Westford USA, July 16, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that global Drone Market will attain a value of USD 166.70 Billion by 2031, with a CAGR of 25% over the forecast period (2024-2031). The expanding enterprise application of drones across multiple industry verticals is credited with driving the market expansion. Numerous drone producers are always experimenting, creating, and improving solutions for various markets. Furthermore, the commercial drone industry is seeing new growth prospects due to the incorporation of contemporary technologies into commercial drones to provide improved solutions. Over the past few years, there has been a considerable expansion in the corporate use cases for commercial drones.
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Browse in-depth TOC on the " Drone Market "
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- Figures – 77
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, End User and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Development of alternative modes of transport |
| Key Market Opportunities | Development of alternative modes of transport |
| Key Market Drivers | Rising demand for photographic surveillance |
Rotary Wing Drones to Dominate Due to Precise Hovering and Vertical Takeoff
Due to their exceptional maneuverability, which enables accurate hovering and vertical takeoff, rotary wing drones are dominant. Delivery services, surveillance, and aerial photography would be a few applications where their versatility is very crucial. This would be the reason as to why these machines are leading in sales and general use.
Security Application to be the Largest Growing Sub-Segment Due to Real-Time aerial Surveillance
Drones' supremacy in security applications is a result of their capacity to deliver quick response times and real-time aerial observation. Drones have become indispensable in ensuring security and their rise in market has been enhanced by these capabilities for better protection of borders, monitoring crowds and managing disasters.
Massive Funding in Defense and Commercial Sectors Leads North America to Dominate the Drone Market
North America is leading the world in the drone market due to high drone technology utilization rates within the region, as well as the presence of key drone manufacturers within the region. The United States has the largest drone market within the region due to increasing demand for drone applications across its military, defense, and commerce sectors.
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Drone Market Insight
Drivers:
- Rising Demand for Photographic Surveillance
- Expanded Construction Sector will be a Major Opportunity in the Commercial Drone Market
- Advancement in Sensors and Longer Flight Times
Restraints:
- Strict Regulations Limiting their Usage in the Drone Market
- Safety Concerns Impose a Major Threat in the Market Growth
- Drone Safety and Security Issues
Prominent Players in Drone Market
The following are the Top Drone Companies
- Cyberhawk (UK)
- Sky-Futures Ltd. (UK)
- Sharper Shape Inc. (US)
- DroneDeploy Inc. (US)
- Terra Drone Corporation (Japan)
- PrecisionHawk (US)
- Aerodyne Group (Malaysia)
- DJI (China)
- Parrot SA (France)
- 3D Robotics, Inc. (US)
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Key Questions Answered in Global Drone Market Report
- What will the drone market be worth globally in 2031, and what is the anticipated compound annual growth rate (CAGR) between 2024 and 2031?
- Why is the drone industry expecting rotary wing drones to dominate market share?
- Which region is expected to dominate the global drone market, and what factors support this expectation?
This report provides the following insights:
- Analysis of key drivers (Increasing acceptance of drone deployment, surveying & documenting animals, used for data collecting purposes and delivery mechanism is projected to reduce delivery time), restraints (Regulations related to drones vary widely across countries, restrictions on the use of drones in certain regions and instances of drones colliding with airplanes), opportunities (proficiently managed for mass mobility, alternative modes of transportation to solve issues linked with traffic congestion and decrease pollution levels), and challenges (Continued expenditures in R&D and testing procedures not guaranteeing drones safety) influencing the growth of drone market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the drone market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the drone market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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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 have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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