Farmington, March 29, 2023 (GLOBE NEWSWIRE) -- The Global Drone Market Was Valued At US$ 29.86 Billion In 2022, And Is Projected To Reach US$ 55.8 Billion By 2030, Growing at a CAGR Of 38.6% From 2023 To 2030. It is anticipated that the expanding usage of drones for commercial and industrial applications, as well as for the objectives of the government and the defense industry, will drive the expansion of the market. The increasing demand for drone technology across a variety of industries, including the military and defense, agriculture, construction, media and entertainment, and transportation, has been driving the rapid growth of the global drone market over the past few years. This growth has been driving the rapid expansion of the global drone market.
The market for drones serves the military and defense industry, which is the largest end-user category and accounts for the majority of the revenue share. Because drones are able to conduct duties such as surveillance, reconnaissance, and target acquisition, there has been a growth in the demand for them in military and defense operations. This desire is being driven by the fact that drones can offer information and intelligence in real time.
Request Sample Copy of Report “Drone Market Size, Share & Trends Estimation Report By Product Outlook (Fixed-wing, Hybrid & Rotary Blade) By Application Outlook (Mapping & Surveying, Filming & Photography, Surveillance & Monitoring, Inspection & Maintenance, Precision Agriculture & Others) By End Use Outlook (Real Estate & Construction, Agriculture, Energy, Media & Entertainment, Security & Law Enforcement, Delivery & Logistics & Others) By Region, And Segment Forecasts, 2022 - 2030 ”, published by Contrive Datum Insights.
Segmentation Overview:
Application Insights:
The military and defense industries have made substantial use of drones for a variety of purposes, including surveillance, reconnaissance, and the identification of targets. Drones used by the military are able to function in dangerous settings while also providing ground soldiers with information in real time.
The use of drones in precision agriculture allows for the collection of data on crops, the monitoring of crop health, and the identification of outbreaks of pests or diseases. This knowledge can assist farmers in increasing their crop yields while also lowering their costs. In the construction and mining industries, drones can be used to survey locations, check on the progress of projects, and examine equipment. This has the potential to assist improve productivity while also reducing expenses and increasing safety.
The global market for drones is comprised of a diverse array of application fields, and new fields are being discovered all the time as the technology continues to progress.
End User Insights:
Businesses that employ drones for a variety of tasks, including mapping, surveying, inspection, and delivery, are included in the commercial portion of the market. In recent years, there has been a noticeable expansion in the market for commercial drones, and it is anticipated that this trend will continue.
The use of drones in search and rescue operations, as well as for crowd control and surveillance, is becoming increasingly common among law enforcement and emergency response services. It is anticipated that this market will expand as the underlying technology continues to mature and become more accessible to consumers. Farmers who utilize drones for precision agriculture, crop monitoring, and yield optimization are included in the agriculture sector of the market. It is anticipated that this market sector would expand as a greater number of farmers adopt methods of precision agriculture.
Companies that do inspections of power lines, wind turbines, and other types of infrastructure using drones can be found in the energy and utilities sector. It is anticipated that this market will expand as an increasing number of businesses implement drone technology for inspection and maintenance. Companies that carry packages and transfer goods using unmanned aerial vehicles are included in the transportation and logistics sector. As businesses search for ways to carry goods more effectively in metropolitan areas, it is anticipated that this market segment would expand.
Regional Outlook:
The presence of major drone manufacturers and significant investments in drone technology have contributed to North America's status as a leading market for unmanned aerial vehicles (drones). The United States, in particular, is a prominent player in the commercial and military drone sectors, and its industry of unmanned aerial vehicles (UAVs) has matured significantly.
