The global drone camera market size had a revenue share of USD 5,034 million in 2021, projected to reach USD 41,318 million with a CAGR of 30.1% during the forecast period. A drone camera is a device fitted inside a drone that is intended to record films or take photographs while the drone is in flight. Drone cameras are used for various tasks, including product and food delivery, surveillance over a specified area, and thermal imaging. Increased use of drones in various industries has increased the demand for high-resolution cameras capable of capturing high-quality photos from a wider angle and fitted on drones.
In addition, an increase in defense spending has encouraged governments of various nations to collaborate with drone and component manufacturers to offer better and more modern products, contributing to the global expansion of the drone camera market. The launch of technologically improved goods and the potential growth rate of the drone market are the primary contributors to the expansion of the global market for drone cameras. However, privacy and security issues and the availability of high-resolution satellite imagery restrain the market expansion of drone cameras.
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The Advent of Technologically Advanced Products and The Promising Growth Rate of the Drone Camera Market
Due to the incorporation of high-resolution cameras and sophisticated sensor systems, the drone sector has experienced significant growth over the past few years. This has prompted industry leaders to enhance their product portfolios even further. Popular drone cameras with sophisticated sensors include the Aeryon HDZoom30 by Aeryon Labs, Inc. and the SAFIRE series by FLIR Systems, Inc. Moreover, FLIR Systems, Inc. is one of the leading manufacturers of thermal imaging cameras and other drone sensor systems, like the SAFIRE series. In addition, GoPro, Inc. creates a unique range of cameras and mounting accessories, including the hero camera with voice control and advanced video stabilization features favored by drone makers worldwide. Therefore, consistent innovation and the availability of technologically advanced items are anticipated to stimulate market expansion.
Enhanced application areas like precision agriculture, aerial imaging, cargo management, traffic monitoring, and security & surveillance contribute to expanding the drone camera market. Due to the continued availability of innovative products, the market is expected to experience high demand over the next few years, as it is currently in its expansion phase. According to a report published by the Federal Aviation Administration, global sales of drones surpassed 8.3 million units in 2019 and are projected to grow profitably in the coming years due to the growing demand for safety, security, and surveillance.
The Emergence of High-Quality Satellite Imagery
Increased adoption of satellite imagery is anticipated to restrain the growth of the drone camera market, as satellite photos are more accurate and dependable than photographs obtained from other sources. In addition, satellite imaging has the added benefit of official permits, as the government supports most programs. In addition, satellite imaging has a greater geographical reach, provides more information, and produces images with a higher resolution than drone imaging. In addition, continual advancements in satellite imaging and technically advanced satellites are anticipated to incur further expenses. Consequently, satellite imaging is anticipated to inhibit market expansion throughout the projection period.
Demand for Drones across Developing Nations
Increasing global safety and security concerns have raised the demand for drones in these applications. This has enabled drone manufacturers to develop and install advantageous components in terms of safety and security. In addition, nations worldwide update their UAV (Unmanned Aerial Vehicle) fleets with new UAVs for improved operations and results. In addition, the rise in the popularity of contactless product delivery has made it possible for numerous businesses to adopt drones. These delivery drones are outfitted with sophisticated sensors and cameras to maintain precision while delivering products. These developments and introduce new concepts in drones lead to increased demand for drones in emerging nations, consequently boosting the expansion of the global market.
The global drone camera market is based on type, application, end-user, resolution, and region.
Based on type, the fragments include SD and HD cameras.
The HD camera is expected to have the largest share in the market, growing with the highest CAGR of 32% during the forecast period. A high-definition (HD) camera has a high resolution and high-quality image. The standard resolution of an HD camera is either 720p or 1080p. The popularity of HD cameras in the drone camera market has been increasing. This is thanks to the advanced features offered by HD cameras, including high-quality aerial imagery and video of higher resolutions. Furthermore, increased storage capacity, the accuracy of image and video capture, and ease of deployment in all situations complement the growth of high-definition drone cameras in the global market.
SD cameras are a specialized type of nonvolatile camera designed for use in portable devices. This type of camera connects to aerial vehicles (drones) and provides higher-quality images. In addition, SD cameras offer a wide viewing angle of 75° to 80°, allowing them to record a larger area.
