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The drone market size is forecast to increase by USD 36.1 billion at a CAGR of 15.23% between 2023 and 2028. The global market is experiencing significant growth due to the increasing applications in various industries such as agriculture, construction, and media and entertainment. New developments and launches of commercial drones with advanced features and capabilities continue to drive market growth. However, the market is also faced with challenges from restrictive laws and regulations governing the use of unmanned aerial vehicles (UAVs) in different regions. These regulations vary in terms of restrictions on altitude, airspace, and privacy concerns, which can limit the adoption of drones in certain industries and applications. Despite these challenges, the market is expected to continue its growth trajectory as technological advancements and regulatory frameworks evolve to address these issues.
Unmanned aircraft, also known as unmanned aerial vehicles (UAVs) or unmanned aircraft systems (UAS), have gained significant traction in various industries due to their versatility and advanced capabilities. These robotic flying machines equipped with Global Positioning System (GPS) technology have revolutionized sectors such as traffic monitoring, videography, agriculture, delivery services, weather monitoring, search and rescue, and more. Commercial drones are extensively used in the construction sector for inspecting unstable roofs and monitoring electrical cables. In the real estate sector, they are utilized for aerial photography and video recording for property listings. The unmanned aircraft industry is driven by the integration of computing technologies such as microcontrollers and processors, enabling autonomous drones for military operations, precision-guided bombs, and missiles.
Furthermore, the defense and border security sectors have adopted unmanned aircraft for surveillance and reconnaissance missions. Weather monitoring and disaster management are other key applications driving the growth of this market. Unmanned aircraft are also used for aerial surveying, providing accurate data for various industries.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The industrial segment is estimated to witness significant growth during the forecast period. The market is experiencing significant growth due to the increasing demand for mobile hardware capable of capturing and processing data in real-time. This data, which can include imagery of flora and fauna, public services, oil and gas facilities, real estate properties, transportation infrastructure, and entertainment and media productions, is transferred to the internet for processing and analysis. Thermal imaging cameras are essential in sectors such as agriculture, construction, and mining, while the hybrid segment combines heat engines, jet engines, electrical engines, propellers, regulators, and batteries to cater to various industries.
Furthermore, applications range from inspecting unstable roofs and electrical cables to filming and photography, medical supplies transport, and test sample collection in the oil and gas industry. Telecommunications is another sector that benefits from drones for network expansion and maintenance.
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The Industrial segment was valued at USD 4.90 billion in 2018 and showed a gradual increase during the forecast period.
APAC is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The market is experiencing significant growth due to the increasing demand for mobile hardware capable of capturing and processing data in real-time. This data is transferred via the internet for analysis and utilization in various sectors. Skydio, a leading drone manufacturer, is revolutionizing aerial videography and photography with its advanced technology. The flora and fauna, public services, oil and gas, real estate, transportation, entertainment and media, telecommunications, mining, construction, and agriculture segments are major consumers of commercial drones.
Furthermore, thermal imaging cameras, rotary wing drones, and fixed-wing drones are popular choices for applications such as inspecting unstable roofs, electrical cables, and test samples in the medical supplies industry. The hybrid segment, which combines heat engines, jet engines, electrical engines, propellers, and regulators, is also gaining traction. Battery technology is a critical factor in the market, with advancements leading to longer flight times and increased payload capacity.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Rise in applications of drones is the key driver of the market. Drones have emerged as a game-changer in various sectors, including agriculture, logistics, infrastructure, and military operations. In the agriculture industry, drones are increasingly being used for precision farming applications, enabling farmers to monitor crop health, optimize irrigation, and enhance agricultural productivity. Similarly, drones are being used in the construction industry for video recording, surveying, and infrastructure inspections. Furthermore, the military sector is another significant user of drones, with autonomous drones being used for precision-guided bombs and missiles during military operations. Drones are also used for surveillance activity in the political arena and for emergency response in hospitals and disaster management.
