According to the new research report published by The Insight Partners on "Tethered Drone Market Forecast to 2028 - COVID-19 Impact and Global Analysis," the market is expected to grow at a CAGR of 45.0% from 2022 to 2028 to reach US$ 730.17 million by 2028.
Hoverfly Technologies, Yuneec Holdings, Fotokite, Volarios, and Elistair are among the leading tethered drone market players profiled in the report. These companies have a well-established customer base along with diversified product offerings for customers. Further, these players have a large consolidated market share across the global tethered drone market. These companies are acquiring smaller vendors and capturing contracts from various end user customers from emerging countries worldwide.
The major stakeholders in the global tethered drone market ecosystem include component providers, tethered drone manufacturers, end users, and ground power suppliers. Orbcomm, Geotab Inc., Desert Rotor, Advanced Circuitry International, and TechnoTronix are among the major providers of components such as rotor, circuit boards, chipset, GPS, gimbal, camera, sensors, and remote. Tethered drone players-both hardware manufacturers and software providers-are dependent on each other. Elistair, Acecore Technologies, ECA Group, Fotokite, Hoverfly Technologies, Novadem, Sky Sapience, Skyshot Private Limited, and Yuneec Holding Ltd. are among the leading hardware manufacturers and software providers of tethered drones. However, a large number of players engaged in the business hold a significant portion of the tethered drone market size. They have significantly invested in developing new technologies as per the growing customer needs with the help of government regulatory bodies. Further, governments of various countries have begun approving the adoption of tethered drones due to rising threat of terrorism and growing need for security worldwide.
The most typical application of tethered quadcopters is to provide persistent surveillance for situational awareness. Tethered military drones are used for several purposes, including military ISR (intelligence, surveillance, and reconnaissance) operations, disaster response, event management and security, and traffic monitoring. Data transferred by fiber optic drone tether is more secure than wireless transmissions since it is less sensitive to interference and cannot be jammed like RF signals. Furthermore, tethered drones are used to enhance visual experiences during news coverage and athletic events. In addition, the drones are quite inexpensive. Therefore, their use is growing in commercial applications, which drives the global tethered drone market growth. However, traditional battery-powered tethered drones have a short flight time for surveillance applications, which is projected to limit market expansion.
The tethered drone market is segmented on the basis of type, end user, and application. Based on type, the tethered drone market is bifurcated into quadcopter and multicopter. By end user, the tethered drone market is segmented into military and commercial. Based on commercial end user the tethered drone market is further segmented into energy & power, media & entertainment, telecom, and others. Based on application, the tethered drone market is segmented into inspection/surveying/mapping, law enforcement, search & rescue, and others.
Key Findings of Study:
The tethered drone market size is expected to witness significant double-digit growth during the forecast period owing to the increase in adoption of drones for various applications, including border surveillance, law enforcement, crowd monitoring, emergency responding, search and rescue operations, industrial inspections, and live broadcasting. The need for the deployment of tethered drones in a short area with increased operational time of drones is another major factor propelling the market growth.
The tethered drone market players are focusing on the development of innovative products to cater different commercial sectors demand, owing to which, they are collaborating with several companies of different commercial sector entities to understand the needs and provide them a reliable solution. Apart from military applications, tethered drones are deployed for a variety of applications. For instance, in September 2021, Elistair's Orion 2 UAV (unmanned aerial vehicle) was deployed at the University of Montana's Washington Grizzly Stadium to provide security for the 14,000 attendees at a Guns N' Roses concert. Further, in September 2021, Elistair announced that its Orion 2 tethered UAV was selected to use in the Nestor project, an EU-funded initiative that aims to address the protection and safeguarding of southern European marine and land borders. Similarly, in February 2021, the Paris Fire Brigade (BSPP, Brigade des Sapeurs-Pompiers de Paris, in French) deployed a new Fotokite tethered drone during a few fire operations that can go up to 150 feet of height. Such applications of tethered drones for commercial applications are pushing the tethered drone market vendors to develop new and innovative products to cater to emerging demands.
A few other applications include field camps and command vehicles that are among the most important assets for military operations. Tethered drones provide the safety to equipment during a military operation. As such equipment (command vehicles, communication equipment) have their own radio signatures that can be detected by other detecting technologies from the enemy's side; tethered drones help reduce their radio signature by providing lower visual signals to the moving assets that also helps in procuring the information from the operational locations more safely while performing the missions. Such mission calls for tethered drones are likely to propel the procurement and deployment of tethered drones across different military forces worldwide, which is driving the tethered drone market growth.
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