Global Drone Market

Drone Market Size, Share, Growth Analysis, By Product(Fixed Wing Drone, Rotary Wing Drone, and Hybrid), By Application(Security, Search and Rescue, Environmental, Mining and Construction), By Type(Aerial, Terrestrial, and Under Water), By End user(Agriculture, Construction and Infrastructure Industry, Media and Entertainment, Logistics and Transportation), By Region - Industry Forecast 2024-2031


Report ID: SQMIG45K2054 | Region: Global | Published Date: June, 2024
Pages: 197 |Tables: 122 |Figures: 77

Drone Market Insights

Global Drone Market size was valued at USD 22.4 Billion in 2022 and is poised to grow from USD 28 Billion in 2023 to USD 166.70 Billion by 2031, growing at a CAGR of 25% during the forecast period (2024-2031). 

The global drone market has witnessed significant growth in recent years, with the increasing adoption of drones across various industries such as agriculture, construction, and defense. Drones, also known as unmanned aerial vehicles (UAVs), are becoming increasingly popular due to their ability to operate in areas that are difficult or dangerous for humans to access. The market for drones is expected to continue to grow in the coming years, with new applications and use cases emerging. The purpose of the drone market is to provide various types of drones to customers across different industries for a wide range of applications, including aerial photography and videography, mapping, surveying, search and rescue, and monitoring and inspection of infrastructure. The primary driving factors behind the growth of the drone market is the increasing demand for drones in the commercial and industrial sectors.

Drones offer significant advantages in terms of speed, cost-effectiveness, and safety compared to traditional methods of data collection and inspection. Additionally, advancements in drone technology, including improved sensors and longer flight times, are driving the growth of the market.  There are some restraining factors that could limit the market's growth. These include strict regulations governing the use of drones, concerns about privacy and security, and the high cost of drone technology. Many countries have strict regulations governing the use of drones, which can limit their use in certain applications. Additionally, the development of more advanced drones that can fly longer distances and carry heavier payloads presents technical challenges that must be overcome. There are significant opportunities for growth in the coming years. Based on SkyQuest analysis, the government has approved the production-link incentive (PLI) scheme which has boosted the drone sector. The scheme announced in 2021 and reiterated in 2022, aims to enhance the manufacturing of drones in India and establish the country as a global hub for drone production by 2030, in accordance with the Atmanirbhar Bharat Abhiyan.

One of the most significant opportunities is the increasing use of drones in the delivery and transportation sector, which could significantly reduce delivery times and costs. For instance, on May 2023, the U.S government has also introduced the National Drone and Advanced Air Mobility Initiative Act to promote the domestic production of UAS and development into advanced air mobility (AAM) such as air taxis. The bill provides about $1.6 billion funding. Also, advancements in drone technology, including the development of artificial intelligence and machine learning algorithms, present new opportunities for drone use in various applications.

UAV (Drone) Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 22.4 Billion

Largest Segment

Rotary Wing Drone

Fastest Growth

Hybrid

Growth Rate

25% CAGR

Global Drone Market ($ Bn)
Country Share for North America Region (%)

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Drone Market Segmental Analysis

Global drone market is segmented on the product, application, type, end user and region. By product, the market is segmented into fixed wing drone, rotary wing drone and hybrid. By application, the market is segmented into security, search and rescue, environmental, mining and construction, and others. By type, the market is segmented into aerial, terrestrial, and under water. By end user, the market is segmented into agriculture, construction and infrastructure industry, media and entertainment, logistics and transportation, defense and military, and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.  

Drone Market Analysis by Product 

Based on the product of drones, the rotary wing drones segment accounts for the largest market segment due to its ability to perform multiple tasks and easy operations. They can perform vertical takeoffs and landings, so they are extensively used in applications such as aerial photography and surveillance and inspection. They can operate in confined spaces and varied landscapes, thus increasing their utility in various sectors. Rotary drones are mostly used because of their versatility and ease of use which makes them highly popular across various industries, contributing to their dominance in the market.  

