15-Mar-2023 | Zion Market Research
The global drone market size was worth around USD 30.21 Billion in 2022 and is predicted to gain revenue of about USD 260.5 Billion by 2030, is set to record a CAGR of nearly 38.75% over the period from 2023 to 2030.
Drones, also known as unmanned aerial vehicles (UAVs), are small aircraft that are remotely controlled by an operator or autonomously programmed to fly. Drones have been around for decades, but recent advances in technology have made them smaller, more affordable, and easier to operate. They have a wide range of applications, including aerial photography, surveying, search and rescue, agricultural monitoring, and delivery services.
Drones have revolutionized industries such as agriculture, construction, and environmental monitoring by providing real-time, high-resolution imagery of fields, construction sites, and natural resources. Drones have an immaculate ability to reach areas that are difficult or dangerous for humans to access. For instance, drones can be used to inspect power lines and wind turbines, conduct search and rescue operations in remote areas, and monitor wildlife populations.
The global drone market is expected to surge exponentially due to its popularity among both businesses and governments because of the impeccable perks it offers. combination of technological advancements, cost savings, and increased demand for drone services. Technological advancements, such as longer battery life and better cameras, have made drones more versatile and useful in a variety of industries. This has led to cost savings and increased efficiency, which have created greater demand for drones in logistics, agriculture, and construction.
Furthermore, an increase in the use of drones for search and rescue, wildlife management, and environmental monitoring activities further drives the growth of the drone industry during the forecast period. As businesses and governments increasingly recognize the benefits of drone services, new opportunities are emerging. Drones can widely be used to deliver packages and goods quickly and efficiently, providing new opportunities for businesses in logistics and e-commerce. Apart from that, they can also be used for crop mapping, yield analysis, and soil analysis, providing valuable data to farmers.
In addition, drones are also being used for infrastructure inspection, allowing them to inspect hard-to-reach areas such as bridges, power lines, and wind turbines, reducing the need for manual inspection and improving safety. These factors create ample opportunities for the drone market. However, security risks and the prevalence of regulation and restriction on drone use in some areas limit the growth of the market to an extent during the forecast period.
The global drone market is segmented based on product, payload, application, type, and region.
Based on type, the market is bifurcated into fixed-wing drones and rotary-wing drones. The rotary wing segment held the largest market share in 2022 and is further expected to grow rapidly at a significant CAGR during the forecast period. The major reason for the growth of this segment is the rising demand for rotary blade drones for inspection purposes, as they can hover and maneuver quickly while keeping a close eye on a specific target for extended periods. They are viewed as a viable option for various business applications, including surveillance, filmmaking, photography, and monitoring. Furthermore, they are simpler to operate than hybrid and fixed-wing drones. These factors drive the growth of the segment during the forecast period.
Based on application, the market is segmented into construction, agriculture, energy, media and entertainment, law enforcement, and other application. The media and entertainment segment held the dominating market share in 2022 and is further predicted to grow at a promising CAGR during the forecast period. Drones are increasingly used in the film, television, and advertising industries for aerial photography and videography. With advancements in drone technology, such as increased stability, high-resolution cameras, and longer battery life, drones can capture high-quality footage from unique angles, enhancing the visual storytelling of films and TV shows. Thus, a surge in demand for aerial footage and the adoption of drones in various media and entertainment applications, including live event coverage, news reporting, and sports broadcasting further drives the growth of the segment during the forecast period.
Based on region, the North American region held the largest market share in 2022 and is further projected to surge exponentially at a remarkable CAGR during the forecast period. The growth of the drone market in North America can be attributed to various factors, such as early adoption of drone technology across various industries, favorable regulatory policies developed by the Federal Aviation Administration, the presence of leading drone manufacturers, and increasing demand for drones across applications such as agriculture, construction, media and entertainment, and public safety. The region's strong research and development capability and innovative startups further drive the growth of the market during the forecast period.
This review is based on a report by Zion Market Research, titled “Drone Market By Product (Commercial Drone And Military Drone), By Payload (Up to 25 Kg, 25-150 Kg, 150-600 Kg, And Above 600 Kg), By Application (Construction, Agriculture, Energy, Entertainment, Law Enforcement, And Other Applications), And By Type (Fixed Wing Drones And Rotary Wing Drones): Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends And Forecast, 2023 – 2030 .”- Report at https://www.zionmarketresearch.com/report/drone-market-size
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