Global Construction Drone Market Size is Estimated to Reach USD 15,756 million by 2030, Growing at a CAGR of 15.57%: Straits Research
The global construction drone industry is expected to grow at a CAGR of 18% in Asia-Pacific, 12.35% in North America, and 15.57% globally by 2030. The Asia-Pacific construction drone market is poised to lead, supported by government infrastructure initiatives like India's Smart Cities Mission and Japan's investments in Southeast Asia. China's infrastructure spending rose by 4.2% in 2019, with real estate investment up by 9.9%.
New York, United States, March 07, 2024 (GLOBE NEWSWIRE) -- The construction industry is experiencing rapid expansion, and the significance of technology is growing at all levels. A construction drone is a tool classified as an unmanned aerial vehicle (UAV). Due to its numerous benefits, including real-time data collection, accurate image capture, and accessibility to hazardous areas, construction drones are increasingly being utilized for surveying, mapping, and infrastructure inspection. In addition, they can be operated remotely or on-site through remote control and batteries.
Construction sites employ drones to secure and monitor materials, people, and equipment to guarantee workplace safety and security. A construction drone can either be operated manually or autonomously. Drones in construction are expected to rise rapidly over the next decade. The market for construction drones will grow dramatically due to an increase in residential and nonresidential construction operations worldwide due to exponential population growth and rapid urbanization.
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*Growing Population, Urbanization, and the Rising Residential & Commercial Construction Activities Propel the Market*
According to Straits Research, *“The global construction drone market had a revenue holding of USD 4,951 million in 2021. It is expected to reach USD 15,756 million by 2030, growing at a CAGR of 15.57% during the forecast period (2022–2030).”* The rapid urbanization that has come from population increase in developing and developed countries, such as India, China, Mexico, Brazil, France, the United Kingdom, and the United States, is expected to spur expansion in the building and infrastructure sectors. In May 2018, the UN published a report titled "The 2018 Revision of World Urbanization Prospects." According to this prediction, 68% of the world's population will live in urban areas by 2050. Global residential construction activity is predicted to expand, necessitating surveying, monitoring, and surveillance at construction sites. This will probably promote market expansion for construction drones throughout the forecast year.
Additionally, investments in residential and commercial construction activities have a good relationship with the market for construction drones. The building of homes and commercial complexes is increasing due to rising disposable income and demand for comfortable lodging. For instance, the UK's Office for National Statistics (ONS) released a study on disposable household income in 2020. In comparison to 2017, the gross disposable household income in the UK increased by 4.6% in 2018. This is expected to accelerate the growth of the construction drone market in the coming years.
*Technological Advancements Create Lucrative Opportunities for Construction Drones*
The most significant competitors in the construction drone market are always looking to develop new technologies and features to improve their product offerings. Infrared imaging, artificial intelligence, geographic information systems, Internet of Things (IoT), and GPS are just a few of drones' cutting-edge technologies. For instance, in October 2019, the California-based Trimble Inc. created a GNSS board specially designed for Trimble UAS1, enabling satellite-based location. Such technological advancements are anticipated to provide lucrative opportunities for expanding the global construction drone market during the forecasted period.
*Regional Insights*
Asia-Pacific will command the market, expanding at a CAGR of 18% during the forecast period. During the forecast period, an increase in government spending on infrastructure and development projects is expected to contribute to the growth of the Asia-Pacific construction drone market. The National Smart Towns Mission (NSCM), which the Indian government announced in 2015, seeks to build 100 smart cities by 2023. Moreover, according to the New York-based publication Bloomberg, Japan invested USD 367 billion in Southeast Asian infrastructure projects in 2019, including those in Indonesia, Singapore, Thailand, and the Philippines.
The expansion of the market for construction drones in Asian nations is anticipated to be driven by a rise in residential and nonresidential building activity. According to a report published in October 2019 by the National Bureau of Statistics (NBS), China's infrastructure spending increased by 4.2% from January to August 2019 compared to the same period in 2018. In addition, according to the National Bureau of Statistics, China's real estate investment increased by 9.9% in 2019 compared to 2018. These conditions are anticipated to stimulate the construction drone market during the forecast period.
The increased demand for construction drones in North America can be attributed to the increase in infrastructure projects and residential and nonresidential construction activities. In September 2020, for instance, the US Census Bureau will publish a report on construction expenditures. This study indicates that between January and July of 2020, construction spending increased by approximately 4.0% compared to the same period in 2019. This is anticipated to have a substantial positive impact on the market for construction drones during the forecast period.
*Key Highlights*
· By type, the global construction drone market includes Fixed Wing Drone and Rotary Wing Drone. The Rotary Wing Drone section is projected to advance at a CAGR of 16% and hold the largest market share over the forecast period.
· By application, the global construction drone market includes Surveying Lands, Infrastructure Inspection, Security & Surveillance, and Others. The Land Surveying section is projected to advance at a CAGR of 15.68% and hold the largest market share over the forecast period.
· By end-user, the global construction drone market includes Residential, Commercial, and Industrial. The Residential section is projected to advance at a CAGR of 17.11% and hold the largest market share over the forecast period.
*Competitive Players in the Market*
· 3D Robotics, Inc.
· AeroVironment, Inc.
· DJI
· FLIR Systems, Inc.
· Insitu, Inc.
· Leptron Unmanned Aircraft Systems, Inc.
· Parrot Drones
· PrecisionHawk
· Trimble Inc.
· Yuneec International Co. Ltd.
· Hexagon
*Market News*
· In 2022, Hexagon announced the release of the brand-new, next-generation Leica BLK360, which significantly increases reality capture by meeting two of the most sought-after requirements: speed and efficiency.
· In 2022, DJI unveiled three new tools, the DJI RS 3, DJI RS3 Pro, and DJI Transmission, that will enable filmmakers and the content creation community to quickly, seamlessly and intuitively bring visions to life.
*Global Construction Drone Market: Segmentation*
*By Type*
· Rotary-wing drones
· Fixed-wing drones
*By Application*
· Land Surveying
· Infrastructure Inspection
· Security & Surveillance
· Others
*By End-user*
· Residential
· Commercial
· Industrial
*By Regions*
· North America
· Europe
· Asia-Pacific
· LAMEA
*Get Detailed Market Segmentation @ **https://straitsresearch.com/report/construction-drone-market/segmentation*
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