in assisting with medical emergencies. Furthermore, adding thermal imaging cameras will allow disaster recovery teams to identify victims during natural disasters like floods or earthquakes.
Defense. Nano drones, also known as black hornets, provide military units with highly advanced and analytical imaging functionalities. These drones are poised to provide rapid enemy force penetration and will give a massive boost to the drone market in the foreseeable future. The drone market is also witnessing significant breakthroughs in the defense sector with drone technology targeted at providing precision based, guided missiles. The lethal combination of stealth capabilities and advanced video imaging is equipping the military in developed countries with drones that are capable of wreaking extensive damage on enemy territory.
Of course, the market's continued expansion depends heavily on the ramifications of civil liability including a strict regulatory framework. Drone manufacturers will need to find ways to navigate these waters.