Global Drone Sensor Industry to Hit $2.5 Billion by 2029 with Robust Growth

(IT-NEWSWIRE.COM, May 22, 2024 ) The overall market for drone sensors is expected to be valued at USD 1.4 billion in 2024 and reach USD 2.5 billion in 2029 at a CAGR of 12.1% during the forecast period. Factors such as increasing applications in the agriculture industry are driving the market during the forecast period.

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Based on sensor type, speed, and distance sensor is expected to have the largest market size from 2024 to 2029. Technologies such as LIDAR and radar enable drones to measure the proximity and velocity of objects in their surroundings, facilitating obstacle avoidance during autonomous flights and landings. Furthermore, these sensors can be utilized to collect intricate environmental data, enabling the creation of 3D terrain maps for surveying purposes or for analyzing various ecological factors in research endeavors. When integrated with other cutting-edge technologies, speed, and distance sensors empower drones to serve as versatile tools for navigating safely and acquiring valuable data.

Based on application, collision detection & avoidance are expected to grow with the second-highest CAGR from 2024 to 2029. Collision detection and avoidance systems are driven by a combination of safety regulations, technological advancements, market demand, and industry-specific requirements. Developing and implementing effective collision detection and avoidance systems will remain essential for ensuring safe and responsible drone operations as the drone industry evolves.

Based on the end-user industry, defense is expected to have the largest market size during 2024 to 2029. The defense industry's investment in drone sensor technology is driven by the need for more capable and versatile unmanned systems to meet evolving operational requirements and to maintain a competitive edge in modern warfare scenarios.

Based on region, the Asia Pacific region is expected to have the highest CAGR market during the forecast period. The growth of the Asia Pacific market can be attributed to the growing demand for drones for intelligence, surveillance, and reconnaissance (ISR) missions in growing economies such as India due to the increasing military tensions in these countries. Crop Vigor analysis is carried out to monitor crop health with the help of multispectral cameras mounted on drones. It is a fast-growing trend and is boosting the demand for sensors from the precision agriculture industry in the region.

Key Market Players:

Major companies in drone sensor market include TE Connectivity (US), Drone Nerds Enterprise (US), RTX (US), Trimble Inc. (US), InvenSense (US), Bosch SENSORTEC GmbH (Germany), Sparton (US), ams-OSRAM AG (Austria), Teledyne FLIR LLC (US), Hottinger Brüel & Kjær (HBK) (Denmark), among others.

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Global Drone Sensor Industry to Hit $2.5 Billion by 2029 with Robust Growth