Jul 10, 2020 8:21 PM ET
iCrowd Newswire – Jul 10, 2020
Global COVID-19 Impact on Tethered Drones Market is growing pervasively mainly due to the increasing application areas of tethered drones over the past few years. In the year 2017, the tethered drones market had valued merely at USD 74 MN only. The market is further expected to reach USD 554 MN by 2023, registering a massive 40% CAGR during the forecast period
Uses of drones have increased dramatically over the past few years. Up until recently, drones were mostly used in the defense sector. The game has changed now with leisure drones already selling in the millions. The development of small and cost-effective drones has led to a variety of uses that businesses and public institutions are starting to leverage to reduce risk, optimize processes and drive new forms of customer and societal value.
However, tethered drones, with their reliable power supply and well-maintained aerial stability, have a huge demand in areas where continuous aerial coverage over large areas is required. For instance, sectors such as law enforcement, public safety, private security, military, and crisis monitoring use tethered drones for reliable aerial coverage. In addition, these tethered drones are also used extensively in the sector of wildlife research where these drones capture the coverage of days together without any external support. Other notable applications of tethered drones include inspecting industrial infrastructure such as flare stacks of an oil refinery, which can limit costly shutdowns and help companies to avoid placing workers in hazardous jobs such as patrolling of pipelines, electricity power-lines and railways to detect abnormal physical activity like encroachment or intrusion. For mapping and surveying mining and construction sites, tethered drones are used to perform tasks such as stockpile management and pre- & post-blast data collection. In the agriculture sector, tethered drones enable precision agriculture to help drive increased levels of productivity and vegetation change tracking to analyze crop health and to conduct a topographic survey to support agriculture.
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Some of the COVID-19 Impact on Tethered Drones Market leaders profiled in the report are CyPhy Works (U.S.), Drone Aviation (U.S.), Hoverfly Technologies (U.S.), Elistair (France), Sky Technologies (U.S.), UAVTEK (U.K.), Azur Drones (France), Yuneec (China), Novadem (France), and ECA Group (France) among others.
Global COVID-19 Impact on Tethered Drones Market has been segmented on the basis of type, component, application, and region. By type, the market is segmented into military drones and commercial drones. Military drones are the largest segment, whereas commercial drones is the fastest growing segment.
By component, the market is segmented into sensors, controller system, camera, battery, and others. Among these, sensor is the largest segment and controller system is the fastest growing segment.
By application, the market is segmented into inspection and monitoring, law enforcement, surveying, mapping, and others. Among these, monitoring is the largest segment and mapping is the fastest growing segment.
By region, COVID-19 Impact on Tethered Drones Market is segmented into the Americas, Europe, Asia-Pacific, and Middle East & Africa. Out of these, the Americas region dominates the market, whereas the Asia Pacific region accounts for the fastest growing region.
Tethered Drones Market Geographical Analysis
The Americas accounts for the leading market due to the huge technological advancements led by the substantial investments made in the R&D sector. The rapid uptake of new technologies and investment by the government in the defense sector are some of the major driving forces driving the market. The presence of well-established market players is fuelling the market growth. The market in the European region stands at the second position in terms of the market size owing to the huge demand from the defense sector for surveillance. The resurgent economy in the region is playing a vital role in market growth by increasing the consumers’ purchasing power.
Europe is not alone in its strong efforts to generate value from tethered drones. The United States, China, and India are also three key countries that are significantly investing in technology and innovative businesses that currently exceed the level of total European investments. In particular, the US is the leader in producing defense drone systems, followed by Israel, and China is the leader in producing leisure units that tend to be used more for professional purposes. The Asia Pacific region is expected to grow rapidly due to the presence of emerging economies such as China and India. Among Gulf nations, Saudi Arabia and the UAE drive the growth in the MEA (the Middle East & Africa) market.
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