Wilmington, Delaware, Nov. 07, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Tethered Drone Market by Solution (Tethered Drone, Tethered Stations), by Application (Search and Rescue, Telemetry and communication, Surveillance and Protection, Commercial and Recreational), by End Use (Commercial, Military): Global Opportunity Analysis and Industry Forecast, 2021-2031."
The report indicates that the global market for tethered drone garnered $257.3 million in 2021, and is anticipated to value at $404.9 million by 2031, with a noteworthy CAGR of 4.9% during the forecast period of 2022 to 2031. The report provides an in-depth examination of evolving market patterns, primary sectors, significant investment opportunities, the value chain, regional overview, and the competitive environment.
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Key Companies in Tethered Drone Industry:
- Yuneec Holding Ltd.
- Teledyne Flir LLC
- Sky-Drones Technologies Ltd.
- Novadem
- Hoverfly Technologies
- Fotokite
- Elistair Inc.
- Comsovereign
- Acecore Technologies
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Prime determinants of growth:
The global tethered drone market is experiencing growth due to factors such as an increased spending on defense by governments, rapid adoption of tethered drone in the commercial sector, surge in security concerns across the world, heightened demand for enhanced surveillance owing to the increasing threat of terrorism, and technological advancements in tethered UAVs which offered new opportunities for low altitude satellite surveillance, live streaming events, border patrols, and more. On the other hand, concerns regarding privacy and security and rising competition in aerial imagery restrict the market growth to some extent. Nevertheless, advancements in drone technologies and expanding the connectivity of tethered drones will provide ample growth opportunities in the upcoming years.
The tethered drone segment to grab the largest share during the forecast period
On the basis of solution, the tethered drone segment held the highest market share in 2021, accounting for more than two-thirds of the global tethered drone market and is estimated to lead the trail from 2022 to 2031. The robust demand for autonomous surveillance system and security has enforced defense organizations to adopt tethered drones for improving their defense capabilities. On the other hand, the tethered stations segment is anticipated to display the highest growth with 5.8% CAGR throughout the forecast timeframe. The segment is driven by manufacturers of tethered stations who are introducing new solutions for end users to improve the surveillance and security of a nation.
The commercial and recreational segment to continue its supremacy by 2031
By application, the commercial and recreational segment garnered the major share of more than one-third of the global tethered drone market revenue in 2021 and is estimated to retain its dominance by 2031. The use of advanced camera modules and acoustic devices on tethered drones raises concerns about the potential invasion of business privacy. These drones have the capability to compromise physical security and gain access to critical infrastructure networks and equipment, enabling the collection of data that may otherwise be out of reach for insurgent groups due to limitations in range. These security concerns have driven the growing adoption of tethered drones as a means to protect the assets and sensitive data of commercial entities, resulting in an increased demand for tethered drone technologies in commercial applications. On the other hand, the telemetry and communication segment is anticipated to witness the fastest CAGR of 6.8% throughout the forecast timeframe. The segment is driven by surge in the launch of latest drone technologies by tethered drone suppliers.
The commercial segment to retain its dominant status by 2031
By end use, the commercial segment garnered the largest market share of more than three-fifths of the total market share in 2021 and is anticipated to grab the lion’s share throughout the forecast timeframe. The same segment would cite the highest growth with 4.9% during the forecast period. The growth is attributed to the fact that tethered drones find wide applications in supporting the management at construction projects, precision agriculture and farming, detecting methane from landfills and gas pipeline infrastructure, and several other commercial applications.
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North America to grab the highest share during the forecast period
The regional analysis in the report states that the market across North America was largest in 2021, accounting for nearly one-third of the overall market revenue and is expected to rule the roost throughout the forecast timeframe. The same region is estimated to showcase the fastest CAGR of 6.0% from 2022 to 2031. The growth of the market across the region is driven by improvement programs among the region, multiple military modernization led to adoption of tethered drone systems by the defense and law enforcement agencies across the region. Furthermore, surge in investment by the North American nations drive the expansion of tethered drone system equipment. Additionally, the presence of leading equipment manufacturers across the region propels market growth to some extent.
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