Dublin, July 19, 2023 (GLOBE NEWSWIRE) -- The "Global Drone Market: Analysis By Type, By Product, By Application, By Region Size and Trends with Impact of COVID-19 and Forecast up to 2028" report has been added to ResearchAndMarkets.com's offering.
The global drone market was valued at US$30.03 billion in 2022. The market value is expected to reach US$95.66 billion by 2028. A drone can be referred to as any aerial vehicle that takes remote commands from a pilot or relies on software for autonomous flying. Drones are used in a wide range of applications such as traffic monitoring, videography, agriculture, delivery services, and weather monitoring but it is majorly utilized for search & rescue and surveillance.
The drone industry is constantly developing on account of increasing use of drones in military and commercial applications. new applications for its products.
For instance, drones are used in the military for surveillance, reconnaissance, and attack purposes. They are also used in commercial applications such as agriculture, infrastructure inspection, surveying, and mapping. With increasing number of applications, the market is growing.
Moreover, the combination of increasing demand from various industries, the need of businesses and individuals for fast and efficient delivery services, and the expansion of emerging economies along with technological innovations is expected to contribute to the growth of the drone market. The market is expected to grow at a CAGR of approx. 23% during the forecasted period of 2023-2028.
The US has experienced a significant increase in drone usage on account of technological innovations, growing need for drones that have high-quality cameras and image systems is being driven by the rising popularity of aerial photography and filming. Moreover, the rise in investments from key players to support in developing drone services is also expected to contribute to the market growth.
The UK accounted for the highest share in Europe, primarily due to the presence of the highest number of drone service providers in the European region. The companies are robustly working on introducing drone services to support their operations in the country. Also, the changes in drone regulations made by the European Union Aviation Safety Agency (EASA) are supporting the deployment of drones in various sectors, like infrastructure, agriculture, transport, entertainment, and security.
Market Dynamics:
- Growth Drivers: The global drone market growth is predicted to be supported by numerous growth drivers such as as high uptake in construction industry, rapid urbanization, increasing utilization in agriculture sector & food production, rising demand for high-quality data, and many other factors. Drones have become an integral part of modern warfare. They are used for a wide range of military operations, including intelligence gathering, target acquisition, precision strikes, force protection, surveillance and reconnaissance, search and rescue, logistics and supply, combat operations, anti-drone operations, and training and simulation. The use of drones has allowed militaries to be more accurate and precise with their strikes. This increased demand for drones in military application supports the growth of the drone market.
- Challenges: However, the market growth would be negatively impacted by various challenges such as lack of risk management framework & insurance cover, safety concerns, etc.
- Trends: The market is projected to grow at a fast pace during the forecast period, due to various latest trends such as surging demand from media & entertainment industry, accelerating e-commerce channels, technological developments, expanded commercial use, etc. The demand for drone for delivery purposes drives market expansion as the use of delivery drones can not only help businesses save time and money on the last mile but can also satisfy the urgent demands of their clients. This demand creates new market opportunities for drone manufacturers and opens up avenues for growth.
Competitive Landscape:
The global drone market is highly competitive and fragmented, with several key players operating on a global scale. The key players in the global drone market are:
- Intel Corporation
- Lockheed Martin Corporation
- SZ DJI Technology Co., Ltd. (DJI)
- The Boeing Company (Insitu Inc.)
- Delair SAS
- Skydio
- Parrot Drones SAS
- Draganfly Innovations Inc.
- Guangzhou EHang Intelligent Technology Co. Ltd.
- Autel Robotics
- Joby Aviation, Inc.
- AeroVironment, Inc.
- Aeronavics Ltd.
Players in the market are diversifying the service offering to maintain market share. All of the major players in the market are focused on developing products with increasing investment in research & development that are compatible with the latest trends & technologies. For instance, in December 2022, Skydio has announced the release of their new product line, which comprises the Skydio Dock and Skydio Dock Lite, all of which are powered by Skydio's new Remote Operations software.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 153 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $33.98 Billion |
| Forecasted Market Value (USD) by 2028 | $95.66 Billion |
| Compound Annual Growth Rate | 23.0% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Introduction
3. Global Market Analysis
3.1 Global Drone Market: An Analysis
3.1.1 Global Drone Market: An Overview
3.1.2 Global Drone Market by Value
3.1.3 Global Drone Market by Type
3.1.4 Global Drone Market by Product
3.1.5 Global Drone Market by Application
3.1.6 Global Drone Market by Region
3.2 Global Drone Market: Type Analysis
3.2.1 Global Drone Market by Type: An Overview
3.2.2 Global Military Drone Market by Value
3.2.3 Global Commercial Drone Market by Value
3.2.4 Global Commercial Drone Market by Type
3.2.5 Global Consumer Drone Market by Value
3.3 Global Commercial Drone Market: Type Analysis
3.3.1 Global Commercial Drone Market by Type: An Overview
3.3.2 Global Rotary Blade Commercial Drone Market by Value
3.3.3 Global Fixed-Wing Commercial Drone Market by Value
3.3.4 Global Hybrid Commercial Drone Market by Value
3.4 Global Drone Market: Product Analysis
3.4.1 Global Drone Market by Product: An Overview
3.4.2 Global Rotary Blade Drone Market by Value
3.4.3 Global Fixed-Wing Drone Market by Value
3.4.4 Global Hybrid Drone Market by Value
3.5 Global Drone Market: Application Analysis
3.5.1 Global Drone Market by Application: An Overview
3.5.2 Global Mapping & Surveying Drone Market by Value
3.5.3 Global Inspection Drone Market by Value
3.5.4 Global Photography & Filming Drone Market by Value
3.5.5 Global Others Drone Market by Value
4. Regional Market Analysis
5. Impact of COVID-19
5.1 Impact of COVID on Drone Market
5.1.1 General Impact
5.1.2 Market Changes
6. Market Dynamics
6.1 Growth Drivers
6.1.1 High Uptake in Construction Industry
6.1.2 Rapid Urbanization
6.1.3 Increasing Utilization in Agriculture Sector & Food Production
6.1.4 Improving Acceptance in Military Operations
6.1.5 Rising Demand for High-Quality Data
6.2 Challenges
6.2.1 Lack of Risk Management Framework & Insurance Cover
6.2.2 Safety Concerns
6.2.3 Stringent Norms on Drone Utility
6.3 Market Trends
6.3.1 Surging Demand from Media & Entertainment Industry
6.3.2 Accelerating E-Commerce Channels
6.3.3 Technological Developments
6.3.4 Expanded Commercial Use
7. Competitive Landscape
7.1 Global Commercial Drone Players by Market Share
8. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/1kowuo
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