USD 22.4 billion
Global Drone Market Size, Share, Growth Analysis, By Type(Multirotor, Fixed Wing Drone), By Application(Construction, Agriculture) - Industry Forecast 2024-2031
Report ID:
SQMIG45K2054 |
Region:
Global |
Published Date: April, 2024
Pages:
197
|
Tables:
66 |
Figures:
75
Global Drone Market Insights
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. 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.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Commercial Drone
Fastest Growth
Commercial Drone
Growth Rate
25% CAGR
Global Drone Market 2022-2030 ($ Bn)
Country Share for Europe Region- 2022 (%)
Global Drone Market Size By Product, 2022-2030 ($ Bn)
Global Drone Market Size By Product, 2022-2030 (%)
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Global Drone Market Segmental Analysis
Global Drone Market is segmented on the type, application and region. By type, the market is segmented into multirotor, fixed wing drone, and rotary wing drone. By application, the market is segmented into construction, agriculture, energy, entertainment, law enforcement, 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 Type
Based on the types of drones, the multirotor segment accounts for the largest market segment due to its ability to perform multiple tasks and easy operations. Multirotor drones, are mostly used because they can hover, navigate confined areas, and perform precise maneuvers. They are also used in cinematography, surveillance, and recreation. Due to their great dexterity and wheeled design these UGV drop down walls and monitors closely as needed, mostly in the city where there are space constraints. The evolution in battery technology not only allows multirotor drones to fly longer but also carry more material, ranging from agricultural pesticides to car accident impacts, that opens new possibilities in sectors like agriculture.
The fastest-growing segment of the market is the fixed-wing drones that dominate in sales. Provided with a multiskilled design simulating that of an airplane, fixed-wing drones offer unique capabilities like longer flight times and larger covered area than that of their multirotor matches. These drones collect high-quality data over large areas and their widespread application is evident in areas such as large-scale mapping, surveying and agriculture where vast area coverage is of the essence. Moreover, materials and propulsion systems have been advanced that improves not only the efficiency but also the performance of fixed-wing drones. These improvements have made them highly operable in different environmental conditions and reliability.
Drone Market Analysis by Application
Within the global drone market, the agriculture segment holds the largest market share in terms of applications. The drones have led to the revolution in the way farmers do agriculture via providing them with the valuable information of the crop health, irrigation management, and pest detection In the case of drones, which are able to acquire high resolution images and multispectral data, the precision agriculture will be implemented leading to optimized usage of the resource and contribute to improved crop yield. In addition, technology enhancements like artificial intelligence and machine learning endow drones with the capability to decode data real-time and offer decision-making advice to farmers. With the necessity of agricultural output becoming more urgent to accommodate an ever-growing population, the incorporation of drone technologies in agriculture is likely to take further measures, sparking the development of the specific area.
Global Drone Market Size By Product, 2022(%), 2023 (%)
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Global 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. 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 with the fastest growing CAGR, 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.
Global Drone Market Size By Geography, 2022-2030, 2024-2031
- Largest
- Fastest
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Global Drone Market Dynamics
Drone Market Drivers
Rising Demand for Photographic Surveillance to Bolster Market Growth
- The increasing adoption of drone deployment in military operations has propelled market players to produce drones that may be utilized in a variety of 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 as a result of the efforts of logistics and retail organizations such as Amazon and UPS to implement the technology. As 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 Commercial Use 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 make contact with and identify casualties who are 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.
Drone Market Restraints
Regulations
- The major restraints 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
- 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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Global Drone Market Competitive Landscape
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
- DJI (China)
- Parrot SA (France)
- GoPro, Inc. (US)
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3D Robotics, Inc.
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Yuneec International Co. Ltd.
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Ehang
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Autel Robotics
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Kespry Inc.
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PrecisionHawk Inc.
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Aeryon Labs Inc.
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Parrot Drones SAS
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AeroVironment, Inc.
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Draganfly Innovations Inc.
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CyPhy Works, Inc.
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Airware, Inc.
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FLIR Systems, Inc.
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Skydio, Inc.
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Walkera Technology Co. Ltd.
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MMC UAV
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Airbus
Drone Market Recent Developments
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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 250 gm.
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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: Cargo/container and crane/winch. This new delivery drone can carry a maximum load of 30kg for 16km with dual batteries.
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In April 2023, DJI launched its professional lineup with a new drone called Inspire 3. The new product is aimed at production houses and features improved sensors, connectivity options and design compared to its predecessor.
Global 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.
- 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.
Global Drone Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
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.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 22.4 billion |
| Market size value in 2031 | USD 166.70 billion |
| Growth Rate | 25% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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 |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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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 Global 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
- Exhibit: Impact analysis of DROC, 2021
- 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 Global 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
- Exhibit: Impact analysis of DROC, 2021
- 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
- Competitive rivalry
- 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(%)
- Total number of companies covered
Methodology
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.
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 Global Drone Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global 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.
Global Drone Market Report Snapshots
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