NEW YORK, United States, March 23, 2023 (GLOBE NEWSWIRE) -- According to Zion Market Research has published a new research report titled “Drone Market By Product (Commercial Drone And Military Drone), By Payload (Up To 25 Kg, 25-150 Kg, 150-600 Kg, And Above 600 Kg), By Application (Construction, Agriculture, Energy, Entertainment, Law Enforcement, And Other Applications), And By Type (Fixed Wing Drones And Rotary Wing Drones): Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends And Forecast, 2023 – 2030” in its research database.
“According to the latest research study, the demand of global Drone Market size & share in terms of revenue was valued at USD 30.21 billion in 2022 and it is expected to surpass around USD 260.5 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 38.75% during the forecast period 2023 to 2030.”
What is Drone? How big is the Drone Industry?
The global drone market is a rapidly growing industry that has seen explosive growth in recent years. Drones, also known as unmanned aerial vehicles (UAVs), are increasingly being used for a variety of applications in different industries, including military, commercial, consumer, and industrial.
Drone Market Coverage & Overview:
The global drone market size was worth around USD 30.21 Billion in 2022 and is predicted to gain revenue of about USD 260.5 Billion by 2030, is set to record a CAGR of nearly 38.75% over the period from 2023 to 2030.
Drones, also known as unmanned aerial vehicles (UAVs), are small aircraft that are remotely controlled by an operator or autonomously programmed to fly. Drones have been around for decades, but recent advances in technology have made them smaller, more affordable, and easier to operate. They have a wide range of applications, including aerial photography, surveying, search and rescue, agricultural monitoring, and delivery services.
Drones have revolutionized industries such as agriculture, construction, and environmental monitoring by providing real-time, high-resolution imagery of fields, construction sites, and natural resources. Drones have an immaculate ability to reach areas that are difficult or dangerous for humans to access. For instance, drones can be used to inspect power lines and wind turbines, conduct search and rescue operations in remote areas, and monitor wildlife populations.
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Global Drone Market: Growth Factors
The global drone market is expected to surge exponentially due to its popularity among both businesses and governments because of the impeccable perks it offers. combination of technological advancements, cost savings, and increased demand for drone services. Technological advancements, such as longer battery life and better cameras, have made drones more versatile and useful in a variety of industries. This has led to cost savings and increased efficiency, which have created greater demand for drones in logistics, agriculture, and construction.
Furthermore, an increase in the use of drones for search and rescue, wildlife management, and environmental monitoring activities further drives the growth of the drone industry during the forecast period. As businesses and governments increasingly recognize the benefits of drone services, new opportunities are emerging. Drones can widely be used to deliver packages and goods quickly and efficiently, providing new opportunities for businesses in logistics and e-commerce. Apart from that, they can also be used for crop mapping, yield analysis, and soil analysis, providing valuable data to farmers.
There are several factors contributing to the growth of the global drone market, including:
Increasing demand for drones in commercial applications: Drones are increasingly being used for various commercial applications, including agriculture, construction, mining, oil and gas exploration, and delivery services. The ability of drones to access difficult-to-reach areas and provide real-time data and insights is driving their adoption in these industries.
Advancements in technology: The development of advanced sensors, cameras, and other technologies has led to the creation of more capable and sophisticated drones. As a result, drones are becoming more reliable, efficient, and safer, which is fueling their growth.
Government initiatives: Governments across the world are investing in drone technology to improve their military and surveillance capabilities.
Other growth factors mentioned in report.
In addition, drones are also being used for infrastructure inspection, allowing them to inspect hard-to-reach areas such as bridges, power lines, and wind turbines, reducing the need for manual inspection and improving safety. These factors create ample opportunities for the drone market. However, security risks and the prevalence of regulation and restriction on drone use in some areas limit the growth of the market to an extent during the forecast period.
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Report Scope
| Report Attribute | Details |
| Market Size in 2022 | USD 30.21 billion |
| Projected Market Size in 2030 | USD 260.5 billion |
| CAGR Growth Rate | 38.75% CAGR |
| Base Year | 2022 |
| Forecast Years | 2023-2030 |
| Key Market Players | Parrot Drones SAS, PowerVision, DroneDeploy, Hoverfly Technologies, Flyability, Aerovironment, Zipline, Yuneec, senseFly, Kespry, Airobotics, CyPhy Works, PrecisionHawk, DELAIR, Yuneec International, Wingcopter, EHang, Volocopter, SZ DJI Technology Co., Ltd., and Intel Corporation. |
| Key Segment | By Product, By Payload, By Application, By Type, And By Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
| Purchase Options | Request customized purchase options to meet your research needs. Explore purchase options |
Drone Market: Segmentation Analysis
The global drone market is segmented based on product, payload, application, type, and region.
Based on type, the market is bifurcated into fixed-wing drones and rotary-wing drones. The rotary wing segment held the largest market share in 2022 and is further expected to grow rapidly at a significant CAGR during the forecast period. The major reason for the growth of this segment is the rising demand for rotary blade drones for inspection purposes, as they can hover and maneuver quickly while keeping a close eye on a specific target for extended periods. They are viewed as a viable option for various business applications, including surveillance, filmmaking, photography, and monitoring. Furthermore, they are simpler to operate than hybrid and fixed-wing drones. These factors drive the growth of the segment during the forecast period.
