USD 24 Billion
Report ID: SQMIG45K2054 | Region: Global | Published Date: February, 2024 | Pages: 157 | Tables: 61 | Figures: 75
Drone Market size was valued at USD 24 Billion in 2021 and is poised to grow from USD 30 Billion in 2022 to USD 178.81 Billion by 2030, at a CAGR of 25% during the forecast period (2023-2030).
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. 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. the growth opportunities in the drone 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. The significant challenges facing the drone market is the development of regulations to govern the use of drones. 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. The challenges facing the drone market, there are significant opportunities for growth in the coming years. 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. Additionally, advancements in drone technology, including the development of artificial intelligence and machine learning algorithms, present new opportunities for the use of drones in various applications.
US Drone Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 24 Billion
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Global Drone Market is segmented on the product, Type and region. By product, the market is segmented into Commercial Drone, Military Drone. By Type, the market is segmented into Fixed Wing Drone, Rotary Wing Drone. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Drone Market Analysis by Product
Commercial drones are used in a variety of industries for applications such as aerial photography and videography, surveying and mapping, monitoring and inspection of infrastructure, delivery services, and agriculture. Commercial drones are typically smaller and less expensive than military drones and are designed for civilian use. They are also subject to different regulations compared to military drones. Military drones, also known as unmanned combat aerial vehicles (UCAVs), are primarily used by military and defense organizations for intelligence gathering, surveillance, reconnaissance, and targeting purposes. Military drones are typically larger and more advanced than commercial drones and are designed to operate in challenging environments and conditions. They are also subject to strict regulations and requirements for security and safety. the increasing demand for drones in various industries. However, military drones also play a crucial role in the global drone market, with significant investments being made in military drone technology by governments and defense organizations around the world.
Drone Market Analysis by Type
Fixed-wing drones are designed to operate like traditional airplanes, using wings to generate lift and move through the air. They are typically larger and faster than rotary-wing drones and are designed to cover longer distances and stay in the air for extended periods. Fixed-wing drones are commonly used in the military and defense industries for reconnaissance and surveillance purposes. They are also used in commercial applications, such as mapping, surveying, and inspection of large areas. Rotary-wing drones, also known as multi-rotor drones, use rotor blades to generate lift and move through the air. They are typically smaller and more maneuverable than fixed-wing drones and are designed for short-distance flights and hovering in place. Rotary-wing drones are commonly used in the commercial industry for applications such as aerial photography and videography, delivery services, and inspections of buildings and infrastructure. The global drone market by type based on propulsion systems shows that rotary-wing drones account for a significant portion of the market due to their versatility and wide range of commercial applications. However, fixed-wing drones are also essential in the military and defense industries for long-range reconnaissance and surveillance.
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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. In addition, the Federal Aviation Administration (FAA) has developed regulations to support the safe and legal use of drones in the United States.
Europe is also a significant market for drones, driven by the increasing adoption of drone technology in various industries such as agriculture, mining, and construction. The European Union Aviation Safety Agency (EASA) has developed regulations to support the safe and legal use of drones in the region. France, Germany, and the United Kingdom are the largest markets for drones in Europe.
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Drone Market Drivers
Rising Demand for Photographic Surveillance to Bolster Market Growth
Expanded Commercial Use Will Be a Major Opportunity in the Commercial Drone Market
Drone Market Restraints
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The global drone market is highly fragmented, with the presence of several players operating in the market. companies are focusing on product launches, partnerships, and collaborations to expand their market presence and increase their revenue share. 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 highly 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
Drone Market Recent Developments
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According to our global drone market analysis, 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. However, there are also some restraints that are expected to slow down the market growth in the near future. 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. There are also some restraints that are expected to slow down the market growth in the near future. One of the major restraints is the increasing regulations on drone usage. 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.
|Market size value in 2021
|USD 24 Billion
|Market size value in 2030
|USD 178.81 Billion
|Forecast Unit (Value)
|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)
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global 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 Global 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.
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Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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