Drone Market Size, Share, and COVID-19 Impact Analysis, By Type (Fixed-wing, Rotary-wing & Mapping & Surveying multirotor), By Component (Hardware, Software, Services), By Technology (Fully Autonomous, Semi-Autonomous), By End-Use (Agriculture, Engineering & Construction, Energy, Media & Entertainment, Security & Law Enforcement & Others) and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa) Analysis and Forecast 2022-2030
KEY MARKET INSIGHTS
The global Drone Market was valued at USD 2.7 Bn in 2021. The market is projected to grow USD 21.6 Bn in 2030, at a CAGR of 17.3%. Drones are employed for a variety of purposes, including filming and emergency response. Furthermore, due to their ability to survey lands, offer constant and exact project notifications, increase safety, and prevent harmful accidents on construction sites, these devices are in high demand in the real estate and construction sectors. Over the last few years, the number of business use cases for drones has increased dramatically. Drone manufacturers and software solution providers, for example, are continually inventing, testing, and upgrading solutions for diverse markets.
Traditional use cases, such as security, surveillance, and monitoring are likely to develop predominantly in industries with high labor costs and crime rates. Drones are commonly used to map out elevated infrastructure that may have damaged electrical lines or unstable roofs, as well as for search and rescue operations, in risky and inaccessible locations.
The outbreak of COVID-19 impacted severely the global drone market. Due to the installation of rigorous lockdown measures around the world, the quick expansion of COVID-19 has had a significant influence on the global drone market. The COVID-19 epidemic posed a number of hurdles for the drone industry, including disruptions in raw material supply chains, logistical issues, and so on. Commercial drone technology makers, on the other hand, had to curtail expansion and R&D investments to cope with the drop in revenue and operating performance of diverse companies. Throughout the year, obstacles in the purchase of commercial drones for various business purposes were identified, but these are projected to disappear in a few years. Drones are being increasingly used in the healthcare sector for lab sample pickup and delivery, as well as medical supply transportation, to reduce transportation turnaround time and infection risk. More than eighteen countries have utilized drones for delivery and transportation purposes during the pandemic, according to UNICEF.
Surging Integration of Advanced Technologies in the Drone Market
Integration of drones equipped with artificial intelligence can offer better performance, and environment, precisely map locations, track and monitor the movement of specific objects, and provide exact analytical input. Additionally, provides the capacity to make real-time, data-driven decisions by ensuring that data is captured, processed, and transferred quickly. Users may also collaborate and access footage taken by other drones, as well as track drone flight patterns in real-time, with AI-powered drones. AI and machine learning, when combined with predictive learning models, provide faster data processing and actionable insights. For instance, DroneDeploy launched a single platform for all drone activities including automated drone fleet management, low-altitude inspection mode, workflow integration, and advanced analytics. The industry is likely to rise in the future years as major firms around the world develop new drone software platforms for advanced analytics.
Increasing Adoption of Drones Benefitting Various Applications
Drones are becoming more popular in a variety of businesses, which is driving up demand for contemporary aerial vehicles. Drones, regardless of range or altitude, are completely capable of flying in a variety of geographic regions. In numerous countries, these advantages are driving demand for unmanned aerial vehicles. Precision agriculture, building and infrastructure, security, energy and power, insurance, transportation, and logistics are just a few of the commercial uses that are propelling the drone industry forward.
Increasing Shift on the Development of UAVs to Propel Market Growth
Advancements in the underlying technology as well as auxiliary functions have paved the way for even more UAV innovation. Advanced navigation systems, expanded range, data storage, and surveillance systems have all been added to recreational, commercial, and military drones. Drone patent filings have risen in tandem with the exponential growth of UAV technology. For instance, India & US have joined an agreement to jointly develop unmanned aerial vehicles or drones which can be launched directly from the aircraft.
Concerns Pertaining to Strict Aviation Regulations in Emerging Economies
Due to extremely effective technology for numerous aerial applications, drones have been widely deployed across industries for the past few years. However, most companies are concerned about a lack of air traffic management in many countries. Many countries have put in place strict laws for flying drones near airports and their surroundings. Drone usage has been criticized in most nations as an invasion of privacy and personal space has hampered the global drone market.
The global drone market is segmented by Type (Fixed-wing, Rotary-wing, & Hybrid multirotor), By Component (Hardware, Software & Services), By Technology (Fully Autonomous & Semi-Autonomous), By Application (Filming & Photography, Inspection & Maintenance, Mapping & Surveying, Precision Agriculture, Surveillance & Monitoring & Others), By End-Use (Agriculture, Engineering & Construction, Energy, Media & Entertainment, Security & Law Enforcement & Others) and Region. Based on the type, the market is categorized into fixed-wing, rotary-wing, & hybrid multirotor. Based on component, the market is categorized into hardware, software, services. Based on technology, the market is categorized into fully autonomous & semi-autonomous. Based on application, the market is categorized into filming & photography, inspection & maintenance, mapping & surveying, precision agriculture, surveillance & monitoring & others. Based on end-use, the market is categorized into agriculture, engineering & construction, energy, media & entertainment, security & law enforcement & others. Based on the region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
The global Drone market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. North America region is expected to dominate the market share of the global drone market owing to the rising demand from a variety of applications and sectors in the United States. Key firms such as 3D Robotics, Inc., GoPro, Inc., and Autel Robotics have a strong presence in the United States, adding to regional revenue growth. However, the Federal Aviation Administration (FAA) has prohibited the use of commercial drones within line of sight, limiting the market's expansion. Furthermore, the United States Federal Aviation Administration (FAA) has issued new regulations to give more coherent and uniform guidance for the legal and safe flying of UAVs in commercial environments. However, Asia Pacific region is expected to witness the highest growth rate during the forecast period of the global drone market due to the governments continually attempting to develop favorable regulations for drone applications. Furthermore, various start-up companies are coming up with new commercial drone uses-cases and aiming to improve drone safety issues. Because of the region's large potential and client base. Furthermore, key leaders in this region such as DJI, Yuneec Holding Ltd, and Holy Stone are making significant investments, which will boost demand for the global drone market.
- 3D Robotics, Inc.
- Aeronavics Ltd.
- AeroVironment Inc.
- Aerodyne Group
- Autel Robotics
- Draganfly Innovations Inc.
- FLIR Systems, Inc.
- GoPro, Inc.
- Holy Stone
- Intel Corporation
- Kespry Inc
- Sky Futures
- Parrot Drones SAS
- PrecisionHawk, Inc.
- Skydio, Inc.
- Terra Drone Corporation
- Yuneec Holding Ltd
KEY INDUSTRY DEVELOPMENTS:
June 2021- Skydio has launched Skydio 3D Scan, scanning software with automatic data acquisition to facilitate the reconstruction of damages, qualitative assessment report, and quicker inspection via aerial photogrammetry.
March 2021- senseFly has collaborated with Tough Stump Technologies regarding UAS Tactical Mapping to facilitate government and defense professionals for data collection and analytics of the tactical mapping and aerial intelligence via UAS.
Based on type, is categorized into fixed-wing, rotary-wing, & hybrid multirotor. The hybrid multirotor segment is expected to dominate the market share of the global drone market owing to the benefits of batteries and fuel to increase their power and efficiency. Furthermore, even in bad weather, these drones can fly for longer periods of time and carry heavier payloads. Hybrid drones are being used by technology companies like Facebook and Amazon to provide internet connectivity in rural places and for efficient parcel delivery, respectively.
Based on technology, the market is categorized into fully autonomous & semi-autonomous. The fully autonomous are expected to dominate the market share of global drone market owing to the development of autonomous drones is being accelerated by the increased acceptance of novel technologies such as artificial intelligence, cloud computing, machine learning, and computer vision. These drones have the ability to fly outside the line of sight (BVLOS). It also reduces the need for human intervention while increasing the range and efficiency of operations. Eagle Eye Imaging LLC, a drone mapping company, used AI to deliver weed detection and commercial crop counting services in May 2020.
The semi-autonomous segment is anticipated to register the highest CAGR of the global drone market owing to the increasing popularity for precision agriculture, structure monitoring, and law enforcement applications around the world.
Based on application, the market is categorized into filming & photography, inspection & maintenance, mapping & surveying, precision agriculture, surveillance & monitoring, others. The filming & photography segment is expected to dominate the market share of global drone market owing to the drones are rapidly becoming an integral component of professional photography, and photographers are increasingly accepting them as a means of gaining a competitive advantage. Professional photographers can use small drone cameras designed by companies like DJI to capture high-quality images. Filmmakers were not among the first in line when the FAA approved commercial drone flights in September 2014. However, there is an entire sub-industry of drone pilots that work in the film and entertainment industries.
The precision agriculture segment is expected to witness highest growth rate during the forecast period of global drone market. Farmers around the world are attempting to minimize agricultural costs while increasing output. Farmers and their workers use drones to collect farm data, automate repetitive tasks, and increase efficiency. Drones also enable farmers with a variety of activities, such as field monitoring and analysis, as well as agricultural plantation planning to determine crop growth and health. Drones are being used by companies like Raptor Maps, a U.S.-based agriculture analytics firm, to help farmers better evaluate their potential harvest.
Based on end-use, the market is categorized into agriculture, engineering & construction, energy, media & entertainment, security & law enforcement & others. Media and entertainment are expected to dominate the market share of the global drone market owing to the diverse applications of drones in filming, photography, and movies, amongst others. Filmmakers have begun to use professional drones to capture accurate frames in the most cost-effective method possible. Client and owner's need for aerial photography to advertising resorts, hotels, tourist attractions, public locations, and amusement parks is expected to drive the segment's expansion.
- North America- U.S., Mexico, Canada
- Europe- UK, France, Germany, Italy
- Asia-Pacific- China, Japan, India
- Latin America- Brazil, Argentina, Colombia
- The Middle East and Africa- United Arab Emirates, Saudi Arabia
Drone Market Size