Report ID: SQMIG20A2280
Report ID:
SQMIG20A2280 |
Region:
Global |
Published Date: December, 2024
Pages:
197
|
Tables:
109 |
Figures:
72
North America dominated the market growth in 2023 and held a market share of 40.1%. This is attributed to the rapid adoption of drones in several commercial applications. Businesses in the area are using drones for land surveying, pipeline monitoring, infrastructure inspection, and agricultural monitoring. With their ever-improving capabilities and the regulatory support that countries such as the US and Canada have provided for commercial drone operations, drones are fast being adopted by businesses across many industries in the region. Further, appropriate policies have been drafted by the policy authorities within the U.S. for promulgating safe and responsible drone operations for the purpose of fostering innovation. This is because regulations have been drafted within Part 107 by the FAA of the US, while Transport Canada has also drafted similar regulations overseeing commercial operations by drones for ensuring safe compliance and operation for the business organizations for deploying drone technology in wide-scale applications.
The Asia-Pacific military drone market is significantly growing due to the ability for an increase in production at a reasonable cost and rate of growth. Deployments are growing fast across industries such as construction, mining, and agriculture. The rise is due to the rapidly industrializing nations such as China, Japan, and India and their respective investments in drone technology. Owing to high R&D expenses and government support in the form of regulatory guidelines, the drone manufacturing industry is in bloom in China. Due to this fact, the growth in its drone industry is massive. Another factor that will further help in growth in the military drone market of the country is that the government promotes domestic manufacturing and R&D in drone technology by initiatives such as the Production Linked Incentive plan and made in India campaign.
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Report ID: SQMIG20A2280