WESTFORD, Mass., June 27, 2024 /PRNewswire/ -- According to
SkyQuest, the global Drone Market size was valued at USD 22.4 Billion in 2022 and is poised to grow
from USD 28 Billion in 2023 to
USD 166.70 Billion by 2031, growing
at a CAGR of 25% during the forecast period (2024-2031).
Drones are a type of unmanned aerial aircraft that come in
various shapes and sizes. Drones can be operated remotely by a
human operator or autonomously as well. Advancements in drone
technology and their growing use in different industry verticals
are projected to augment the global drone market development over
the coming years. The global drone market is segmented into type,
application, and region.
Download a detailed overview:
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Drone Market Overview:
Report
Coverage
|
Details
|
Market Revenue in
2023
|
$ 28 billion
|
Estimated Value by
2031
|
$ 166.70 billion
|
Growth
Rate
|
Poised to grow at a
CAGR of 25%
|
Forecast
Period
|
2024–2031
|
Forecast
Units
|
Value (USD
Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and
Trends
|
Segments
Covered
|
Product, Application,
Type and End-user
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, Middle East & Africa, Latin America
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Rising Demand for
Photographic Surveillance to Bolster Market Growth
|
Key Market
Drivers
|
Expanded Construction
Sector will be a Major Opportunity in the Commercial Drone
Market
|
Segments covered in Drone Market are as
follows:
- Product
- Fixed Wing Drone, Rotary Wing Drone, and Hybrid
- Application
- Security, Search and Rescue, Environmental, Mining and
Construction, and Others
- Type
- Aerial, Terrestrial, and Under Water
- End-user
- Agriculture, Construction and Infrastructure Industry, Media
and Entertainment, Logistics and Transportation, Defense and
Military, and Others
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https://www.skyquestt.com/speak-with-analyst/drone-market
Multirotor Drones to Bring in Major Revenue for Drone
Manufacturers
Multirotor drones are projected to be highly popular owing to
their ability to perform multiple tasks that span across different
industry verticals. Multirotor drones can easily navigate confined
areas which makes them highly suitable for operations in urban
settings. Precise maneuverability and hovering capabilities of this
type of drone are also helping this segment maintain a dominant
market share. From urban surveys to pesticide spraying, multirotor
drones can do almost anything. High use of multirotor drones for
aerial photography and deliveries in cities will also bolster the
global drone market growth over the coming years.
Fixed wing drones are being extensively used in applications
where long-range and extensive areas need to be covered. Such drone
types mimic the airplane's design and comprise of fixed wings
unlike those with multiple rotors. Some of the key applications of
fixed wing drones include mapping, surveying, military &
defense operations, and agriculture. Advancement in battery
technology and propulsion systems are likely to offer lucrative
growth opportunities for this market in the long run.
The ability to vertically take and off land is what sets rotary
wing drones apart from other types. These drones are perfect for
applications where more hovering and traveling at low speeds is
required. However, these drones have shorter travel times and
high-power consumption, which could hurt their demand and
popularity going forward.
View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/drone-market
Application Scope for Drones is Limitless
The agriculture industry is estimated to witness robust adoption
of drones over the coming years. Drones play a crucial role in
surveying agricultural land for the adoption of precision
agricultural practices to maximize agricultural yield. Drones also
help in pesticide delivery, and crop health monitoring. Emphasis on
optimal resource utilization in agriculture is also estimated to
promote the use of advanced technologies such as artificial
intelligence, drones, machine learning, etc. Drones also facilitate
better decision-making among farmers, which is also estimated to
bolster market growth in the future.
Law enforcement agencies are also quickly gravitating towards
drone utilization for multiple applications such as monitoring and
crime scene investigation. High demand for photographic
surveillance and increasing budget allocation for different law
enforcement agencies for drone purchase is also estimated to help
law enforcement applications to uplift sales of drones.
Surveying and mapping for construction sites are also being done
through drones, which is why the demand for drones in the
construction industry is increasing at a rapid pace. The use of
drone cameras in the entertainment industry is also projected to
bolster the use of drones in multiple entertainment applications in
the future.
The global drone market is estimated to generate major revenue
from sales of multirotor and fixed wing drones in the long run. The
application scope of drones is also expanding rapidly across
different industry verticals and drone manufacturers can target any
application to create new revenue generation opportunities.
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Industrial Robotics Market
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Unmanned Ground Vehicle Market
Autonomous Underwater Vehicles (AUV) Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and
Accelerator of Technology and assets. We provide access to
technologies, markets and finance across sectors viz. Life
Sciences, CleanTech, AgriTech, NanoTech and Information &
Communication Technology.
We work closely with innovators, inventors, innovation seekers,
entrepreneurs, companies and investors alike in leveraging external
sources of R&D. Moreover, we help them in optimizing the
economic potential of their intellectual assets. Our experiences
with innovation management and commercialization has expanded our
reach across North America,
Europe, ASEAN and Asia
Pacific.
Contact:
Mr. Jagraj Singh
Skyquest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
Visit Our Website: https://www.skyquestt.com/
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