Moreover, drones are being used by building managers for inspections, conservationists for wildlife monitoring, and engineers for survey work. The insurance industries are also exploring drones for assessing damage to properties. With the increasing use of robotics in industries like harvesting and climate change research, the demand for drones is expected to grow further. However, the adoption of drones is not without challenges. Regulations and subsidy programs are key factors influencing market growth. Hobbyist drones are also gaining popularity, but their use in commercial applications is subject to regulatory approval. Overall, the market is poised for significant growth in the coming years, driven by the diverse applications across various sectors.
The new developments and launches of commercial drones is the upcoming trend in the market. Drones have transformed various industries with their unique capabilities, including wireless coverage and remote sensing, search and rescue operations, delivery of goods, security and surveillance, and precision agriculture. The e-commerce sector leverages drones for logistics and retail organizations for delivery mechanisms. Building managers and emergency response teams employ drones for inspecting infrastructure and conducting surveillance activities. Hospitals and conservationists use drones for transporting medical supplies and monitoring wildlife, respectively. Drones are also integral to military operations, with autonomous drones deployed for precision-guided bombs and missiles.
Furthermore, the regulations and subsidy programs govern the use of drones in different sectors, including hobbyist drones and infrastructure inspection. Engineers and surveyors utilize drones for surveying and mapping, while the energy industry harnesses drones for inspecting power lines and wind turbines. The insurance industries benefit from drones for assessing damage and evaluating risks. Drones' military capabilities extend to border security and surveillance activity, while the political arena explores their potential for public service missions.
The restrictive laws and regulations governing UAV use is a key challenge affecting the market growth. Drones have gained significant attention in various sectors due to their versatility and capabilities. In precision agriculture, drones are used for farm management through video recording and surveying, enhancing agricultural productivity. However, drones have potential misuse, such as in military operations with precision-guided bombs and missiles, or border security surveillance activity. Autonomous drones can be utilized in public service missions, including emergency response, hospital services, and conservation efforts for wildlife and climate change mitigation.
Furthermore, regulations are crucial to prevent drones from being used for criminal activities or terrorism. Governments impose regulations like type certification, drone pilot licensing, and mandatory training to ensure safe and lawful drone use. Engineers and surveyors benefit from drones in infrastructure and energy industries, while insurance industries use drones for assessing damage. In the political arena, drones are used for surveillance and border security. Hobbyist drones should also adhere to regulations to avoid interference with military capabilities or air traffic.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Autel Robotics Co. Ltd.- The company offers drones such as the EVO NANO Series.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Unmanned aircraft, also known as unmanned aerial vehicles (UAVs) or unmanned aircraft systems (UAS), have gained significant traction in various industries due to their versatility and capabilities. These robotic flying machines utilize GPS for navigation and control, making them ideal for applications such as traffic monitoring, videography, and agriculture. In traffic monitoring, UAVs provide real-time data for congestion analysis and accident detection. In agriculture, UAVs are used for crop health assessment, mineral exploration, and surface composition analysis using sensors like ultrasonic, laser, Lidar, time-of-flight, chemical, stabilization, orientation, thermal, hyperspectral sensors, and more.
Furthermore, the UAV market encompasses applications in weather monitoring, delivery services, search and rescue, surveillance, military and defense, anti-aircraft target practice, aerial surveillance, weaponry, intelligence gathering, artillery spotting, and more. The integration of electronics, artificial intelligence, machine learning, computing, microcontrollers, and processors has further expanded the capabilities of UAVs.
Market Scope |
|
Report Coverage |
Details |
Page number |
180 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 15.23% |
Market growth 2024-2028 |
USD 36.1 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
12.86 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 42% |
Key countries |
China, US, Germany, Japan, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AeroVironment Inc., Autel Robotics Co. Ltd., DELAIR SAS, Drone Delivery Canada Corp., DroneDeploy Inc., EHang Holdings Ltd., Intel Corp., Kespry Inc., Kitty Hawk Corp., Leptron Unmanned Aircraft Systems Inc., Parrot Drones SAS, Pix4D SA, PrecisionHawk Inc., Skydio Inc., Spirit AeroSystems Inc., SZ DJI Technology Co. Ltd., Teledyne Technologies Inc., Terra Motors Corp., The Boeing Co., Trimble Inc., and Yuneec International Co. Ltd. |
Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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