May 27, 2024
Ict

Drone Service Market is Estimated to Witness High Growth Owing to Rapid Adoption of Drones in Various Industries

Drone services refer to services provided with the help of commercial drones such as aerial photography, data acquisition and analytics, inspection, monitoring and others. Drones are being extensively used across industries such as agriculture, infrastructure, media and entertainment, real estate among others. They help in conducting aerial surveys, crop monitoring, infrastructure inspection such as bridges and buildings, filming and photography and delivery services. The use of drones has helped companies gain aerial data in a fast, reliable and cost-effective manner compared to conventional methods.

The Global Drone Service Market is estimated to be valued at US$ 12.57 Bn in 2024 and is expected to exhibit a CAGR of 39.% over the forecast period 2023 to 2030.

Key Takeaways
Key players operating in the drone service market are Unmanned Experts Inc., Aerodyne Group, Terra Drone Corporation, Cyberhawk, Sharper Shape, Dronedeploy, Sensefly, Edall Systems, Precisionhawk, and Phoenix Drone Services LLC.

The global drone service market is expected to witness huge growth opportunities owing to increasing demand for drone data across various industries and rapid legalization of drones in many countries. Many countries are working towards developing regulations to safely integrate drones in low-altitude airspace which will enhance commercial applications of drones.

Geographically, North America dominated the drone service market in 2022 followed by Europe. However, Asia Pacific is expected to witness highest growth during the forecast period owing to rapid adoption of drone technology for agriculture, infrastructure monitoring and disaster management in major economies like China and India. Counties like Australia and Japan are also promoting commercial drone services.

Market Drivers
Rapid adoption of drones in industries like agriculture, infrastructure, public safety and energy & utilities is a key driver boosting the growth of drone service market. Drones help in capturing aerial imageries, collecting data analytics, inspecting assets like buildings, wind turbines and transmission lines, wildlife monitoring etc. They provide a cost-effective and timesaving solution compared to manned helicopters or airplanes. Rising awareness about benefits of drones among industries and governments worldwide is fueling the demand for diverse drone services.

PEST Analysis
Political: The growth of the drone services market heavily relies on government regulations regarding drone operations and usage. Favorable regulations by governments across major markets are positively impacting the growth of commercial drone services.

Economic: Rising adoption of drones for various commercial applications such as agriculture, infrastructure monitoring, emergency response, etc. is fueling the demand for drone services.

Social: Increasing awareness and acceptance of drone technology among general population and industries is a key social factor supporting the drone services market growth.

Technological: Advancements in computational capabilities, navigation systems, battery technology and miniaturization of sensors are enabling the development and deployment of sophisticated commercial drones. Emerging technologies like IoT and AI are also widening the scope of drone applications.

Around 45% of the total market value is concentrated in the North American region led by the US and Canada. The region is an early adopter of commercial drone applications and services. Availability of supportive regulations along with high spending ability of industries are driving the North American drone services industry.

The Asia Pacific region is projected to emerge as the fastest growing regional market during the forecast period. Countries like China, India, Japan and South Korea are witnessed rapid development of drone services market. Favorable government initiatives to support commercial drone operations along with growing industrial and infrastructure development activities are fueling the APAC drone services demand.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it