The fastest-growing segment of the market is the hybrid drones that dominate in sales. These drones have the features of both fixed wing drones and rotary-wing drones. This functionality of hybrid drones makes them applicable for a wide range of segments such as logistics, delivery services, agricultural monitoring and environmental surveying. This leads to the growing demand for drones that can cover large areas and perform accurate tasks, boosting the rapid growth of the hybrid drone segment. Due to continuous innovations in hybrid drone technology including performance growth and payload capacity, the market is further propelled by their adoption across different industries. 

Drone Market Analysis by Application 

Within the global drone market, the security segment holds the largest market share in terms of applications. Drones are highly used for surveillance border control and public safety which provides real time data and enhanced situational awareness. They don’t have the ability to cover large areas quickly and efficiently, which makes them a valuable tool for law enforcement agencies and security operations. There has been increasing focus on safety and security across public and private sectors which is driving the demand for drones and security applications. 

On the other hand, the fastest-growing application segment is environmental monitoring. The advantages of drones in environmental applications such as wildlife monitoring, forest management, environmental impact assessments leading to the growth of this segment. They can access remote and difficult terrains by making advancements in sensor technology, providing comprehensive and accurate environmental data collection. There has been growing emphasis on sustainability and Environmental Protection, along with the regulatory support for innovative monitoring solutions, is propelling the rapid adoption of drones in environmental applications.

Global Drone Market Size By Product, 2022 (%)

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Drone Market Regional Insights

North America dominates the global drone market due to the presence of leading drone manufacturers and a high adoption rate of drone technology. The United States is the largest market for drones in the region, driven by the increasing demand for drone applications in the military, defense, and commercial industries. There has been presence of drone manufacturers and companies on a larger scale, simultaneously supporting research and development, signifies the North America’s leading position. Furthermore, government policies and basic funding for the drones in defense and commercial sectors contribute to the continuous innovations in drone technology within the region. In addition, the Federal Aviation Administration (FAA) has developed regulations to support the safe and legal use of drones in the United States. 

Asia-Pacific is also a significant market for drones with the fastest growing CAGR, driven by the increasing adoption of drone technology in various industries such as agriculture, mining, and construction due to their cost-effectiveness and efficiency in enhancing productivity. This growth is fueled by the rapid industrialization and investments in drone technology by countries like China, Japan, and India. Based on SkyQuest Analysis, Ministry of Civil Aviation projected that investments in drone and drone component manufacturing industry could exceed Rs 5,000 crore. These supportive government initiatives and regulations fuel the use of drones through advancements in technology and manufacturing capabilities, thus contributing to the rapid expansion of the drone market in this region. The rising popularity of commercial drone applications in the region is further propelling the market.

Global Drone Market Size By Region, 2024-2031
  • Largest
  • Fastest

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Drone Market Dynamics

Drone Market Drivers

Rising Demand for Photographic Surveillance to Bolster Market Growth 

  • The increasing acceptance of drone deployment in military operations has prompted suppliers to produce drones that may be used in many commercial applications. Drones are also being used for various purposes, such as providing internet access in rural areas, aerial photography and video recording, surveying and documenting animals, and public service missions. Several firms primarily provide tiny drones for agricultural, aerial photography, and data collecting purposes. Drone-assisted home deliveries have become a reality because of the efforts of logistics and retail organizations such as Amazon and UPS to implement the technology. Because commercial drones can travel at speeds of up to 100 miles per hour and transport products weighing less than 5 pounds, the delivery mechanism is projected to reduce delivery time and related expenses. Increased investments in drone technology are also expected to drive long-term industry growth. 

Expanded Construction Sector will be a Major Opportunity in the Commercial Drone Market 

  • Drones for future structures are becoming increasingly popular in the construction sector. Building managers will be able to meet project objectives more efficiently and quickly if sophisticated photography is used to scan construction sites and drones are used to follow activities throughout the construction lifecycle. Many industrial conglomerates and corporate houses are using drones outfitted with thermal imaging cameras during emergency response to identify casualties not apparent to the human eye. Similarly, hospitals are employing ambulance drones outfitted with defibrillators to provide prompt resuscitation to a patient in need. With climate change wreaking havoc on wildlife, conservationists are employing cutting-edge drone technology to monitor, track, and gather samples from endangered animals. Rising popularity of commercial and business models leveraging drone technology will give the drone industry precisely the necessary push, allowing stakeholders to lift their game in operational efficiency. 

