Chicago, March 08, 2024 (GLOBE NEWSWIRE) -- The small drones market size is projected to grow from USD 5.8 billion in 2023 to USD 10.4 Billion by 2030, at a CAGR of 8.6% from 2023 to 2030.
Small Unmanned Aerial Vehicles (SUAVs), commonly known as small drones, are aerial vehicles controlled remotely and play vital roles in both the defense and commercial sectors. In commercial applications, they find utility in tasks such as monitoring, surveying, mapping, aerial remote sensing, precision agriculture, and even product delivery. In the military sphere, they serve functions such as military operations and border surveillance. Various industries, including oil & gas, railway, power plants, and construction, have embraced SUAV technology. Moreover, the utilization of small drones for emerging applications, such as cargo delivery in both commercial and defense sectors, is anticipated to be a driving force behind the global market's growth.
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Small drones are gradually taking the place of manned aircraft within the defense sector because they offer the flexibility to be controlled remotely by human operators or autonomously by onboard computer systems. Over the past decade, the small drone market has experienced substantial growth, primarily driven by the expanded utilization of small drones in various military applications.
Enhanced endurance capabilities and cost-efficiency have led to a surge in the manufacturing of small drones, contributing significantly to the anticipated expansion of the small drone market. Innovative military applications continue to emerge, highlighting the versatility of small drones. One such application entails employing small drones for the transportation of both commercial and military payloads, including the replenishment of essential supplies to soldiers in battlefield scenarios.
The integration of cutting-edge technologies like Artificial Intelligence (AI), sense and avoid systems, and cloud computing into Unmanned Aerial Vehicles (UAVs) is poised to stimulate demand for small drones across various sectors. The infusion of AI into small drones is anticipated to elevate their capabilities, endowing them with cognitive functions akin to human thinking. AI is expected to empower small drones to autonomously execute a spectrum of tasks such as take-off, navigation, data collection, data transmission, and data analysis without requiring human intervention.
However, manufacturers of small drones face several challenges, including the seamless integration of UAVs into existing air traffic systems. Furthermore, government-imposed restrictions on the utilization of small drones for civil and commercial purposes in various countries globally represent a significant hurdle that impacts the growth of the small drone market.
To increase their market share in the small drone industry, major players like SZ DJI Technology Co., Ltd. (China), Lockheed Martin Corporation (US), The Boeing Company (US), Israel Aerospace Industry Ltd. (Israel), and AeroVironment, Inc. (US) have implemented a variety of growth strategies. These include contracts, agreements, acquisitions, expansions, partnerships & certifications, investments, venture capital funding, new service launches, and research & development (R&D) activities.
SZ DJI Technology Co., Ltd.
SZ DJI Technology Co., Ltd. is the top producer of commercial drones worldwide. It produces a large variety of propulsion systems, cameras, drones, flight controllers, accessories, and camera gimbals (aerial and handheld). The company sells its products for use in a variety of industries, including infrastructure, construction, public safety, agriculture, energy, and entertainment. DJI sells its goods in retail establishments, DJI-run stores, and DJI online stores.
China-based SZ DJI Technology Co., Ltd. owns its own production and research facilities. Its offices are located in the US, China, Japan, the Netherlands, and Hong Kong. China and the US account for the majority of the company's revenue. The business does not supply drones or associated services to the military.
Lockheed Martin Corporation
In the fields of advanced technologies, aerospace, military, and security, Lockheed Martin Corporation is a leader in research, design, development, production, and integration of these systems as well as associated goods and services. Aeronautics, Missile and Fire Control, Rotary and Mission Technologies, and Space are the business's four operating segments. The company develops, delivers, and supports aerospace and defense systems. It is present in all 50 US states, with 572 manufacturing facilities spread throughout 500 cities. Under the ticker sign LMT, it is traded on the New York Stock Exchange.
Research, design, development, production, integration, maintenance, support, and modernization of cutting-edge military aircraft, including combat and air mobility aircraft, unmanned aerial vehicles, and associated technologies, are all undertaken by the Aeronautics segment. Lockheed Martin Pty Limited (Australia), Lockheed Martin UK Limited (UK), Lockheed Martin Canada Inc. (Canada), Lockheed Martin Global, Inc. (US), and Lockheed Martin Logistics Management, Inc. are a few of the company's subsidiaries (US).
The Boeing Company (US)
The Boeing Company is a prominent producer of security, space, and defense equipment in addition to commercial jetliners. Commercial and military aircraft, satellites, armaments, electronic and defense systems, unmanned systems, launch systems, sophisticated information and communication systems, performance-based logistics, and training are just a few of the goods and services it offers. The business is divided into four segments: Global Services, Defense, Space & Security, Commercial Airplanes, and The Boeing Company Capital. The company's Defense, Space & Security business sells its equipment to tiny drone manufacturers.
Research, development, production, and modification of manned and unmanned military aircraft and weapons systems for strike, surveillance, and mobility (such as fighter and trainer aircraft); vertical lift (such as rotorcraft and tilt-rotor aircraft); and commercial derivative aircraft (such as anti-submarine and tanker aircraft) are the activities carried out by the Defense, Space & Security segment. Furthermore, the research, development, production, and modification of the following goods and services are carried out by this segment: cyber and information solutions; intelligence systems; command, control, communications, computers; intelligence, surveillance, and reconnaissance (C4ISR); satellite systems, including commercial and government satellites; and space exploration.
Israel Aerospace Industry Ltd. (Israel)
Israel Aerospace Industries Ltd. (IAI) provides cutting-edge equipment and technologies across all areas and is a prominent manufacturer in both the defense and commercial sectors. From special mission aircraft and sophisticated unmanned aerial systems (UAS) to precision-guided munitions, multi-layered missile defense, loitering munitions, upgrades for military aircraft and helicopters, and advanced C4I, ISTAR, and navigation systems, the company offers a wide range of aerial defense solutions and services. It is active in a number of international markets, spanning from North America to Germany in Europe, via South America's Brazil and Colombia, East Asia's India and South Korea.
AeroVironment, Inc. (US)
AeroVironment, Inc. creates, develops, manufactures, maintains, and manages a cutting-edge range of products and services for enterprises and government organizations. The company provides tactical missile systems and associated services to US government entities, as well as small drone-related services mostly to the US Department of Defense and other ally countries.
AeroVironment's compact drones, such as Raven, Wasp AE, and Puma AE, are engineered to function dependably at extremely low altitudes under a variety of environmental circumstances, offering an advantageous position for gathering and transmitting important data. Small drones are used by military forces to provide ISR and communications, such as tracking, combat assessment, real-time tactical reconnaissance, and geographic data, directly to the small tactical unit or individual operator. This increases mission planning and execution flexibility. Small drones are used in commercial applications to help businesses manage important assets including railroad infrastructure, powerlines, and crops.
