Global Drone Market By Type (Consumer Drones, Commercial Drones, and Military Drones), By Technology (Fixed-Wing Drone, Rotary Blade Drone, and Hybrid Drone), By End-Industry, By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032
- Published date: March 2024
- Report ID: 66999
- Number of Pages: 251
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Report Overview
The Global Drone Market size is expected to be worth around USD 101.1 Billion by 2033, from USD 34.5 Billion in 2023, growing at a CAGR of 12.7% during the forecast period from 2024 to 2033.
Drones – also known as Unmanned Aerial Vehicles or UAVs) have moved beyond military applications into agricultural, construction, logistics and entertainment industries – becoming invaluable tools. Drones provide aerial views for surveillance, data collection and delivery purposes. The global drone market has witnessed phenomenal expansion, revolutionizing various industries around the globe.
Modern advances have resulted in increased flight times, autonomous capabilities, and the integration of sophisticated payloads such as HD cameras and sensors – providing ample opportunities in numerous applications ranging from precision agriculture and infrastructure inspection to emergency response and e-commerce delivery. As regulations progress further, so too has the drone market grown – opening doors to applications from precision agriculture inspection and infrastructure inspection through emergency response and e-commerce delivery.
Note: Actual Numbers Might Vary In The Final Report
Key Takeaways
- In 2023, the Global Drone Market was valued at US$ 34.5 Billion.
- The market is estimated to register the highest CAGR of 12.7% between 2023 and 2032.
- High costs and stringent regulations are expected to restrict the growth of the drone market.
- The use of drones in national security is creating tension among the countries and thereby affecting the growth of research.
- Military drones lead the Type segment with a major revenue share of 48.6%.
- Rotatory blade drone holds the major revenue share of 62.4% in the Technology segment.
- Real estate and construction dominate the end-use industry segment by covering the major revenue share of 26.4%.
- The use of drones in precision farming is expected to create many lucrative opportunities in the market over the forecast period.
- Miniaturization of drone components for reducing the size and weight of drones is adopted by many key players in the market.
- Asia Pacific leads the market with a major revenue share of 39.6%
- Top key players in the market are Aeronavics Ltd., AeroVironment Inc., Autel Robotics, Draganfly Innovations Inc., Guangzhou EHang Intelligent Technology Co. Ltd, DJI Technology Co. Ltd. and Others
By Type Analysis
Military drones Lead the Market with a Major Revenue Share of 48.6%.
Based on type, the market is classified into consumer drones, commercial drones, and military drones. Out of these types, military drones dominate the segment with a major revenue share of 48.6%. This massive growth of consumer drones is owing to the significant investments made in defense and security by nations worldwide. Military drones are indispensable for reconnaissance, surveillance, and tactical operations, offering a strategic advantage in modern warfare. Their versatility, range and advanced capabilities make them critical assets for defense forces. While consumer and commercial drones have substantial applications, the vital role of military drones in safeguarding national interests and security elevates them to the leading segment.
By Technology Analysis
Rotatory Blade Drone Dominates the Segment with a Major Revenue Share of 62.4%.
On the basis of technology, the market is classified into fixed-wing drones, rotary-blade drones and hybrid drones. Among these technologies, rotary blade drones lead the segment with a revenue share of 62.4%. Rotary blade drones, or quadcopters, have seen tremendous growth due to their versatility and ease of use. Quadcopters are agile machines capable of vertical takeoff and landing (VTOL), making them suitable for an array of tasks including aerial photography, surveillance, package delivery and package pickup. Fixed-wing drones offer longer flight endurance but remain more exclusive as mapping tools. Rotary blade drones’ widespread utility and accessibility make them the favored option across industries and applications.
Note: Actual Numbers Might Vary In The Final Report
By End-Use Industry Analysis
Security and law Enforcement Hold the Major Revenue Share of 26.4% to Dominate the Market.
Based on end-use industries agriculture, delivery & logistics, energy, media & entertainment, Real estate & construction, security & law enforcement. From these end-use industries, security & law enforcement leads the segment with a major revenue share of 26.4%. This growth in security & law enforcement is attributed to the critical role drones play in enhancing surveillance, reconnaissance, and public safety efforts.