Based on application, the fragments include photography & videography, thermal imaging, and surveillance.
Surveillance is expected to hold the largest share growing at a CAGR of 31.9% during the forecast period. Drones keep an eye on suspected people or locations to track their activities. Drones with cameras offer significant advantages such as better quality images and ease of use for security purposes. They can also provide detailed information about places, making them very effective for difficult-to-reach areas. For example, drones with cameras are often used for surveillance and can be helpful in areas affected by natural disasters to determine the damage or loss.
Photography & videography is expected to hold the second-largest share. Drones equipped with an advanced camera can capture high-quality images and videos for various applications. Using drones for photography and videography has become crucial to national safety and security. An increase in safety & security measures taken by various nations has bolstered the demand for drone cameras that can provide HD-quality images & videos effectively, thereby contributing to expanding the global drone camera market.
The fragments include commercial, military, and homeland security based on end-user.
The military sector is expected to hold the largest share in the drone camera market, with a CAGR of 31.7% during the forecast period. A military drone is a specialized unmanned drone designed for military purposes. These drones are designed to perform thermal scanning over a given area by flying beyond the range of human visibility. Military drone cameras are gaining popularity as a result of an increase in the defense budgets of different nations, an increase in the rivalry between neighboring nations, the need for covert surveillance at suspect locations, and the introduction of new and advanced products such as high-resolution cameras and cameras equipped with a GPS that are capable of performing a variety of operations.
In addition, technological advancements have enabled drone camera manufacturers to create cameras that are both compact and capable of performing a variety of functions. Thus, it is anticipated that these factors will collectively contribute to expanding the global drone camera market.
Homeland security will hold the second-largest share. Homeland security includes using drones for surveillance and thermal imaging systems installed in UAVs. In addition, Homeland Security, along with other teams, conducts surveillance of areas by drones equipped with cameras or similar products such as RADAR and thermal scanners used to record and provide aerial imagery in emergencies such as pandemics and rescue operations.
Based on the resolution, the fragments include 12 MP, 12-20 MP, 20-32 MP, and 32 MP & above.
32 MP & above drone cameras are anticipated to have the largest share with a CAGR of 31.8% during the forecast period. Drones equipped with cameras with 32 MP or above resolution are primarily used for defense and security purposes. These drones monitor suspect locations and provide precise information regarding the actions performed over those locations. Increasing national safety and security concerns and increasing budget allocations in the defense sector have allowed them to switch to UAVs with advanced components such as high-resolution cameras and navigation systems. This has encouraged camera manufacturers to develop high-resolution cameras for UAVs, which has helped to increase the segment's growth.
12 MP drone cameras will hold the second-largest share. A 12 MP camera installed on a drone captures images of higher quality due to its higher resolution. Large pixels store excessive light, thereby enhancing the image and video quality. Such features provided by a 12 MP camera contribute to its global market expansion.
The regional segmentation of the global drone camera market includes North America, Europe, Asia-Pacific, and LAMEA.
North America and Asia-Pacific will Dominate the Regional Market
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North America will hold the largest share among the other regions, with a CAGR of 30.7% during the forecast period. The growth of the drone camera market in North America can be directly attributed to the expansion of financial resources allocated to the defense industry. Additionally, the market in North America has gained traction due to the increased demand for drones for commercial and other uses such as surveillance, weather analysis, forecasting, agricultural usage, and inspection. Companies such as FLIR Systems, Inc., Garmin Ltd., and GoPro, Inc. operate in North America and expand their product lines, thereby contributing to the market's expansion.
Asia-Pacific will hold the second-largest share in the market of USD 17,202 million with a CAGR of 31.5% during the forecast period. Countries in the Asia-Pacific region have adopted drones due to higher safety concerns across borders and disputed areas and the use of drones to deliver products and medicines to remote areas. The expanding use of drones in various industries, including manufacturing, construction, real estate, insurance, and tourism, is driving up demand in the market for drone cameras.
In addition, commercial drones are used in emergency management situations to reach vulnerable areas, plan rescue operations, record the status of the situation, and are used for various other applications. In addition, the growth of the media and entertainment industry, consisting of film producers, journalists, and people who organize sporting events, is anticipated to be a driving force behind the expansion of the global market throughout the coming periods.