Global Drone Identification Systems market-Technologies, Market share and Industry Forecast to 2024
LONDON, Oct. 18, 2018 /PRNewswire/ -- Global drone identification systems market is anticipated to grow at CAGR of 24% during the forecasted period 2017-2024.
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Rampant illegal use of drones, rising security concerns, advancement in detection and identification technologies, growing number of cyber-attacks, increasing military spending, and government regulations on identification of drones are the factors driving global drone identification market for the forecast period. However, high cost of drone identification system and system vulnerabilities to cyber-attacks would restrain drone market growth for the forecast period. Emerging markets like India and China, declining cost of semiconductors and other electronic components present opportunities of drone identification system market growth. However, factors like system & data security, intense competition from hardware & software manufacturers, air traffic management, would pose a challenge for drone identification system market growth for the forecast period.
Geographically, global drone identification systems market is segmented as North America, Asia Pacific, Europe and Rest of World. North America holds the largest share of the market in terms of revenue in 2017 and continues to dominate the market. Significant presence of software & hardware manufacturers, increasing military spending, and rise in illegal use of drones are driving investment towards drone identification systems in North America. Asia Pacific is the fastest growing market for drone identification systems for the forecast period. The market growth is ascribed to rising number of illegal drone flights, thriving commercial drone market, and rise in military spending in the region.
Global drone identification systems market is segmented on the basis of technology, application and end-users. The technology segment is bifurcated on the basis of detection & identification and response. Detection & identification holds largest market share within technology segment and is expected to grow with highest CAGR for the forecast period. New Federal Aviation Administration (FAA) regulations mandating detection & identification of drones being flown has fuelled demand for detection & identification technology segment for the forecast period. Detection & identification technology segment is further sub segmented as optical cameras, thermal cameras, acoustic systems, radio systems, radar systems, and other systems & devices. Similarly, response segment is bifurcated in terms of laser technology, EMP devices, and others. Application segment is further bifurcated in terms of stationary and moving systems. Stationary systems holds largest market share in 2017. By end-user, military holds the largest market share in terms of revenue in 2017. Increasing military expenditure, rising security risks, increasing surveillance needs has bolstered demand for drone identification systems in military. However, commercial drone identification systems are anticipated to grow at highest CAGR for the forecast period. The market growth is fuelled by risk security breaches via drones in areas like energy and critical infrastructure establishments.
Some of the key players within global drone identification systems market are Thales group (France), Precision Hawk Inc. (USA), Drone Labs LLC (USA), Dedrone Inc. (USA), Aaronia AG (Germany) and others. Mergers & acquisitions, collaboration, partnership, product launch and contract are some strategies used by key players in the market to gain market share.
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