The Global Drone Powered Business Solutions Market size was USD 8.04 Billion in 2021 and it is expected to grow to USD 220.9 Billion in 2030 with a CAGR of 52.58% in the 2022-2030 period.
Global Drone Powered Business Solutions Market Overview
Drones are the Unmanned Aerial Vehicles, in simple words it is an aircraft without a human pilot, cabin crew and passengers alighted in it. It is usually controlled at ground level by a person and mostly runs on a software instruction. Several Industries are investing in the drone technology and having extensive R&D over expanding the applications of drone technology in various sectors. Surveying, Air-taxis, logistics, surveillance, monitoring and mapping are some areas where the drone technology has made tremendous progress. Several firms are investing in startups through well-funded strategic techniques.
Key Insights
- As per the analysis done by our research analyst, the Global Drone Powered Business Solutions Market is estimated to grow with a CAGR 52.58% over the forecast period (2022-2030).
- In terms of revenue, the Drone Powered Business Solutions Market size was valued at USD 8.04 billion in 2021 and is estimated to grow to around USD 220.9 billion in 2030.
- Due to various driving factors, the Drone Powered Business Solutions Market is predicated to grow at significant rate.
- Based on the Type Segmentation, rising use of airline services for drone-based inspection system likely to trigger the growth of the Drone MRO service.
- Based on the Application Segmentation, Aerial Photography & Videography segment has dominated the market growth.
- Based on the End Use Industry Analysis, The Agriculture sector is likely to experience tremendous growth in the near future owing to increase in population and burden on agriculture to adopt precision agriculture techniques.
- By Regional Analysis, North America contributes major share in the market.
COVID-19 Impact:
On set of COVID-19 has made a positive impact on the Global Commercial Drone Market. As the infection was spreading at speedy rate and no effective drug was available for the treatment. The government-imposed lockdowns and social distancing norms. The reliance on robotics and drones thus increased considerably. The drones were mainly used for surveillance purpose during the period. Though the production of the drones may have been hampered temporarily but COVID-19 illustrated various areas where the drone technology could be used. Major companies around the world are involved in designing and developing lightweight drones for various commercial applications such as emergency medical transportation, filming and videography, precision agriculture, surveillance, mapping, inspection and monitoring purpose.
Another area that is experiencing the potential growth is transportation & logistics. As the COVID-19 disrupted the transportation segment and as the drone can deliver goods at a specified location without human intervention, the possibility of expansion of the use of Drones has considerably increased in the transportation and logistics industry. According to UNICEF report, eighteen countries developed drone delivery and transportation during the pandemic.
Drone Powered Business Solutions Market: Key Drivers & Restraints:
Driving factors:
- Increasing use of Drone Technology in Agriculture Industry: It has extensive use in agricultural market. Its varied applications include: soil assessment, crop management, irrigation & drainage, fertility, crop protection, pesticides & Insecticides spraying, and harvest planning. The global agriculture drone market may experience significant growth in forecast period because of extensive use of small drones in agriculture, huge private investment in the agri. drone sector and existence of venture capitalists that are ready to invest in agri. drone sector, the need of precision farming.
- Rising Demand for Aerial Photography & 3D scanning: Availability of mini drones in wedding photography & videography, for making blogs and nature photography. Intensive use of Drone equipped with high resolution cameras in real estate industry – for large township projects, multi-story building projects and innovative city projects also increasing the demand for the drones globally.
Restraints:
- High Cost associated with the UAV’s: These products are loaded expensive navigation system, High-Definition Cameras and other expensive components. These altogether adds to the increased cost of final product. High Initial Costs are therefore likely to hamper the growth of the market.
- Strict Government regulations for flying UAV’s: There are stricter government regulations for flying UAVs at a certain height in certain countries. This is a hindering factor for the growth of the market.
- Lack of Uniform Air-traffic management & absence of skilled pilots: Majority of the drones though loaded with sophisticated equipment and software, need a skilled person to handle the drone operation. Number of such skilled pilots is limited. Also, uniform air traffic system should be established in order to fly these drones in a safer commercial aerospace.
Drone Powered Business Solutions Market Opportunities
With the introduction of Artificial Intelligence (AI) and Machine Learning (ML), these drones can effectively understand environmental factors, accurately map areas, track and screen explicit activities, and give careful logical information. The commercial drone’s industry is supposed to profit from introduction of 5G conveyance model and the joining of distributed computing solutions into the improvement cycle.
