New York, United States , March 10, 2023 (GLOBE NEWSWIRE) -- The Global Drone Market Size is to grow from USD 28.5 billion in 2021 to USD 260 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 27% during the forecast period. Technological advancements, in terms of payloads and electronics, are expected to augment the rapid growth of the market studied. The market studied is still in the early stages in several developing countries in terms of its mass adoption and usage. Various government and airspace regulations are currently challenging the growth of the market in several countries.
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Drones are unmanned aerial aircraft that are designed for commercial applications such as border security, risk mitigation, law enforcement, resource planning, research & excavation, urban planning, engineering, farming management, construction, tourism, aerial imaging, combat operations, LiDAR applications, cargo management, weather monitoring, traffic control, green mapping, and others. Drones are gaining traction in the construction industry due to their efficiency and effectiveness in scanning construction sites for layout operations. Farmers are also embracing agricultural drones for a variety of functions, including field monitoring and analysis, as well as agricultural plantation planning to assess crop development and health.
The rotary wing drone segment is witnessing significant CAGR growth over the forecast period.
On the basis of type, the Global Drone Market is segmented into fixed wing drone and rotary wing drone. The rotary wing drone segment, in particular, is likely to grow at a significant CAGR during the forecast period due to its ability to hover and execute agile maneuvers while maintaining a visual on a specific target for extended periods of time. They are also easier to fly than their hybrid and fixed-wing counterparts.
The commercial drone segment is dominating the market over the forecast period.
On the basis of type, the Global Drone Market is segmented into commercial drone, military drone, and other types. Among these, the commercial drone segment is witnessing significant CAGR growth over the forecast period. The commercial segment of the drone market is expanding due to factors such as industry technological advancements and expanding application areas such as precision agriculture, oil and gas, aerial photography, cargo management, traffic monitoring, and others.
Browse key industry insights spread across 199 pages with 124 market data tables and figures & charts from the report “Global Drone Market Size, Share, and COVID-19 Impact Analysis, By Type (Fixed Wing Drone, Rotary Wing Drone), By Product Type (Commercial Drone, Military Drone, Other Types), By Propulsion (Heat Engine, Electrical Engine, Jet Engines, Others), By Application (Construction, Agriculture, Aerial Surveying, Entertainment, Combat Operations, Border Security, Law Enforcement, Other Applications) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030”. in detail along with the table of contents
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The electrical engine segment holds the largest market share over the forecast period.
On the basis of type, the Global Drone Market is segmented into heat engine, electrical engine, jet engine, and others. Among these, the electrical engine segment holds the largest market share over the forecast period. They are lighter, more manoeuvrable, more energy-efficient, and more environmentally friendly than their conventional counterparts since they use rechargeable batteries. They also emit a lot fewer emissions than a conventional combustion engine, which is an additional benefit.
The construction segment is dominating the market with the largest market share of 37% over the forecasted period.
Based on the application, the Global Drone Market is segmented into construction, agriculture, aerial surveying, entertainment, combat operation, border security, law enforcement, and other applications. Among these, the construction segment dominates the market with the largest market share of 37% over the forecast period. Drones are increasingly being used to do visual inspections of high-risk construction zones. Furthermore, they give site managers an overview of prospective concerns and simplify critical decision-making features to streamline building site operations.
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North America is dominating the market with the largest market share of 38%.
North America, with a 38% market share, is expected to remain the industry's leading region during the projection period, owing to greater government favorability, advancements in drone technology, and rising demand from consumers across many industries.
Asia Pacific is expected to grow the fastest during the forecast period owing to the increasing expenditure of military budget and commercial applications in developing nations such as China, India, Japan, and South Korea. Over the last decade, China has been the global centre for drone manufacturing, accounting for more than 70% of the global civilian drone market.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
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Recent Development
In December 2022, Skydio, the leading drone manufacturer in the United States, has announced the release of its new product line, which comprises the Skydio Dock and Skydio Dock Lite, all of which are powered by Skydio's new Remote Operations software. Dock and Dock Lite are the market's smallest, lightest, and smartest cloud-connected base stations for drones. The drone's AI-powered autonomy is improved by the Skydio Remote Ops software, enabling operators to carry out efficient missions with ease.
In August 2022, Kratos Defense & Security Solutions, Inc., a leading provider of National Security Solutions, stated that it has obtained a production contract worth about $20 million for high performance, jet-powered unmanned aerial target drone systems. The unmanned aerial drone systems developed under this contract will be produced in Kratos facilities.
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