Global Drone Market Size, Share, Growth Analysis, By Type(Multirotor, Fixed Wing Drone), By Application(Construction, Agriculture) - Industry Forecast 2024-2031

Q: What is the global market size of Drone Market?

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).

Report ID: SQMIG45K2054 | Region: Global | Published Date: April, 2024
Pages: 197 | Tables: 66 | Figures: 75

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 Report Snapshots

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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. 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. 'DJI (China)', 'Parrot SA (France)', 'GoPro, Inc. (US)', ' 3D Robotics, Inc. ', ' Yuneec International Co. Ltd. ', ' Ehang ', ' 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 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.

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.

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Global Drone Market Size, Share, Growth Analysis, By Type(Multirotor, Fixed Wing Drone), By Application(Construction, Agriculture) - Industry Forecast 2024-2031

Global Drone Market Regional Insights

Global Drone Market Report Snapshots

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