Global Drone Surveillance Market For Energy & Power Could Exceed $415 Million By 2027

Financialnewsmedia.com News Commentary

PALM BEACH, Fla., June 24, 2021 /PRNewswire/ -- Unmanned drones have had a huge growth rate across multiple industries, civil and military. Use of these drones across military and civil defense systems for intelligence and surveillance markets… and each are projected to grow at a rapid rate over the next several years. According to Markets and Research.biz, the global Drone Surveillance market size is expected to gain market growth in the forecast period of 2020 to 2025, with a CAGR of 13.4%% in the forecast period of 2020 to 2025 and will expected to reach USD 311.7 million by 2025, from USD 188.3 million in 2019. Another report from Fortune Business Insights went even further saying that the global drone surveillance market for energy & power size was USD 182.7 million in 2019 and is projected to reach USD 415.8 million by 2027, exhibiting a CAGR of 19.6% during the forecast period.   Active stocks in the markets this week include Plymouth Rock Technologies Inc. (OTCQB: PLRTF) (CSE: PRT), Raytheon Technologies (NYSE: RTX), Boeing (NYSE: BA), Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS), AgEagle Aerial Systems Inc. (NYSE: UAVS).

Another report by Valuates Reports, covering the related defense systems, said that the global Drone Defense System market size is projected to reach USD 16460 Million by 2026, from USD 2528.2 Million in 2020, at a CAGR of 36.7% during the forecast period 2021-2026.Major factors driving the growth of drone defense system market size are the need for countermeasure systems to detect counter drones and identification systems to detect unregulated commercial drones hovering in the airspace. It added: "Rising Incidences of Security Breaches by Unidentified Drones is expected to drive the growth of drone defense system market size. The use of drones for various applications, including surveillance and tracking, search and rescue operations, agriculture, and aerial photography has increased dramatically. In order to monitor and regulate the use of drones, various laws have been introduced by countries such as the US, Brazil, and China. There are, however, several instances of security breaches by unidentified drones, particularly in military establishments and public places such as airports, military bases, and prisons. This has in turn increased the global demand for drone defense systems… Also, rising terrorism and illegal activities around the world along with the FAA's drone detection mandates are expected to further fuel the growth of drone defense system market size."