IDTechEx Forecasts the Drone Hardware Market to be Over $22Bn by 2041

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Dec 16, 2020, 13:00 ET

BOSTON, Dec. 16, 2020 /PRNewswire/ -- Drones are the key technology of the coming two decades. They are used in many different aspects of industry, and commercial use of this technology has never been higher. In its new market research report, "Drone Market and Industries 2021-2041", IDTechEx predicts that the drone market will reach $22Bn+ by 2041, attributed in part to this wide range of use cases. This article aims to provide you with an essential understanding and insight into this market.

Figure 1. Drone Hardware Market Split in 2019. Source: IDTechEx, www.IDTechEx.com/Drones (PRNewsfoto/IDTechEx)

The main market is made up of a few major players, such as DJI, Parrot, Yuneec, Kespry, Auctuel Robotics, and Insitu. They make up over 85% of the market segment, and this split has remained over the past four years. However, there have also been new entrants to the market, increasing the portion of revenue from "Other" companies. These companies are typically smaller, beginning to exit a pre-revenue stage, and typically service one particular use case. One clear example of this is Zipline for the delivery use-case of drones. Zipline made fixed-wing drones to deliver healthcare to rural areas in countries such as Rwanda. The market split can be seen in the pie chart (Figure 1) calculated from over 80 companies' historic revenues for the drone market. This detailed analysis by IDTechEx follows the trend for other similar innovative and emerging market industries. In 2019, the split between the market leaders and the other smaller companies in the drone market was around 85% to 15%, respectively.

IDTechEx predicts that the drone market for hardware will grow to over $8.9Bn by 2031. This growth will be attributed to growth across all three sub-markets in the drones market. Software is predicted to push the demand for drone hardware, with innovations in Big Data, machine learning, data analytics, and AI all driving the technology forward. Growth in the second decade, between 2031 and 2041, will continue to be dominated by a few particular use cases. IDTechEx predicts that there will be a growth in other sectors as restrictions on drone use are adjusted in this second decade. By 2041, the entire drones market is forecast to be over $22Bn. This key market is an exciting opportunity, and this report provides you with the insight needed to make effective and impactful decisions.

Even though COVID-19 has restricted some use cases of drones, overall, the market research from IDTechEx shows that the drones market has continued to see growth throughout 2019 and 2020. In particular, drones can be used for tasks that would require multiple workers, thus keeping social distancing while allowing the workers to continue their jobs. This is due to the vast range of use cases for which drones can be used and their continued benefit to collect detailed data and mapping of areas that are difficult to cover by humans.

The new market research report from IDTechEx "Drone Market and Industries 2021-2041" provides you with the information you need to know for this disruptive and innovative market. Split into sections, including detailed analysis on the hardware, software, sensors, with forecasts where relevant; this report is a comprehensive overview of the entire drones market. Furthermore, it discusses and analyses the different use cases of drones, including agriculture, mapping, and search and rescue.

What key questions does this report "Drone Market and Industries 2021-2041" answer?

What are the main use cases for drones in 2030, 2040?
Who are the major players in the drone market?
What are the key drivers for market growth?
What is the projected revenue for the drones market from 2020 onwards?
What is the drone market segmentation?
What is the drone segmentation between consumer and commercial drones?

For more information on this report please contact [email protected] or visit www.IDTechEx.com/drones.

What other reports are available from IDTechEx?

This drones market research report for 2021-2041 is part of the Robotics portfolio in IDTechEx's research. Other reports include "Agricultural Robots, Drones, and AI: 2020-2040" and "Mobile Robots, Autonomous Vehicles, and Drones in Logistics, Warehousing, and Delivery 2020-2040". For the full portfolio of Robotics research available from IDTechEx, please visit www.IDTechEx.com/Research/Robotics.

IDTechEx guides your strategic business decisions through its Research, Subscription and Consultancy products, helping you profit from emerging technologies. For more information, contact [email protected] or visit www.IDTechEx.com.

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SOURCE IDTechEx