Drones Market to Touch USD 66.012 Billion by 2030, Attaining a CAGR Of 14.30 % Between 2023 and 2030 – Report by Market Research Future (MRFR)
Drones Market by Type (Fixed-Wing and Multi-Rotor), By Capability (Passenger Drones and Cargo; Drones), By Capacity (Up to 100 kg and Over100 kg),By Application (Agriculture (Field Mapping, Field Mapping, Crop Spraying, Agricultural Photography, Precise Agriculture; Management, Agriculture Insurance; Inspection), Industry (Construction, Oil Gas, Mining, Logistics, Aviation, Telecom)), Component(Airframe, Payload, Guidance Navigation Control, Propulsion System) Forecast 2030
New York, USA, June 24, 2023 (GLOBE NEWSWIRE) -- *Drones Market Overview *
*Market Research Future (MRFR) 's report highlights **Drones Market** Information By Drone Type, Industry Type, Application, Technology and Region - Forecast till 2030,* the market will achieve USD 66.012 billion by 2030 at a 14.30% CAGR.
The global drone market will touch USD 66.012 billion at a 14.30% CAGR by 2030, as per the current Market Research Future report.
Drone industry has experienced significant growth and innovation During The Years. Drones, also known as unmanned aerial vehicles (UAVs), have found applications in various sectors, ranging from consumer and recreational use to commercial and industrial applications.
Consumer drones have gained popularity Globally for aerial photography, videography, and recreational purposes. These drones are generally lightweight, affordable, and equipped with features like high-definition cameras, stabilization systems, and autonomous flight modes.
*COVID-19 Analysis *
The need for the contactless delivery service has increased as a result of lockdowns and social isolation policies. In certain locations, drones have been used to carry food, medication, and other necessities, lowering the danger of transmission. Due of this, interest in the drone delivery system has grown, as has the likelihood of this industry expanding. Throughout the epidemic, drones have been used for a variety of monitoring and surveillance tasks.
They have even been used to remotely assess body temperatures while enforcing lockout procedures and monitoring social distance compliance. Drones have been adopted for these applications because to the requirement for monitoring & enforcing safety regulations. The drone industry's technical innovation has increased due to the epidemic. To address the increasing needs of the pandemic and beyond, researchers and businesses have been attempting to create new drone capabilities, such as the improved autonomous navigation, cutting-edge sensors, and increased cargo capacity. These are a few of the most significant ways that the pandemic has impacted the drone industry.
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*Report Scope:*
*Report Attribute* *Details*
Market Size in 2030 2030: USD 66.012 Billion
CAGR 14.30% CAGR (2023-2030)
Base Year 2022
Forecast Period 2023-2030
Historical Data 2021
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Drone Type, Industry Type, Application, Technology and Region
Geographies Covered North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Market Drivers Increasing demand for aerial photographic surveillance
*Key Players *
Eminent industry players profiled in the global drones market report include –
· Microdrones (Germany)
· DJI (China)
· Aibotix GmbH Limited (UK)
· Drone America (US)
· Draganfly Innovations Inc. (US)
· ING Robotic Aviation (Canada)
· Aeryon Labs Plc. (UK)
· AeroVironment Inc. (US)
· Ascending Technologies Inc. (Canada)
· Univision (Canada)
*Drivers *
*Increasing Use in Construction Industry to Boost Market Growth *
The operating procedures in the construction sector have undergone a revolution due to the widespread use of drones or unmanned aerial vehicles. Traditional land-based surveillance techniques are being increasingly replaced by drones because they need far less time and labor to collect the required data while minimizing the possibility of human mistake. An increasing number of construction sites are using UAVs to undertake visual inspections in high-risk regions. The capacity of drones to gather real-time data enhances the effectiveness of on-site administration and communication. Engineers and surveyors may use drones to check tall buildings and use aerial photography to track the development of a project.
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*Opportunities *
*Technological Advances to offer Robust Opportunities *
The industry has developed as a result of developments in drone technology, including longer-lasting batteries, better flight control systems, obstacle recognition and avoidance, and higher cargo capacity. Drones' capabilities and dependability have increased thanks to these developments, broadening the range of drone applications. Drones are becoming substantially more autonomous thanks to technological improvements, allowing these autonomous drones to function with little to no human interference. Again drone surveillance has also undergone a technological revolution, with improved high-resolution imagery, night vision, and thermal imaging capabilities.
*Restraints and Challenges *
*Limited Endurance to act as Market Restraint *
The limited endurance, presence of several non-uniform laws & regulations which restrict the usage of these systems in airspace of specific countries, SWAP challenges, and various drone regulations related to privacy & data protection may act as market restraints over the forecast period.
*Market Segmentation *
The global drones market is bifurcated based on type, capability, capacity, application, industry, component, and technology.
By type, fixed-wing will lead the market over the forecast period.
By capability, the market is bifurcated into cargo drones and passenger drones.
By capacity the market is bifurcated into over 100kg and up to 100 kg.
By application, inspection will domineer the market over the forecast period.
By industry, oil and gas will spearhead the market over the forecast period.
By component, the market is bifurcated into propulsion system, guidance navigation control, payload, and airframe.
By technology, software will head the market over the forecast period.
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*Regional Analysis *
*APAC to Head Drones Market *
In 2022, the Asia Pacific market was valued at USD 11.8 billion and is anticipated to develop at a substantial CAGR. This is a result of the growth. Recent changes to drone legislation in the area are expected to stimulate industry growth. Over the last six years, China has risen to become the top drone producer in the world. At the start of 2019, China, which dominates more than 70 percent of the civilian drone industry, had over 1,200 drone manufacturers. The recent modifications in drone rules across several nations in the area are anticipated to assist the expansion of the Asia-Pacific market. Over the past six years, China has emerged as the world's primary drone manufacturing country. China supports more than 70% of the world's civilian drone market. To encourage the use of drones in different industrial sectors, the Chinese government offers a number of subsidy programs and other beneficial domestic policies for drone purchases. The demand for such UAVs in China is being driven by the expanding drone application fields. In the past, hobbyist drones domineered the Chinese drone business. The development of commercial drones in the nation is being fueled by the rising need for drones for inspection, surveying, monitoring, and surveillance applications in the agricultural, construction, infrastructure, energy, telecommunications, mining, and insurance sectors.
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