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Drone Sensor Market estimated to be worth 1,007.6 million USD by 2023

 



(IT-NEWSWIRE.COM, September 11, 2019 ) The drone sensor market is likely to witness rapid growth in the coming years due to the high demand for drones in end-user industries such as defense and precision agriculture. Increased spending on drones in the defense industry for intelligence, surveillance, and reconnaissance (ISR) missions and for homeland security in the Middle East and APAC will drive the growth of the market for drone sensors during the forecast period. The drone sensor market was valued at USD 274.7 million in 2017 and is expected reach to USD 1,007.6 million by 2023, at a CAGR of 23.86% during the forecast period. The base year considered for the study is 2017, and the forecast period is between 2018 and 2023. The objective of the report is to provide a detailed analysis of the drone sensor market by sensor type, platform type, application type, end-user industry, and geography. The report provides detailed information regarding the major factors influencing the growth of the market.



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Defense industry to account for largest size of drone sensor market between 2018 and 2023



Among various applications, the defense industry is expected to account for the largest size of the drone sensor market between 2017 and 2023. Increased spending on drones in the defense industry for intelligence, surveillance, and reconnaissance (ISR) missions and for homeland security in the Middle East and APAC will drive the growth of the market for drone sensors during the forecast period.



Market for drone sensors for hybrid platform to grow at high CAGR between 2018 and 2023



The drone sensor market for hybrid platforms is expected to grow at a high CAGR during the forecast period. Hybrid drones comprises the advantages of better payload capacity and extended flight time and are, therefore, finding increased application in the military surveillance and agriculture segments.



Browse and in-depth TOC on "drone sensor market"



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North America expected to hold largest share of drone sensor market between 2018 and 2023



North America is expected to hold the largest size of the drone sensor market during the forecast period. The increasing use of drones to cover numerous sporting events by leading media houses is contributing to the growth of the drone sensor market for the media industry in North America. Military & defense is one of the largest application areas for drone sensors in North America. Rising adoption of drones in precision agriculture will drive the growth of the market for drone sensors during the forecast period. In addition, the oil & gas industry will also be a major contributor to the growth of the market as the use of drones to inspect oil & gas pipelines is increasing.



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Trimble (US), Bosch Sensortec (Germany), TDK InvenSense (Japan), Sparton NavEx (US), and Raytheon (US) are among the major players in the drone sensor market.



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