Drone Service Market Propelled by Growing Demand for Commercial Applications
The global Drone Service Market caters to a wide range of commercial applications such as precision agriculture, product delivery, media services, infrastructure inspection, wildlife monitoring and others. Drones help capture high-quality aerial images & videos of any property or area from various angles in an efficient and cost-effective manner.
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, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing demand for commercial applications is one of the major factors driving the growth of the drone service market. With advancements in drone technology, drones are increasingly being used for various commercial applications such as delivery of goods, emergency services, precision agriculture, real estate, and media & entertainment. For instance, companies such as Amazon are using drones for delivering packages to customers. Similarly, real estate agents are using drones equipped with cameras to capture aerial footage of properties. The high-resolution images captured by drone cameras help agents market properties more effectively. Precision agriculture is another major application area where drone services are in high demand. Farmers can inspect their fields and crops from above and gain ground level intelligence to increase yields and optimize resource usage. The growing scope of commercial applications of drones is expected to augment the growth of the drone service market over the forecast period.
SWOT Analysis
Strength: Drone services have the potential for remotely inspecting difficult to reach areas safely and cost effectively compared to manned aviation. This improves work efficiency.
Weakness: Regulatory restrictions and privacy concerns limit the scope of commercial drone operations. Adverse weather conditions and technical glitches can also affect drone flights.
Opportunity: Drone services have widespread applications in industries like agriculture, insurance, construction, environmental monitoring and film making. This will drive the future demand. Emerging technologies expand their capabilities further.
Threats: Low entry barriers result in cut-throat price competition among service providers. Cybersecurity risks and terrorism threats involving misuse of drones remain challenges.
Key Takeaways
The global drone service market is expected to witness high growth over the forecast period of 2023 to 2030. With a CAGR of 39%, the market size is projected to reach US$ 12.57 billion by 2024.
Regional analysis: North America currently dominates the market due to progressive regulations and widespread commercial applications of drone technology in the region. However, Asia Pacific is expected to show highest growth rates led by China, India and South East Asian countries where demand from agriculture, infrastructure and ecommerce industries is surging.
Key players: 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. These companies have extensive fleet of drones along with trained pilots and data analysts to offer a range of services for industries. They are focusing on expanding service coverage, building strategic partnerships and developing innovative solutions to strengthen market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
