Drone Services Market to Hit $232.8 Billion by 2029 | Exhibiting 42.78% CAGR
Companies covered in drone services market are Aerodyne Group (Malaysia), AgEagle Aerial Systems Inc. (U.S.), Cyberhawk (U.K.), DroneDeploy (U.S.), Matternet (U.S.), PrecisionHawk (U.S.), Phoenix Drone Services LLC (U.S.), SenseFly (Switzerland), Sky Futures Ltd (U.K.), Terra Drone (Japan) and more players profiled.
Pune, India, Dec. 05, 2022 (GLOBE NEWSWIRE) — The global drone services market size was valued at $9.56 billion in 2021. The market is expected to grow from $13.48 billion in 2022 to $232.8 billion by 2029, exhibiting a CAGR of 42.78% during the forecast period. The rising adoption of commercial drones in various industries and the implementation of drones for the development of delivery models are expected to elevate this industry’s growth. Fortune Business Insights™ provides this information in its report titled “Drone Services Market, 2022-2029.”
Russia-Ukraine War Impact
Robust Demand for Surveillance Drones in the War to Propel Market Progress
This industry is expected to grow substantially due to the rising demand for surveillance drones. The rising demand for surveillance drones for data acquisition, border surveillance, and data gathering is expected to enhance sales. Further, the increasing adoption of Unmanned Arial Vehicles (UAVs), is expected to foster the demand for the product. These factors are likely to enhance this industry’s progress during the pandemic.
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List of Key Players Profiled in the Report
- Aerodyne Group (Malaysia)
- AgEagle Aerial Systems Inc. (U.S.)
- Cyberhawk (U.K.)
- DroneDeploy (U.S.)
- Matternet (U.S.)
- PrecisionHawk (U.S.)
- Phoenix Drone Services LLC (U.S.)
- SenseFly (Switzerland)
- Sky Futures Ltd (U.K.)
- Terra Drone (Japan)
| Report Attribute | Details |
| Market Size in 2022 | USD 13.48 Billion |
| 2029 Value Projection | USD 232.8 Billion |
| Growth Rate | CAGR 42.78% 2022-2029 |
| Base Year | 2021 |
| Historical Data for | 2018 – 2020 |
| Forecast Period | 2022 – 2029 |
| Segments Covered | By Service Type, By Application, and End User |
| Growth Driver | Rising Adoption of the Service in the Agricultural Sector to Foster Market Growth |
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COVID-19 Impact
Robust Demand for Delivery Drones from the Healthcare Industry to Propel Market Progress
This market was positively impacted during the COVID-19 pandemic due to the robust demand for delivery drones from the healthcare industry. The alarming spike in COVID-19 enhanced the demand for delivery drones. Further, the rising demand for the product from online delivery channels elevated this market’s progress. In addition, the increasing demand for drones from Rwanda, Malawi, and Ghana for commodities and medical samples is expected to foster market progress.
Segmentation
Drone MRO Services Segment to Lead Backed by Robust Adoption for Drone-based Inspection
By service type, the market is segmented into drone platform services, drone MRO services, and drone training and simulation services. The drone MRO services segment is expected to lead due to the robust adoption of drone-based inspection.
Aerial Photography Segment to Lead Attributable to Increasing Applications in Large Countries
Based on application, the drone services market is divided into aerial photography, product delivery, surveillance and inspections, data acquisition and analytics, and others. The aerial photography segment is expected to lead due to rising applications in large countries.
Agriculture Segment to Dominate Owing to Increasing Applications in Several Countries
As per end-use, the market is categorized into agriculture, infrastructure, oil & gas, logistics, and others. The agriculture segment is expected to dominate due to rising applications in several countries.
Regionally, the market is clubbed into North America, Asia Pacific, the Middle East, and the Rest of the World.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
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Drivers and Restraints
Rising Adoption of the Service in the Agricultural Sector to Foster Market Growth
Drone services comprise of delivery services built on the adoption of UAVs. The rising adoption of the service from the agricultural sector is expected to foster market progress. Further, the rising demand for drones from several sectors is likely to fuel drone service adoption. Moreover, the increasing adoption of the service for agricultural purposes is expected to elevate the industry’s progress. Also, the increasing focus on developing LiDAR, multispectral sensors, and thermal cameras is expected to foster this industry’s progress. These factors may drive the drone services market growth.
However, rising concerns regarding safety by regulatory bodies are likely to hamper this industry’s progress.
Regional Insights
Presence of Several Key Players to Propel Market Growth in North America
North America is expected to dominate the drone services market share due to the presence of several key players. The market in North America stood at USD 4.57 billion in 2022 and is expected to gain a huge portion of the global market in the upcoming years. Furthermore, the rising adoption of drone services in several sectors is likely to foster market growth.
In Europe, the rising adoption of drones in various sectors is likely to foster the demand for drone services. This factor elevated industry growth in the region.
In Asia Pacific, the presence of several major players and rising government investments are likely to fuel the drone services industry’s growth.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- List of Battery Producers in Marine Sector
- Quantitative Insights-Impact of COVID-19 Pandemic on Global Drone Services Market
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- Impact of COVID-19 Pandemic on Global Drone Services Market
- Steps Taken by Industry/Companies/Government to Overcome the Impact
- Key Development in the industry in Response to COVID-19 Pandemic
- Potential Opportunities due to COVID-19 Outbreak
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TOC Continued…!
Competitive Landscape
Major Players Deploy Partnerships to Elevate their Brand Image
The prominent companies operating in the market deploy partnerships to enhance their brand image. For example, Astralution and Aerodyne group entered a strategic partnership in January 2022. This partnership was undertaken to offer Drone-as-a-Service (DaaS), and Software-as-a-Service (SaaS), solutions in the Scandinavian regions. This partnership may allow both companies to enhance their brand image. Furthermore, the companies deployed research and development, mergers, acquisitions, innovations, and expansions to enhance their market position.
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Key Industry Development
- February 2021: INPEX CORPORATION (INPEX), and Terra Drone Corporation announced a capital tie-up and launched their INPEX-Terra Drone Intelligent Drone Plan.
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