Based on application, the market is segmented into construction, agriculture, energy, media and entertainment, law enforcement, and other application. The media and entertainment segment held the dominating market share in 2022 and is further predicted to grow at a promising CAGR during the forecast period. Drones are increasingly used in the film, television, and advertising industries for aerial photography and videography. With advancements in drone technology, such as increased stability, high-resolution cameras, and longer battery life, drones can capture high-quality footage from unique angles, enhancing the visual storytelling of films and TV shows. Thus, a surge in demand for aerial footage and the adoption of drones in various media and entertainment applications, including live event coverage, news reporting, and sports broadcasting further drives the growth of the segment during the forecast period.
The global Drone market is segmented as follows:
By Product
- Commercial Drone
- Military Drone
By Payload
- Up to 25 Kg
- 25-150 Kg
- 150-600 Kg
- Above 600 Kg
By Application
- Construction
- Agriculture
- Energy
- Entertainment
- Law Enforcement
By Type
- Fixed Wing Drone
- Rotary Wing Drones
Browse the full “Drone Market By Product (Commercial Drone And Military Drone), By Payload (Up to 25 Kg, 25-150 Kg, 150-600 Kg, And Above 600 Kg), By Application (Construction, Agriculture, Energy, Entertainment, Law Enforcement, And Other Applications), And By Type (Fixed Wing Drones And Rotary Wing Drones): Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends And Forecast, 2023 – 2030 .”- Report at https://www.zionmarketresearch.com/report/drone-market-size
Competitive Landscape
Some of the main competitors dominating the global Drone market include -
- Parrot Drones SAS
- PowerVision
- DroneDeploy
- Hoverfly Technologies
- Flyability
- Aerovironment
- Zipline
- Yuneec
- senseFly
- Kespry
- Airobotics
- CyPhy Works
- PrecisionHawk
- DELAIR
- Yuneec International
- Wingcopter
- EHang
- Volocopter
- SZ DJI Technology Co. Ltd.
- Intel Corporation.
Key Insights from Primary Research:
- According to the analysis shared by our research forecaster, the Drone market is likely to expand at a CAGR of around 38.75% during the forecast period (2023-2030).
- In terms of revenue, the Drone market size was valued at around US$ 30.21 billion in 2022 and is projected to reach US$ 260.5 billion by 2030.
- The drone industry is likely to boost owing to the large-scale use of drones in transport activities for lessening traffic jams, road collisions, and infrastructural management activities
- Based on application, the media and entertainment segment held the dominating market share in 2022.
- Based on type, the rotary wing drones segment held the largest market share in 2022.
- Based on region, the North American region held the dominating market share in 2022.
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Key questions answered in this report:
- What is the market size and growth rate forecast for Drone industry?
- What are the main driving factors propelling the Drone Market forward?
- What are the leading companies in the Drone Industry?
- What segments does the Drone Market cover?
- How can I receive a free copy of the Drone Market sample report and company profiles?
Key Offerings:
- Market Size & Forecast by Revenue | 2023−2030
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis By Product, By Payload, By Application, By Type, And By Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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Regional Analysis:
The North American region held the largest market share in 2022 and is further projected to surge exponentially at a remarkable CAGR during the forecast period. The growth of the drone market in North America can be attributed to various factors, such as early adoption of drone technology across various industries, favorable regulatory policies developed by the Federal Aviation Administration, the presence of leading drone manufacturers, and increasing demand for drones across applications such as agriculture, construction, media and entertainment, and public safety. The region's strong research and development capability and innovative startups further drive the growth of the market during the forecast period.
By Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- France
- UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
Recent Developments
- In 2021, PowerVision, an innovative China-based drone manufacturer announced the launch of its product called PowerVision PowerEgg X. It is a versatile drone that can be used for aerial photography, cinematography, and surveillance. The drone features a 4K camera, and advanced AI capabilities, and can fly for up to 30 minutes on a single battery charge.
- In 2021, Parrot, a French drone manufacturer that produces consumer and professional drones, announced the launch of Parrot ANAFI USA. It is a drone that is specifically designed for public safety and government applications. The drone features advanced imaging capabilities, including thermal imaging and zoom capabilities, and can fly for up to 32 minutes on a single battery charge.
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Drone Market Opportunities
Advanced use of drones for surveillance and transport to provide growth opportunities
Drones are widely and routinely used for environmental surveillance & scanning, recreational activities, and public place safety. Reportedly, drones are utilized for transporting blood from blood banks to the location of the surgery and are also used in providing anti-venom medicines for snake bites as well as medicines against dog bites. Drones are utilized for monitoring real-time activities during lockdowns and curfews. They are used as a tool of surveillance for quarantined individuals. These factors are expected to create ample opportunities for the growth of the market during the forecast period.
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