Drone Market Size, Share, Trends, Growth 2030

Drone Market Size & Overview

The global drone market size was worth approximately 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.

The study provides an assessment and analysis of the drone market on a global & regional level. It offers a comprehensive assessment of the market competition, constraints, revenue estimates, opportunities, evolving trends, and industry-validated data.

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Just like the internet, drones are rapidly emerging as tools that have lucrative applications in business apart from military & agricultural applications. These devices have set a strong foothold in the consumer industry along with being put to work in civil, commercial, firefighting, and government applications. Furthermore, drones are also utilized in construction, offshore oil & gas refining, fire control activities, mining, utilities, cinematography, coast guards, and by law enforcement agencies. In recent times, drones have been used for aiding COVID-19 patients residing in distant places. Furthermore, the use of drones in healthcare is extensive with the COVID-19 outbreak offering a huge opportunity for robotic drones to provide healthcare aid to COVID patients. Drones have helped in contactless vaccines, injections, and medicine delivery to persons affected by COVID and thus helped in breaking the chain of pandemic infection.

Key Insights

• As per the analysis shared by our research analyst, the global drone market is expected to grow annually at a promising CAGR of around 38.75% during the forecast period 2023-2030.
• In terms of revenue, 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.
• The drone industry is likely to boost owing to the large-scale use of drones in transport activities for lessening traffic jams, road collisions, and infrastructural management activities
• Based on application, the media and entertainment segment held the dominating market share in 2022.
• Based on type, the rotary wing drones segment held the largest market share in 2022.
• Based on region, the North American region held the dominating market share in 2022.

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Drone Market: Growth Drivers

Drone use in transport activities to boost the market growth

The large-scale use of drones in transport activities for lessening traffic jams, road collisions, and infrastructural management activities will prop up the scope of growth of the drone market. Furthermore, drones can garner real-time information at reduced costs along with delivering payloads. Moreover, these unmanned aerial vehicles are utilized for surveillance of disaster locations & areas prone to biological & biochemical threats. Apparently, these products are utilized for finding survivors post-natural calamities along with delivering medical, water, and food supplies to them as well as offering patient care during medical emergency conditions. All these aforementioned factors will drive business growth.

Restraints

Lack of trained professionals to hamper market expansion

Operating drones needs expert & trained persons and proper infrastructure facility is necessary for accurate drone operations. However, these are unavailable in emerging economies and can prove detrimental to the growth of the drone market. Apart from this, drones are unable to carry heavy payloads as well as deliver products at longer distances and this can decimate the rate of market expansion.

Opportunities

Advanced use of drones for surveillance and transport to provide growth opportunities

Drones are widely and routinely used for environmental surveillance & scanning, recreational activities, and public place safety. Reportedly, drones are utilized for transporting blood from blood banks to the location of the surgery and are also used in providing anti-venom medicines for snake bites as well as medicines against dog bites. Drones are utilized for monitoring real-time activities during lockdowns and curfews. They are used as a tool of surveillance for quarantined individuals. These factors are expected to create ample opportunities for the growth of the market during the forecast period.

Challenges

Drone mishandling creates challenges for market expansion

Drones when fall in hands of terrorists can be utilized as weapons for terror attacks on people. Apart from this, medical drones for humanitarian aid can be mistaken for military drones and can be shot down by defense personnel. These are the major challenges faced by the drone market across the globe.

Drone Market: Segmentation

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.

Recent Developments

• In 2021, PowerVision, an innovative China-based drone manufacturer announced the launch of its product called PowerVision PowerEgg X. It is a versatile drone that can be used for aerial photography, cinematography, and surveillance. The drone features a 4K camera, advanced AI capabilities, and can fly for up to 30 minutes on a single battery charge.
• In 2021, Parrot, a French drone manufacturer that produces consumer and professional drones, announced the launch of Parrot ANAFI USA. It is a drone that is specifically designed for public safety and government applications. The drone features advanced imaging capabilities, including thermal imaging and zoom capabilities, and can fly for up to 32 minutes on a single battery charge.

Drone Market Report Scope:

Drone Market: Regional Landscape

Asia Pacific Drone Market To Register Marked Growth Over Forecasting Period

The growth of the drone industry in the Asia Pacific over the assessment period can be credited to the enacting of laws by regional governments supporting the use of drones in farming activities and delivery of medical supplies as well as monitoring of situations such as natural disasters including earthquakes, Tsunami, landscape, drought, and flood. Apart from this, countries such as China have offered subsidies for firms producing drones for various industries. Moreover, the large-scale use of products in the inspection of construction activities, mining ventures, and the power & energy sector will drive regional market progression.

Drone Market: Competitive Landscape

The major players active in the global drone market include:

• Parrot Drones SAS
• PowerVision
• DroneDeploy
• Hoverfly Technologies
• Flyability
• Aerovironment
• Zipline
• Yuneec
• senseFly
• Kespry
• Airobotics
• CyPhy Works
• PrecisionHawk
• DELAIR
• Yuneec International
• Wingcopter
• EHang
• Volocopter
• SZ DJI Technology Co. Ltd.
• Intel Corporation.

The global drone market is segmented as follows:

By Product

• Commercial Drone
• Military Drone

By Payload

• Up to 25 Kg
• 25-150 Kg
• 150-600 Kg
• Above 600 Kg

By Application

• Construction
• Agriculture
• Energy
• Entertainment
• Law Enforcement

By Type

• Fixed Wing Drone
• Rotary Wing Drones

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa