Portland, OR -- (SBWIRE) -- 06/09/2017 -- North America and Europe, together accounted for about 64.6% of the total small drones market in 2016, with the former constituting around 37.4%. From growth perspective, Asia-Pacific and LAMEA are the two potential markets, expected to witness considerable increase in growth rates during the forecast period. At present, these two segments account for 35.4% of the small drones market. Their cumulative contribution in the overall market of the Asia-Pacific and LAMEA regions is anticipated to reach 36.8% by 2023, owing to high market growth over the next seven years. Asia-Pacific is expected to grow at a lucrative rate of 12.5% during the forecast period.
According to a recent report published by Allied Market Research, the small drones market was valued at $6.2 billion in 2016, and is projected to reach at $13.4 billion by 2023, growing at a CAGR of 11.8% from 2017 to 2023. In 2016, the mini drones segment accounted for the highest revenue share in the small drones market.
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North America is the leading market for small drones presently, followed by Europe. In 2016, the U.S. dominated the market in Asia-Pacific; similarly, the UK led the overall market in the European region.
The key factors that drive the global small drones market are increased operational efficiency and growth in need for enhanced surveillance. However, factors such as strict airspace regulations and lack of skilled pilots hamper the market growth. Moreover, improvement in technology is expected to provide lucrative opportunities for the market growth.
The mini drones segment dominates the global small drones market. Further, micro/nano drones segment is anticipated to witness the highest growth rate during the forecast period. Among the type of small drones, the rotary wing drones witness the highest revenue in the market owing to its ease of operability in smaller areas in comparison to fixed wing drones.
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Small drones are widely used in the defense sector and witness the highest revenue in the same. However, with the increase in adoption of small drones in various commercial applications, it is anticipated to depict highest growth rate in the market.
Key Findings of the Small Drones Market:
- The micro/nano drone segment is expected to exhibit a significant increase in the small drones market growth during the forecast period.
- In 2016, the rotary wing small drone generated the highest revenue among the small drone types.
- The defense segment generated the highest revenue in the small drones market.
- Asia-Pacific is anticipated to exhibit a substantial growth during the forecast period.
The key players profiled in the report include Lockheed Martin Corporation, Aerovironment Inc., Elbit Systems, Ltd., Parrot SA, 3D Robotics Inc., BAE Systems, Inc., The Boeing Company, SAAB AB, Thales Group, and Textron Inc.
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