Although COVID-19 has restricted some use cases for drones, research by IDTechEx shows that the drone market continued to grow in 2019 and 2020.
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Although COVID-19 has limited some use cases for drones overall, the IDTechEx study shows that the drone market continued to grow in 2019 and 2020.
In 2019, the split between the market leaders and the other smaller companies in the drone market was around 85% to 15%.
Understand the drone market
Drones are the key technology for the next two decades. They are used in many different areas of industry and the commercial use of this technology has never been so great. In your new market research report “Drone Market and Industry 2021-2041“, IDTechEx predicts the drone market will hit more than 22 billion by 2041, partly due to this wide range of use cases. This article is designed to give you a basic understanding and insight into this market.
The main market consists of some big players like DJI, Parrot, Yuneec, Kespry, Auctuel Robotics and Insitu. They account for more than 85% of the market segment and this line of business has been maintained for the past four years. However, there were also new entrants who increased the share of revenue from “other” companies. These companies are typically smaller, start in the pre-sales phase, and typically serve a specific use case. A clear example of this is zipline for the use case of drone delivery. Zipline manufactured fixed-wing drones to provide medical care to rural areas in countries like Rwanda.
IDTechEx’s detailed analysis follows the trend of other similar emerging markets and innovative industries. In 2019, the split between the market leaders and the other smaller companies in the drone market was around 85% to 15%.
Predictions for the Drone Hardware Market
The company predicts the hardware drone market will grow to over $ 8.9 billion by 2031. This growth is attributed to the growth in the three main market sub-markets. The software is set to increase demand for drone hardware, with innovations in big data, machine learning, data analysis, and artificial intelligence driving the technology.
The growth in the second decade between 2031 and 2041 continues to be dominated by a few special use cases. According to IDTechEx, there will be growth in other sectors as restrictions on the use of drones adjust in this second decade. The total drone market is expected to exceed $ 22 billion by 2041.
Although COVID-19 has restricted some use cases for drones, the IDTechEx study shows overall that the drone market continued to grow in 2019 and 2020. In particular, drones can be used for tasks that would require multiple workers in order to maintain social distance and enable workers to continue their work. This is because of the multitude of use cases drones can offer and their continued usefulness in collecting detailed data and mapping areas that are difficult for humans to cover.