Global Drone Camera Market to Reach Valuation of US$ 9,830 Mn by 2027: Industry Probe

March 05, 2020, Domain: Consumer Goods & Retail

According to a new market report published by Industry Probe (www.industryprobe.com) titled ‘Drone Camera Market (Type: Lidar, Thermal Cameras, Multispectral Cameras, and Others; Resolution: Less than 12 MP, 12-20 MP, 20 MP - 32 MP, and 32 MP & Above; Installation Type: In-Build and Attached; Market Type: OEM and Aftermarket; Application: Consumer, Military/Government, and Commercial [Aerial Photography, Agriculture, Construction, Media & Entertainment, Mining, Transport, and Others]) – Global Industry Dynamics 2018-19, Trends and Forecast, 2020–2028’ the global drone camera market is expected to expand at a CAGR of 19.1% from 2020 to 2028 and reach US$ 9,830.7 Mn by 2027.

Overview

  • In the 21st Century, with the widespread application of lightweight composite materials, the maturity of satellite positioning systems, and the improvement of electronics and radio control technology, especially the emergence of drone structures, the entire drone industry has entered a stage of rapid development due to which, the demand for drone camera is growing rapidly across the world. Compared to manned aircraft and helicopters, drones are more cost-effective to purchase and operate and can be used for a variety of military, commercial, and personal use purposes, which in turn is fuelling the demand for the drone camera market globally.

Driving Factors

  • With the evolution of drones, the revolution of drone cameras has ushered in. The improvements in the drone camera technology were mainly due to the diversification of image sensors and the improvements in image processing engines. The lens quality also improved slightly. Until the last two years, the improvement in drone camera pixels and sensors encountered bottlenecks, and 3D imaging emerged.

  • The increase in demand for border security is likely to be a major factor driving the market during the forecast period. Countries such as the U.S., China, and France have enhanced their military and defense budgets, and are regularly acquiring military inspection and communication devices, which is likely to fuel the market during the forecast period. Moreover, drone technology represents a cost-effective solution for a wide range of homeland security operations. Drones are ideal data-gathering instruments in these circumstances, equipped with cameras and sensors, and controlled remotely. Moreover, government organizations are adopting this technology for different critical and dangerous site inspections. For instance, the Ministry of Land, Infrastructure, Transport, and Tourism (MLIT) in Japan has conducted drone tests for maintenance check-up at inaccessible and dangerous sites.

  • Demand for FPV i.e. first-person-view drones across the U.S. is on the rise, owing to the growing popularity of the FPV racing events. FPV racing is a competitive sport and being commercialized by the US Drone Racing Association. For participating in the FPV drone racing event, it is important to choose the right FPV racing drone equipped with specialized FPV cameras. FPV cameras are different than consumer or general cameras used in drones, as they provide low-latency real-time video. The growing demand for FPV cameras equipped with FPV racing drones is projected to have a high impact on the growth of the drone cameras market in North America.

Key Challenges

  • Federal Trade Commission, a U.S. government agency issues a report that drone cameras can be hacked and cause serious concerns in the paper titled “Cybersecurity Risks Posed by Unmanned Aircraft Systems”. Privacy and security issues pertaining to drone cameras; this could hamper the drone market and eventually cameras used in drones. However, the impact of this restraint is low, as players providing cameras are significantly focusing on addressing the security-related concerns about drones.

Market Preference

  • Although countries around the world attach great importance to the research and development of drone technology and have invested resources. Overall, the development of drone technology in the world is uneven. From the perspective of the regional market structure of global drone development, the world's drone production hub is mainly concentrated in China. China is a world leader in drone manufacturing and drone industry giants such as DJI, Yuneec, etc., have their production centers situated in China. Though the U.S. is the largest drone consumer market in the world, the majority of drones used in the U.S. are imported from China. Therefore, the demand for drone cameras is huge in China and accounts for approximately 78% of the overall drone camera market in 2019.

  • China and the U.S. start fierce competition in the drone industry. Although China has always been the main supplier of drones in the world, the U.S. has gradually started to occupy the international drone market by developing UAVs/UASs (Unmanned Aerial Vehicles/Systems) due to which, the demand for drone cameras from U.S. manufacturers is anticipated to grow rapidly over the forecast period.

  • Although DJI currently holds an absolute leading position in the U.S. drone market, more drone companies are emerging in the country on account of government support. In July 15, 2019, U.S. President Trump signed a new executive order to upgrade the "Buy American Products Act", raising the threshold for "Made in the United States" clarifying that government purchases of goods will take precedence over American goods, and stipulating the cost of raw materials from abroad. More than 50% cannot be counted as American products but must be counted as foreign products.

Competition Landscape

  • The global drone camera market is dominated by several players who are focused on the development of new products to cater to changing consumer preferences

  • The report includes the below-mentioned pointers of major players operating in the global drone camera market:

    • Company Overview

    • Product Profiling

    • Market Share Analysis (2018)

    • Business Strategies/Recent Developments

      • Technological advancements

      • Key Mergers & acquisitions

      • Expansion strategies

    • Company Financials

Major Players Covered under the Scope:

  • Leica Camera AG

  • Teledyne Technologies Incorporated

  • Obsetech LLC.

  • Panasonic Corporation

  • Parrot Drones SAS

  • Intel Corporation

  • GoPro, Inc.

  • FLIR Systems, Inc.

  • Z3 Technology, LLC

  • Canon Inc.

  • DJI

  • Olympus Corporation

  • SONY Corporation

Market Segmentation/Research Scope

Drone Camera Market – Global Industry Dynamics 2018-19, Trends and Forecast, 2020–2028

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