Drone Sensor Market: Growth Analysis By Revenue, Size, Share, Scenario on Latest Trends, Types and Applications and Forecast: 2022-2031

Japan, Japan, Mon, 04 Apr 2022 04:03:48 / Comserve Inc. / -- The drone sensor market is projected to grow with a CAGR of more than 15% during the forecast period.

The drone sensor market is projected to grow with a CAGR of more than 15% during the forecast period.

- The growing applications of drones for various commercial purposes, like remote sensing; photo and videography; oil, gas, and mineral exploration; disaster relief, recreational uses, and other purposes are driving the growth of the drone sensor market.
- The advancements in drone technologies have allowed manufacturers to produce a wide range of models in different sizes, weights, and shapes, which can carry different sensor payloads, making them favorable across a broad application base.
- Substantial investments in the drone and its accessories, to innovate and develop new sensor technologies and upgrade the existing infrastructure to support IoT and automation, have been the primary trends impacting the market, globally.

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Key Market Trends

The Increasing Demand of Drones in Various End-use Industries is Driving the Growth of the Market

The evolving need for drones in various fields is demanding drone manufacturers to equip the drones with new technologies that help them adapt to the changes. Off late, LiDAR is becoming a high resolution and more accurate option for 3D mapping and geospatial data collection. As LiDAR uses ultraviolet, near-infrared light, effective mapping can be done, which is helping the growth in its preference. For instance, in February 2020, Bluesky International has won a contract from the Welsh government, to conduct an aerial survey of Wales. Natural Resources Wales and Bluesky will capture the data with the help of LiDAR of more than 20,000 sq km of Wales rural and urban landscape. In addition, infrared thermal sensors capture cloud points that are used in information-based modeling by engineers and architects. The presence of millions of miles of underground natural gas pipelines across many countries is presenting growth opportunities for the market, as drones equipped with thermal imaging sensors for pipeline leak detection are gaining popularity. Similarly, for solar farms inspection, companies employ drones with various sensors to create 3D visualizations, optimize the placement of photovoltaic panels for maximizing the efficiency. Thus, the demand for drone sensors is increasing, primarily due to the growth in the usage of drones in various industries.

Asia-Pacific is Projected to Exhibit the Highest Growth Rate in the Market

In terms of geography, Asia-Pacific is projected to grow with the highest CAGR during the forecast period. The recent changes in drone regulations in several countries across the region are expected to support the growth of the market. China became the global hub for drone manufacturing in the past six years. About 70% of the global civilian drone market is supported by China, which had about 1,200 drone manufacturers at the beginning of 2019 (up from 130 manufacturers in 2013). Moreover, Japan's drone sensor market is expected to witness rapid growth, in terms of technology and procurement. The Japanese government recently implemented new regulations for drone manufacturers and users, which may support the Japanese drones and drone sensors markets in the future. The government took initiatives to improve the country's commercial drone industry and reach its goal of enabling drone delivery in Tokyo by 2020. The government announced its plans to establish a streamlined registry system by 2022, in order to offer more opportunities for drones. Similarly, the South Korean government has announced that it will invest over USD 1 billion in the drone industry over the next five years. The funds will be spent on research and development of drone technology by 2022. Such developments are expected to enhance drone usage and subsequently enhance the market prospects for drone sensors during the forecast period.

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Competitive Landscape

The drone sensor market is highly fragmented, with several players accounting for significant amounts of shares in the market. Some of the prominent companies in the drone sensor market are Bosch Sensortec, TE Connectivity, TDK Invensense, Trimble Inc. and Flir Systems, Inc. Companies are investing heavily in research and development for the innovation of new and advanced sensors and related technologies that may be used in different applications of drones. In this regard, OEMs are investing in the research and development of advanced sensors. For instance, in 2019, TDK Corporation launched the ICM-42622 6-axis motion sensor, a 6-axis IMUs optimized sensor. It has various features such as fast sampling capability, higher gyroscope temperature stability, low gyroscope, and accelerometer noise, etc. Likewise, in January 2020, Velodyne Lidar introduced its smallest sensor Velabit designed for UAVs, autonomous vehicles, and robotics. The sensor enables advanced GPS-denied HD mapping in the industry. Larger players in the market are acquiring small players in the market to stay ahead in this highly competitive market, which is also enabling the technology transfer between the companies. For instance, in 2019, EMCORE Corporation acquired the Systron Donner Inertial, Inc., which has helped both the companies to share their sensor expertise. Such acquisitions will make the market more competitive in the years to come.

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