Restraints 

Strict Regulations Limiting their Usage in the Drone Market 

  • The major restraint for the growth of the drone market is the regulatory environment. Regulations related to drones vary widely across countries, making it challenging for drone manufacturers to develop products that comply with different regulations. Additionally, there are restrictions on the use of drones in certain areas, such as airports and other sensitive locations, which limits their use in those areas. 

Safety concerns Impose a Major Threat in the Market Growth 

  • Another significant restraint for the drone market is the safety concerns associated with the use of drones. There have been instances of drones colliding with airplanes and other vehicles, causing accidents and damage. As a result, many countries have strict regulations in place to ensure the safe operation of drones, which can limit their use in certain applications.

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Drone Market Competitive Landscape

The global drone market is highly fragmented, with the presence of several players operating in the market. The global drone market is expected to witness significant growth in the coming years, driven by the increasing demand for drones in various applications. The market is competitive, with several players operating in the market and focusing on product launches and partnerships to expand their market presence. 

Drone Market Top Player’s Company Profiles

  • DJI
  • Parrot SA
  • 3D Robotics, Inc.  
  • Yuneec International Co. Ltd.  
  • Ehang  
  • GoPro, Inc.  
  • Autel Robotics  
  • Kespry Inc.  
  • PrecisionHawk Inc.  
  • Aeryon Labs Inc.  
  • Parrot Drones SAS  
  • AeroVironment, Inc.  
  • Draganfly Innovations Inc.  
  • CyPhy Works, Inc.  
  • Airware, Inc.  
  • FLIR Systems, Inc.  
  • Skydio, Inc.  
  • Walkera Technology Co. Ltd. 
  • MMC UAV 
  • Airbus

Drone Market Recent Developments

  • In February 2024, Indian Startups Garuda Aerospace launched a nano drone, Droni, for the consumer photography and cinematography segment. Currently sold on e-commerce site Amazon, Droni is a small-sized foldable quadcopter weighing approximately 250 gm. 

  • In January 2024, DJI launched a new delivery drone. The new DJI FlyCart 30 sees DJI officially enter the drone delivery market. FlyCart 30 has two delivery modes namely cargo/container and crane/winch. This new delivery drone can carry a maximum load of approximately 30kg for 16km with dual batteries 

  • In October 2023, a UAV startup, Amber Wings launched a hybrid drone, namely Atva. The drone has 10x faster flight time, durable battery, and diverse payload options. 

Drone Key Market Trends

  • Increasing adoption of drones in the commercial sector: The commercial sector has been one of the key drivers of the growth of the drone market. Drones are increasingly being used for various applications, such as delivery services, surveying, inspection, and monitoring. For example, Amazon is using drones for package delivery, while companies like DJI are developing drones specifically for commercial applications such as agriculture and construction. Based on SkyQuest analysis, according to a report, in the first half of 2023, Asia-Pacific dominated global drone deliveries by 43%. 
  • Advancements in drone technology: Drone technology is rapidly evolving, with new features and capabilities being added regularly. This includes improvements in drone batteries, cameras, sensors, and software, which are making drones more efficient, reliable, and easier to use. For example, some drones are now equipped with artificial intelligence and machine learning capabilities, enabling them to perform complex tasks autonomously.

Drone Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research. 

According to our analyses, the market has been growing rapidly over the past few years and is expected to continue growing in the coming years. The market is driven by various factors such as the increasing use of drones in military and commercial applications, advancements in drone technology, and rising demand for drones in various industries. The major drivers of the global drone market are increasing use of drones in military and commercial applications. 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. The use of drones in these applications has increased efficiency and reduced costs, which has led to increased adoption of drones in various industries. The increasing use of drones in the transportation and logistics industry. Drones are being used for package delivery, which has the potential to reduce costs and increase efficiency in the transportation and logistics industry, thus driving the market. The rotary wing drones is likely the largest in terms of market share due to its features like flexibilty and stablity which makes it applicable across different industries. North America accounts for the highest share and Asia-Pacific is the fastest growing region. One big trend is the advancements in drone technology such as integration of AI which drives the demand, thus propelling the market growth. The manufacturers are continuously working on drone systems according to the demand to perform tasks without manual interaction and increased efficiency, thus positively influencing the market growth. 

