Global Drone Market

Drone Market Size, Share, Growth Analysis, By Type (Rotary Wing Drone, Hybrid), By Vertical (Defense and Security, Environmental Monitoring), By Operation (Remotely Piloted, Fully Autonomous), By Application (Commercial, Military), By Region - Industry Forecast 2024-2031


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

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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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.  ', 'Parrot Drones SAS  ', 'AeroVironment, Inc.  ', 'Draganfly Innovations Inc.  ', 'FLIR Systems, Inc.  ', 'Skydio, Inc.  ', 'Walkera Technology Co. Ltd. ', 'MMC UAV ', 'Airbus ', 'CDSPACE (South Korea) ', 'THANOS (India) ', 'DROGO DRONES (India)'

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

Report ID: SQMIG45K2054

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