by Safety and security drones are unmanned aircraft systems equipped with cameras, sensors and other tools to enable inspection of critical infrastructure and public areas. They provide real-time surveillance and data collection capabilities to help ensure public protection. For instance, safety drones can inspect buildings, bridges and power lines to detect structural weaknesses or hazards. They can also monitor crowds, traffic and border areas to help authorities respond more quickly to emergencies or criminal activities. The growing need for innovative monitoring technologies to improve public safety is a major driver for the adoption of safety and security drones globally.
The global Safety and Security Drones Market is estimated to be valued at US$ 1836.3 Mn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
One of the key trends in the safety and security drones market is the increasing deployment of drones equipped with advanced sensors and imaging capabilities. Drones are now being fitted with infrared cameras, night-vision devices and thermal sensors to enable round-the-clock monitoring even in low-light conditions. This allows critical infrastructure and public areas to be inspected both during the day and at night, improving security surveillance. Drones are also increasingly being integrated with artificial intelligence and analytics tools. This enables them to autonomously identify anomalies, threats or emergencies based on visual data and speed up response times compared to manual monitoring. The combination of advanced hardware and AI-powered software is a major trend enhancing the utility of safety and security drones.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as significant initial investments are required for R&D, manufacturing facilities, and establishing distribution networks. However, the demand for new and innovative safety and security drone solutions is growing rapidly providing opportunities for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate to high as the market has numerous global players providing a wide range of safety and security drone options at competitive prices. Buyers can negotiate on price and demand additional features.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as key components such as cameras, batteries etc. required for drones can be sourced easily from various suppliers globally. However, specialized components require long-term relationships.
Threat of new substitutes: The threat of substitutes is low as drones provide unique features compared to traditional security solutions. However, technologies like computer vision continue to emerge as potential substitutes.
Competitive rivalry: The market has numerous global and regional players competing on product quality, features, and pricing.
Key Takeaways
The global Safety And Security Drones Market trends is expected to witness high growth over the forecast period supported by increasing spending on public safety and growing use of drones for critical infrastructure monitoring. The global Safety and Security Drones Market is estimated to be valued at US$ 1836.3 Mn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030.
Regional analysis: North America dominated the market in 2023 followed by Europe. Ongoing investments to enhance critical infrastructure protection in the U.S. and the presence of leading players are fueling market growth. Asia Pacific is expected to grow at the fastest pace during the forecast period led by China and India. Rising security concerns and growing surveillance and monitoring initiatives across industries in emerging economies provide opportunities.
Key players: Key players operating in the safety and security drones market are Novavax, Inc., Adjuvance Technologies, Inc., Invivogen, Vaxine Pty Ltd., SEPPIC, SPI Pharma, Inc., Agenus Inc., Avanti Polar Lipids, Inc., CSL Limited, OZ Biosciences. Players are focusing on new product launches, partnerships, and acquisitions to gain market share and expand their geographical presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