Report Metric Details
Market size value in 2022 USD 22.4 Billion
Market size value in 2031 USD 166.70 Billion
Growth Rate 25%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Product
    • Fixed Wing Drone, Rotary Wing Drone, and Hybrid
  • Application
    • Security, Search and Rescue, Environmental, Mining and Construction, and Others
  • Type
    • Aerial, Terrestrial, and Under Water
  • End user
    • Agriculture, Construction and Infrastructure Industry, Media and Entertainment, Logistics and Transportation, Defense and Military, and Others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • DJI
  • Parrot SA
  • 3D Robotics, Inc.  
  • Yuneec International Co. Ltd.  
  • Ehang  
  • GoPro, Inc.  
  • Autel Robotics  
  • Kespry Inc.  
  • PrecisionHawk Inc.  
  • Aeryon Labs Inc.  
  • Parrot Drones SAS  
  • AeroVironment, Inc.  
  • Draganfly Innovations Inc.  
  • CyPhy Works, Inc.  
  • Airware, Inc.  
  • FLIR Systems, Inc.  
  • Skydio, Inc.  
  • Walkera Technology Co. Ltd. 
  • MMC UAV 
  • Airbus
Customization scope

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Drone Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Drone Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Drone Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Drone Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Drone Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Drone Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Global Drone Market size was valued at USD 22.4 Billion in 2022 and is poised to grow from USD 28 Billion in 2023 to USD 166.70 Billion by 2031, growing at a CAGR of 25% during the forecast period (2024-2031). 

The global drone market is highly fragmented, with the presence of several players operating in the market. The global drone market is expected to witness significant growth in the coming years, driven by the increasing demand for drones in various applications. The market is competitive, with several players operating in the market and focusing on product launches and partnerships to expand their market presence.  'DJI', 'Parrot SA', '3D Robotics, Inc.  ', 'Yuneec International Co. Ltd.  ', 'Ehang  ', 'GoPro, Inc.  ', 'Autel Robotics  ', 'Kespry Inc.  ', 'PrecisionHawk Inc.  ', 'Aeryon Labs Inc.  ', 'Parrot Drones SAS  ', 'AeroVironment, Inc.  ', 'Draganfly Innovations Inc.  ', 'CyPhy Works, Inc.  ', 'Airware, Inc.  ', 'FLIR Systems, Inc.  ', 'Skydio, Inc.  ', 'Walkera Technology Co. Ltd. ', 'MMC UAV ', 'Airbus'

The increasing acceptance of drone deployment in military operations has prompted suppliers to produce drones that may be used in many commercial applications. Drones are also being used for various purposes, such as providing internet access in rural areas, aerial photography and video recording, surveying and documenting animals, and public service missions. Several firms primarily provide tiny drones for agricultural, aerial photography, and data collecting purposes. Drone-assisted home deliveries have become a reality because of the efforts of logistics and retail organizations such as Amazon and UPS to implement the technology. Because commercial drones can travel at speeds of up to 100 miles per hour and transport products weighing less than 5 pounds, the delivery mechanism is projected to reduce delivery time and related expenses. Increased investments in drone technology are also expected to drive long-term industry growth. 

Increasing adoption of drones in the commercial sector: The commercial sector has been one of the key drivers of the growth of the drone market. Drones are increasingly being used for various applications, such as delivery services, surveying, inspection, and monitoring. For example, Amazon is using drones for package delivery, while companies like DJI are developing drones specifically for commercial applications such as agriculture and construction. Based on SkyQuest analysis, according to a report, in the first half of 2023, Asia-Pacific dominated global drone deliveries by 43%. 

North America dominates the global drone market due to the presence of leading drone manufacturers and a high adoption rate of drone technology. The United States is the largest market for drones in the region, driven by the increasing demand for drone applications in the military, defense, and commercial industries. There has been presence of drone manufacturers and companies on a larger scale, simultaneously supporting research and development, signifies the North America’s leading position. Furthermore, government policies and basic funding for the drones in defense and commercial sectors contribute to the continuous innovations in drone technology within the region. In addition, the Federal Aviation Administration (FAA) has developed regulations to support the safe and legal use of drones in the United States. 

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Global Drone Market

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