The market for drones has also witnessed tremendous expansion in Europe, with a number of countries adopting the technology for use in a variety of different applications. The European Union has enacted restrictions for the use of drones, which have contributed to the expansion of the market for commercial drones. China is a significant player in the drone business and the Asia-Pacific area as a whole has developed into a significant market for drones. The market for consumer drones, as well as the agricultural and infrastructural industries, have all experienced tremendous expansion in this region.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 38.6% from 2023 to 2030. |
| Revenue Forecast by 2030 | USD 55.8 Billion |
| By Product | Fixed-wing, Hybrid, Rotary Blade, Other |
| By Application | Mapping & Surveying, Filming & Photography, Surveillance & Monitoring, Inspection & Maintenance, Precision Agriculture, Other |
| By End-use | Real Estate & Construction, Agriculture, Energy, Media & Entertainment, Security & Law Enforcement, Delivery & Logistics, Other |
| By Companies | Aeronavics Ltd., AeroVironment Inc., Autel Robotics, DJI, Draganfly Innovations Inc., EHANG, Intel Corporation, Parrot Drones SAS, PrecisionHawk Inc., YUNEEC |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Market Dynamics:
Driving Factors:
Increasing investments in drone technology: There has been a large increase in the amount of money invested in drone technology by a variety of parties, including venture capital firms and other investors. Drone startups and companies have received this influx of finance. Because of this, new drone technology and uses are currently being developed at a rapid pace.
Growing popularity of aerial photography and videography: The need for drones that have high-quality cameras and image systems is being driven by the growing popularity of aerial photography and filming. This is especially true in the media and entertainment industry, where drones are being utilized to collect aerial video for movies, television shows, and commercials. Drones have become increasingly popular in recent years.
Restraining Factors:
Limited public acceptance: Drones have not yet gained widespread acceptability among the general public, particularly in urban areas. Others are concerned about the implications for public safety if drones are allowed to fly in public areas, while still others consider drones to be an invasion of privacy or a threat to it.
Limited battery technology: Battery technology is still a significant barrier for drones, as it has an impact on both the amount of time they can spend in the air and the amount of cargo they can carry. Despite the fact that there have been advancements in battery technology, there is still a need for future enhancements to enable longer flight periods and bigger cargo capacities.
Cost: The acquisition and continued operation of drones might be prohibitively expensive, particularly for smaller and medium-sized enterprises. This may pose a challenge to the process of adoption, particularly in sectors with narrow profit margins or constrained financial resources.
Opportunity Analysis:
Growing demand for drone services: There is an increasing demand for drone services, such as aerial photography and videography, surveying and mapping, and inspection services, despite the fact that owning and operating drones can be expensive. Because of this, drone operators and service providers now have access to brand new prospects.
Government initiatives and funding: As a result of governments all over the world investing in drone technology, either through financial support or regulatory measures, the market for drones is experiencing an influx of new business prospects. For instance, the Federal Aviation Agency (FAA) in the United States has initiated a program to facilitate the integration of unmanned aerial vehicles (UAVs) into the national airspace system. As a result, new opportunities are being made available to drone pilots and manufacturers.
Challenges:
Technical limitations: There are a number of technological restrictions that apply to drones, such as a limited battery life, a restricted payload capacity, and a restricted range. Due to these constraints, the employment of drones in certain applications, such as long-distance delivery or heavy lifting, can be hard.
Public perception: The usage of drones is still viewed with skepticism by a great number of individuals because this technology is still in its infancy. The public's opinion of drones might be negatively affected by unfavourable news, such as crashes or concerns about privacy, which can therefore limit the market potential of drones.
Key Segments Covered:
Top Market Players:
Aeronavics Ltd., AeroVironment Inc., Autel Robotics, DJI, Draganfly Innovations Inc., EHANG, Intel Corporation, Parrot Drones SAS, PrecisionHawk Inc., YUNEEC, and others.
By Product
- Fixed-wing
- Hybrid
- Rotary Blade
By Application
- Mapping & Surveying
- Filming & Photography
- Surveillance & Monitoring
- Inspection & Maintenance
- Precision Agriculture
- Others
By End-use
- Real Estate & Construction
- Agriculture
- Energy
- Media & Entertainment
- Security & Law Enforcement
- Delivery & Logistics
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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