New York, USA, June 19, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global drone sensors market is envisioned to generate a revenue of $3,930.4 million and grow at a stunning CAGR of 23.2% over the forecast timeframe from 2022 to 2031.
As per our analysts, the increasing demand for drone sensors in commercial applications, such as agriculture, logistics, and delivery services is expected to fortify the growth of the drone sensors market during the forecast period. Besides, the growing use of drone sensors in military applications, such as reconnaissance and surveillance is predicted to uplift the growth of the market over the estimated period. Moreover, the increasing adoption of technologically advanced drone sensors across various sectors is expected to create wide growth opportunities for the drone sensors market throughout the forecast period. However, safety concerns and the high cost associated with drone sensors system may hinder the growth of the market over the analysis period.
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Segments of the Drone Sensors Market
The report has divided the market into segments based on sensors type, platform type, application, end-user, and region.
Sensors Type: Inertial Sensor Sub-Segment to be Most Productive
The inertial sensor sub-segment of the drone sensors market is expected to have the fastest growth during the estimated period. This is mainly due to the rising use of microelectromechanical systems (MEMS), and the growth in the aerospace, commercial, and military sectors across many emerging countries. Moreover, the rising military spending on the deployment of internal sensing systems is expected to foster the growth of the market sub-segment over the forecast period.
Platform Type: Fixed-Wing and Hybrid Sub-Segment to be Most Profitable
The fixed-wing and hybrid sub-segment generated the largest market share in 2021. This is mainly due to the increasing demand for aircraft for commercial flight applications such as mapping and surveying, product delivery, and many more. Furthermore, the development of modern technologies such as artificial intelligence, big data, and other cutting-edge surveillance systems is predicted to fuel the growth of the market sub-segment during the estimated period.
Application: Navigation Sub-Segment to be Most Lucrative
The navigation sub-segment of the drone sensors market registered the highest share in 2021. The rising adoption of drones for navigation applications such as remote sensing, disaster management, search, and rescue missions, and many more are expected to propel the growth of the market sub-segment over the analysis timeframe.
End-User: Defense Sub-Segment to be Most Beneficial
The defense sub-segment held the biggest market share in 2021. The increasing need for drone sensors to detect security and terrorism-related threats, monitor criminal activity, and address emerging difficulties in defense and homeland security is expected to augment the growth of the market sub-segment during the forecast period.
Region: North America Market Held the Maximum Share of the Market
The North America region of the drone sensors market garnered the highest revenue in 2021. This is mainly due to the adoption of advanced technology in various sectors across the region. In addition, the high defense budget and the increasing popularity of precision farming in the region are expected to drive the regional growth of the market throughout the estimated period.
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Covid-19 Impact on the Drone Sensors Market
The rise of the Covid-19 pandemic has devastated various industries including the drone sensors market. The disruptions in the supply chain, economic slowdown, and the closure of manufacturing plants have badly affected the growth of the market during the pandemic. However, the increased demand for drones over that period for contactless services such as blood sample transportation, medical transportation, sanitization, and public surveillance has created numerous growth opportunities for the market throughout the crisis.
Key Players of the Drone Sensors Market
The major players of the market include
- Infineon Technologies AG
- ams-OSRAM AG
- PrecisionHawk
- Raytheon
- Sentera Inc.
- Sparton NavEx
- Slantrange
- Bosch Sensortec GmbH
- TDK Corporation
- Trimble
These players are broadly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to acquire a leading position in the global industry.
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For instance, in August 2021, Honeywell, an American publicly traded, multinational conglomerate corporation announced its collaboration with InfiniDome, a leading GPS Security Company that provides front-end cyber solutions. With this collaboration, the companies aimed to develop and deliver GPS signal protection systems for various defense and commercial applications.
Further, the report also summarizes other vital aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic development.
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