Drone Powered Business Solutions Market Scope:
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Attribute
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Details
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Market Size in 2021
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USD 8.04 billion
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Estimated Market Size in 2029
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USD 220.9 billion
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CAGR Growth Rate
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52.58%
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Base Year
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2021
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Forecast Years
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2022-2030
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Major Regions Covered
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- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East & Africa
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Companies Covered
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- Drone Deploy (US)
- DJI (China)
- Airware
- GoPro (US)
- Precision Hawk (US)
- AeroVironment Inc. (US)
- Trimble Navigation Ltd. (US)
- 3D Robotics (US)
- Ag Eagle (US)
- Parrot Drone (France)
- Sintera LLC (US)
- Delair Tech SAS (France)
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Report Coverage
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Revenue Forecast, Company Share, Competitive Landscape, Growth Factors, Restraints, Opportunities, Value Chain Analysis, Porter’s Five Forces Analysis, Patent Analysis, Market Attractiveness Analysis by Segments
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Drone Powered Business Solutions Market Segmentation
- Based on Solution Types: The services segment is currently leading the Drone-Powered Business Solutions market, owing to the increasing demand for turnkey drone solutions from industries such as surveying, mapping, asset inspection, logistics, and construction. These services enable businesses to reduce operational costs by providing cost-efficient analytics, data, and insights into their operations. On the other hand, the software segment is projected to witness a significant growth rate in the forecast period.
- Based on Application: Aerial Photography is the largest segment of the drone market, due to its wide range of applications and growing demand for high-resolution images and videos. Aerial photography is used in a variety of industries, including construction, infrastructure, real estate, and events. Product delivery is also a rapidly growing segment of the drone market. Companies such as Amazon and Google are investing heavily in drone delivery technology in order to provide faster and more efficient delivery services.
- By End Use Industry Analysis: The market is segmented into Agriculture, Infrastructure, Oil & Gas, Logistics & others. Out of this Agriculture segment is likely to dominate the market share in the forecast period. Drones are used to monitor and map crops, create 3D models of fields, and spray fertilizers and pesticides, among other things. This has enabled farmers to become more efficient in their operations and significantly reduce costs. Moreover, the use of drones in agriculture has become increasingly popular due to the ability to collect data more accurately and quickly than traditional methods. Drones can provide farmers with real-time information on crop health and soil moisture, as well as detect weak spots in the field.
Regional Insights:
Based on regional Insights, the market is segmented into – North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
- North America: North America dominated the market with the increased adoption of small drones and presence of key manufacturing players in the U.S.
- Europe: Increasing use of drones in various applications in countries such as Germany, France and U.K. predicted to add to market growth during the forecast period.
- Asia Pacific: The commercial drone market in Asia Pacific is to experience exponential growth in the near future because of the presence of drone manufacturing companies and its utilization in various sectors.
- Rest of the world: Rest of the world may experience sluggish growth.
Competitive Analysis:
The Major Players include: - Drone Deploy (US), DJI (China), GoPro (US), Precision Hawk (US), AeroVironment Inc. (US), Trimble Navigation Ltd. (US), 3D Robotics (US), Ag Eagle (US), Parrot Drone (France), Sintera LLC (US) and Delair Tech SAS (France).
Recent Developments:
- June 2021: Aerodyne group publicized a collaboration to deliver global Drone as a service (Daas) and Software as a Service (Saas) solution in the Italian asset inspection market.
- June 2020: Cyberhawk announced that it has acquired a 5 year, multimillion dollar software contract with Royal Dutch Shell PLC. (Shell).
By Solution Types
By Type
- Multi-Rotor
- Fixed-Wing
- Others
By Application
- Aerial Photography
- Product Delivery
- Product Surveillance & Inspection
- Data Acquisition & Analytics
- Others
By End User
- Agriculture
- Infrastructure
- Media & Entertainment
- Oil & Gas
- Logistics & Transportation
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East & Africa
Frequently Asked Questions(FAQs):
Which is the leading segment in the market?
Among Applications, Aerial Photography is the leading segment in the market.
What are the key factors driving the market?
Growing use of small drones in agriculture, Demand of drones in aerial photography & 3D scanning are the key factors driving the market.
Which region will contribute notably towards the Drone Powered Business Solutions Market growth?
North America contributes notably towards the Drone Powered Business Solutions Market growth
What are the key players in Commercial Drone Market?
- Drone Deploy (US)
- DJI (China)
- GoPro (US)
- Precision Hawk (US)
- AeroVironment Inc. (US)
- Trimble Navigation Ltd. (US)
- 3D Robotics (US)
- Ag Eagle (US)
- Parrot Drone (France)
- Sintera LLC (US)
- Delair Tech SAS (France)