• Stacy Lawlor

Global Drone Market Size to grow by USD 21.6 Bn in 2030

The global drone market was valued at USD 2.7 Bn in 2021. The market is projected to grow USD 21.6 Bn in 2030, at a CAGR of 17.3%.

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The drone market is expected to benefit from the introduction of the 5G delivery model and the incorporation of cloud computing technology into the drone development process. Drones with high-speed internet can interact in high-demand conditions and execute tasks like media sharing, command and control, and autonomous aviation. Service providers may now offer seamless mobile broadband access, ultra-low latency communications, and enormous Machine-to-Machine (M2M) communications deployments thanks to the ability to conduct efficient 5G network sharing. This allows service providers to offer a Drone-as-a-Service (DaaS) model to their customers, allowing them to expand their business and generate new revenue streams.

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Due to multiple uses in the commercial and civil sectors, unmanned aerial vehicles (UAVs) have become a popular technology in recent years. During the projected period, demand for UAVs is expected to be driven by a growing preference for commercial uses. Drones are commonly regarded as a sophisticated tool for taking aerial images and recording high-definition video for a variety of purposes. As a result, demand for drone-related products is skyrocketing, including drone software, which is widely used for data analysis, picture processing, and surveying.


The hybrid multirotor segment is expected to dominate the market share of global drone market owing to benefits of batteries and fuel to increase their power and efficiency. Furthermore, even in bad weather, these drones can fly for longer periods of time and carry heavier payloads. The hardware segment is expected to dominate the market share of global drone market owing to increased need for sophisticated unmanned aerial vehicles (UAVs) for a variety of commercial purposes. The fully autonomous are expected to dominate the market share of global drone market owing to the development of autonomous drones is being accelerated by the increased acceptance of novel technologies such as artificial intelligence, cloud computing, machine learning, and computer vision. These drones have the ability to fly outside the line of sight (BVLOS). The filming & photography segment is expected to dominate the market share of global drone market owing to the drones are rapidly becoming an integral component of professional photography, and photographers are increasingly accepting them as a means of gaining a competitive advantage. Professional photographers can use small drone cameras designed by companies like DJI to capture high-quality images. The media and entertainment is expected to dominate the market share of global drone market owing to the diverse applications of drones in filming, photography, movies, amongst others. Filmmakers have begun to use professional drones to capture accurate frames in the most cost-effective method possible.


North America region is expected to dominate the market share of global drone market owing to the rising demand from a variety of applications and sectors in the United States. Key firms such as 3D Robotics, Inc., GoPro, Inc., and Autel Robotics have a strong presence in the United States, adding to regional revenue growth. However, the Federal Aviation Administration (FAA) has prohibited the use of commercial drones within line of sight, limiting the market's expansion. Furthermore, the United States' Federal Aviation Administration (FAA) has issued new regulations to give more coherent and uniform guidance for the legal and safe flying of UAVs in commercial environments. However, Asia Pacific region is expected to witness highest growth rate during the forecast period of global drone market due to the governments are continually attempting to develop favourable regulations for drone applications. Furthermore, various start-up companies are coming up with new commercial drone uses-cases and aiming to improve drone safety issues.


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KEY INDUSTRY DEVELOPMENTS:


June 2021- Skydio has launched Skydio 3D Scan, scanning software with automatic data acquisition to facilitate the reconstruction of damages, qualitative assessment report, and quicker inspection via aerial photogrammetry.


March 2021- senseFly has collaborated with Tough Stump Technologies regarding UAS Tactical Mapping to facilitate government and defense professionals for data collection and analytics of the tactical mapping and aerial intelligence via UAS.


Read More Details On This Report: https://extrapolate.com/aerospace-and-defence/drone-market/25709


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