ID: PMRREP32667| Upcoming | Format: PDF, Excel, PPT* | Consumer Goods
According to the latest research by Persistence Market Research, the small spy drone market is set to witness steady growth during 2021-2031, with a CAGR of around 11%. Demand for small spy drones is projected to grow with the vast opportunities in the commercial sectors such as the delivery of logistics in local areas, video coverage of restricted areas, efficiently capturing data to ensure the smooth running of operations, etc. Moreover, technological advancements have eased the controllability of drones influencing the demand.
Small spy drones have achieved a highly progressive vertical in the market. In order to acquire elevated progress while performing the task, the adoption pace of small spy drones has risen extensively and lead to the creation of various opportunities for the expansion of the industry.
The technological breakthroughs obtained are another important element driving demand for small spy drones. For instance, the introduction of features such as a built-in camera, cables allows the function of controlling the drone through a smartphone. Further, the spy drone run on an android platform, which lets the user edit and transfer the image or video, therefore, growing the demand for a small spy drone industry.
The small spy drones are likely to fuel their presence in commercial sectors due to the automation of technology in industries and the adoption of new methodologies to conduct business. Various segments like construction, media, entertainment, environmental monitoring, and private area monitoring are continuously growing the demand for small spy drones that are lightweight and consume less energy.
Further, small spy drone have a huge demand in the defense industry. The availability of compact sizes along with options of camouflaging the spy drones, allows the militants to be aware of movement in restricted areas. The rising economy of regions fuels the military & defense expenditure and creates a new opportunity for the development of small spy drones in terms of innovation and sales.
The outbreak of the COVID-19 had spread an alarming message that resulted in the temporary pause of everyday activities as regulated by the regional government. The implementation of lockdown and strict regulations on the movement of individuals were imposed to control the spread of the virus and on the other hand, the government emphasized sanitization, cleanliness.
The shutdown of industries leads to the growth of unemployment in all sectors affecting the production capacity. Further, the manufacturers and suppliers in various regions were heavily impacted due to the shortage of logistics as the import and export of materials was on a temporary pause between countries. Such factors had influenced the growth of small spy drone sales.
The U.S. is one of the largest markets for small spy drones globally. Demand for small spy drones will be led by the aerospace and defense sector. The presence of favorable government, high economy, and rising demand for advanced and modern technology-based equipment are likely to grow the demand for small spy drones in the countries of North America.
For instance, in 2020 AeroVironment Inc. had signed a three-part contract with NATO Support and Procurement Agency (NSPA). The contract includes logistics support for Raven™, Wasp™, and Puma™ tactical UAS. The contract is a multi-year partnership with a budget value of US$80 Mn. Such factors are likely to gain the attention of investors and create various opportunities for the growth of the small spy drone industry.
With the rapidly advancing technology, sectors like entertainment, film production, and music production have experienced vast opportunities to provide the viewer a better and more experience that is realistic and the countries of Europe have majorly contributed to such sectors, growing the sales of small spy drones.
In addition, during the COVID-19 challenges, most European countries have maintained a steady defense expenditure in 2020. Countries of Europe especially Germany and UK are projected to be the major contributors to the small spy drone industry.
The UK announced in November 2020 that it would be increasing its defense spending by US$ 22 billion in the next four years. Italy and France too will increase their defense spending in 2021, creating opportunities for component and material suppliers.
Some of the leading manufacturers and suppliers of small spy drones include
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.
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