The global small drone market size is expected to reach USD 35,009.4 million by 2027 while exhibiting a staggering 24.11% CAGR between 2020 and 2027. This is attributable to the increasing incidence of intrusion across borders and the rising military expenditure that is driving the demand for advanced small drones globally. Fortune Business Insights published this information in its latest report, titled, “Small Drone Market Size, Share & COVID-19 Impact Analysis, By Type (Fixed Wing, Rotary Wing, and Hybrid Wing), By End-use (Military & Defense, Consumer, and Commercial & Civil), By Maximum Take-off Weight (<5 Kg, 5-25 Kg, and 25-150 Kg), and Regional Forecast, 2020-2027.” The report further mentions that the market stood at USD 7,720.3 million in 2019 and is projected to showcase an exponential growth during the forecast period.
High Demand for Small Drones across Healthcare Facilities amid COVID-19 to Surge Demand
The COVID-19 pandemic has led to every vital resource rallying around the healthcare industry to contain its widespread effect across the globe. This has led to an increased demand for advanced small drones for inspection purposes and to collect real-time data across highly infected places. This is expected to boost market growth in the near future.
The small drones are miniature unmanned aircraft that are gaining immense popularity across the military and commercial applications. The adoption of these drones aids in improved efficiency, high accuracy, and excellent productivity in capturing images for several industrial applications.
Increasing Military Expenditure to Promote Growth
According to the data by The Balance, the total military expenditure of the United States Army was estimated to be around USD 934 billion in 2020. The increasing spending on military and defense by the governments across the globe is likely to boost the demand for advanced small drones across the globe. Additionally, the rising skirmishes at international borders such as the India-China, China-U.S. conflicts are expected to drive the global small drone market during the forecast period.
Hybrid Wing Segment Held 18.7% Market Share in 2017 Owing to Increasing Adoption by Drone Companies
The hybrid wing segment, based on the product, held a market share of about 18.7% in 2019 and is expected to gain momentum in the forthcoming years. This is ascribable to factors such as the increasing demand from drone companies for wildlife surveys, firefighting, and disaster management, among others.
Increasing Focus on Military Upgradation in North America to Augment Growth
Among all the regions, North America is expected to remain at the forefront and hold the highest position in the global small drone market during the forecast period. This is attributable to the increasing focus by the U.S. Defense Services to upgrade its military that will propel the demand for advanced small drones fro surveillance purposes in the region. North America stood at USD 2933.7 million in 2019.
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