April 20, 2024
Ict

Drone Services Market Estimated to Witness High Growth Owing to Rising Construction Industry Automation

The drone services market comprises services including aerial photography, asset inspections, mapping & surveying, data acquisition & analytics, and more. Drones are extensively used across various industries like oil & gas, agriculture, construction, etc. for monitoring, surveying, security & surveillance, and delivery services. They enhance operational efficiency by minimizing costs and risks.

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 services market are Unmanned Experts Inc., Aerodyne Group, Terra Drone Corporation, Cyberhawk, Sharper Shape, Dronedeploy, Sensefly, Edall Systems, Precisionhawk, and Phoenix Drone Services LLC.
Key opportunities in the market include improved analytics, data processing capabilities, extended battery life & range, and autonomous operations. Emerging applications in industries such as mining, transportation, forestry & environmental conservation will further drive market growth.
The adoption of drone services is increasing globally with North America, Europe, Asia Pacific, and Middle East & Africa emerging as lucrative markets. Stringent regulations and privacy issues still limit their applications in some regions. However, development of user-friendly interfaces and sense & avoid capabilities will support large-scale commercial deployments.

Market drivers
The rising construction industry automation is a key driver for the drone services market. Drones help constructors monitor projects, inspect assets, map sites and surrounding areas to develop 3D models. This improves planning and decision making. Drones further help inspect hazardous infrastructure like towers, bridges safely & securely. Their thermal inspection, data analytics capabilities provide actionable insights to enhance maintenance and reduce risks. Construction drones enable surveying large areas quickly at lower costs compared to traditional methods.

PEST Analysis
Political: The drone service market is regulated by various laws and regulations set by aviation authorities in different countries and regions. These regulations govern licensing requirements for commercial drone operations, limits on drone size and payloads, safety guidelines, privacy rules, etc.

Economic: Economic growth and increasing investments in industries like infrastructure, construction, agriculture, engineering, oil & gas, etc. are driving the demand for drone services from these sectors for aerial imaging, mapping and inspection activities.

Social: Drones raise privacy and security concerns, due to their ability to capture photos and videos from the sky. Addressing such social issues through regulations on flights, payloads, and data usage is important for market growth.

Technological: Advancements in drone hardware like compact designs, longer flight times, higher payloads and software features like autopilot, data analytics are improving the commercial applications of drones. 4G/5G connectivity helps enable Beyond Visual Line of Sight (BVLOS) operations.

North America accounts for the largest share of the global drone service market value owing to advanced technological infrastructure and widespread industrial and government adoption of drones across sectors. The US is the largest country market.

The Asia Pacific region is expected to grow at the fastest rate during the forecast period. This is attributed to expanding construction, engineering, and infrastructure development activities coupled with governments promoting drone usage for various applications across countries like China, India, Japan, South Korea, Australia etc.

*Note:

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