Dublin, June 27, 2024 (GLOBE NEWSWIRE) -- The "India Drone Market by Platform (Civil and Commercial, Defense), Point of Sale (OEM, Aftermarket), Application (Military, Commercial, Government and Law Enforcement, Consumer), Systems and Industry - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The market valuation for drones in India is expected to rise from USD 654 million in 2024 to USD 1,437 million by 2029, with a compound annual growth rate (CAGR) of 17.0% over the forecast period.
The number of drone units in the Indian market is forecasted to increase significantly, from 10,803 units in 2024 to 61,393 units by 2029. This rapid expansion is fueled by a growing need for drones in various sectors such as agriculture, defense, and e-commerce. Government support and initiatives like the Drone Shakti scheme are also playing a crucial role in advancing the industry. 
The platform segment is anticipated to dominate the market share during the forecast period
This segment, which focuses on integrating critical drone components like the airframe, propulsion systems, avionics, and software, is expected to lead the market. There's growing demand for drones across various sectors including agriculture, defense, entertainment, and delivery services, which is likely to spur further investments in drone development and procurement, thereby significantly influencing the market growth for system platforms.
The logistics and transportation segment is projected to grow at the highest rate according to industry type.
The logistics and transportation segment is expected to experience the fastest growth rate among all sectors during the forecast period. This growth is mainly driven by the booming e-commerce sector, substantial investments in infrastructure development, and policy reforms aimed at improving trade facilitation. Additionally, the increasing urbanization and the necessity for efficient supply chain solutions to serve a broad and diverse market are set to boost this growth, positioning India as a crucial player in the global logistics and transportation arena.
The OEM segment is anticipated to capture the largest market share by point of sale throughout the forecast period.
The leadership of the Original Equipment Manufacturer (OEM) sector in India's drone market is attributed to strong government backing for local production, high demand from both the military and commercial sectors, and advancements in homegrown drone technologies. The cost-effectiveness of drones manufactured in India, combined with their potential for export, further strengthens the OEM segment's dominant position in the market.
Major Service providers in this market are India-based drone manufacturing companies, such as Paras Aerospace (India), ideaforge Technology Ltd. (India), Throttle Aerospace Systems Pvt. Ltd. (India), Garuda Aerospace (India), Asteria Aerospace Limited (India), General Aeronautics (India), and Newspace Research Technologies Pvt. Ltd. (India), Iotechworld (India), Adani Defense and Aerospace (India), Tata Advanced Systems Limited (India), Thanos (India), Dhaksha Unmanned Systems (India), Marut Dronetech Private Limited (India), Hubblefly Technologies (India), Raphe (India) like more than 25 companies have been analyzed based on different parameters, including product portfolios, recent developments, business strategies, and organic and inorganic growth, among others.
The report provides insights on the following pointers:
- Analysis of key drivers (Favorable regulatory frameworks and government initiatives, Growing emphasis on precision farming, Surging demand for surveillance and border security drones, Increasing adoption of drones for commercial applications) restraints (High dependence on foreign suppliers, Data privacy, and security concerns) opportunities (Rising use of drones in logistics industry, Real-time traffic monitoring and management) challenges (Limited payload capacity, Complex integration of advanced technologies in drones) influencing the growth of the India Drone market.
- Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and new product and service launches in the India drone market
- Market Development: Comprehensive information about lucrative markets - the report analyses the India drone market across varied regions
- Market Diversification: Exhaustive information about new products and services, untapped geographies, recent developments, and investments in the India drone market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players in the India drone market
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 276 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $654 Million |
| Forecasted Market Value (USD) by 2029 | $1437 Million |
| Compound Annual Growth Rate | 17.0% |
| Regions Covered | India |
Companies Featured
- Ideaforge Technology Ltd.
- Newspace Research and Technologies Pvt. Ltd.
- Iotechworld
- Garuda Aerospace
- Asteria Aerospace Limited
- Paras Aerospace
- Adani Defence and Aerospace
- Dronix Technologies Private Limited
- Johnnette Group
- Tata Advanced Systems Limited
- Cdspace
- Thanos
- Drogo Drones
- Scandron Pvt. Ltd.
- Dhaksha Unmanned Systems
- Multiplex Drone Private Limited
- Chatak Innovations
- Aerosight Technologies
- Marut Dronetech Private Limited
- Urbanmatrix Technologies
- Techeagle
- Sagar Defence Engineering
- Throttle Aerospace Systems Pvt. Ltd.
- Dcm Shriram Industries Ltd.
- Rchobbytech Solutions Private Limited
- Hubblefly Technologies
- Indrones Solutions Pvt. Ltd.
- D'Aviators
- Skylark Drones
- Raphe
For more information about this report visit https://www.researchandmarkets.com/r/8vw7sj
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