Drones provide law enforcement agencies with real-time aerial views, aiding in crime prevention, search and rescue missions, and disaster response. Their ability to reach remote or hazardous areas swiftly makes them invaluable tools for security. While other industries like agriculture and delivery & logistics also leverage drones, the Security and Law Enforcement sector’s focus on public safety positions it as a key driver in the market’s sustained growth and innovation.
Driving Factor
Wide Applications of Drones Across Various Sectors are Driving the Growth of the Worldwide Drone Market.
The increasing adoption of drones across industries for tasks like aerial surveys, crop monitoring, and infrastructure inspections has fueled demand. The advancements in drone technology, including longer flight times, improved battery life, and enhanced sensors, have expanded their capabilities and applications. Further, cost-effectiveness and the ability to access remote or hazardous areas make drones a practical choice.
Additionally, the burgeoning e-commerce sector’s interest in drone delivery services and the rising demand for aerial photography and videography contribute to the market’s sustained growth, highlighting the versatility and potential of drone technology.
Restraining Factor
High Costs and Stringent Regulations are Expected to Restrict the Growth of the Worldwide Drone Market.
Drones must adhere to stringent aviation laws and privacy regulations, making it complex for businesses and individuals to operate them legally. Concerns about safety, airspace congestion, and potential misuse have led to stricter controls. Additionally, the high initial investment and ongoing maintenance costs for drones can obstruct smaller businesses and professionals. Limited battery life and payload capacity can also hinder certain applications, while the risk of data breaches or unauthorized access poses security concerns. Addressing these restraints is vital for the sustained growth of the market.
Geopolitical Impact Analysis
The use of Drones in National Security is Creating Tension Among Countries and Thereby Affecting the Growth of the Drone Market.
Drones have become integral in defense and surveillance strategies, leading to international tensions as nations seek to protect their airspace and technological advantage. Export restrictions and sanctions on unmanned aerial technology have emerged as tools for geopolitical leverage.
Moreover, the use of armed drones in conflicts has raised ethical and legal concerns, shaping international discourse. The competition among countries to develop and deploy advanced drone capabilities fuels a new arms race. Geopolitical factors influence regulations and international agreements that impact the global drone market, making it a pivotal player in the evolving landscape of global politics and security.
Key Market Segments
Type
- Consumer Drones
- Commercial Drones
- Military Drones
Technology
- Fixed-Wing Drone
- Rotary Blade Drone
- Hybrid Drone
End-Use Industry
- Agriculture
- Delivery & Logistics
- Energy
- Media & Entertainment
- Real Estate & Construction
- Security & Law Enforcement
- Other End-Use Industries
Growth Opportunity
Use of Drones in Precision Farming is Expected to Create Many Lucrative Opportunities in the Market Over the Forecast Period.
The market is ripe with opportunities driven by its ever-expanding range of applications. In agriculture, drones offer precision farming, optimizing crop yields and resource use. Construction and infrastructure sectors benefit from efficient site surveys and inspections. E-commerce sees potential in drone delivery services. Disaster management relies on drones for quick assessments and aid drops. The entertainment industry employs drones for captivating aerial shots.
Moreover, urban air mobility and autonomous passenger drones hold promise for future transportation. As technology advances and regulations evolve, these opportunities will continue to grow, transforming industries and offering innovative solutions across diverse sectors, driving the sustained growth of the drone market.
Latest Trends
Miniaturization of Drone Components for Reducing the Size and Weight of Drone is Adopted by Many Key Players
There is a shift toward increased autonomy and artificial intelligence capabilities, enabling drones to perform complex tasks with minimal human intervention. The development of swarming technology, where multiple drones work together cohesively, is gaining traction, offering advantages in defense and surveillance. Further, the miniaturization of drone components is leading to the creation of smaller, more agile drones for specialized applications.
Additionally, environmental concerns are driving the development of sustainable, electric-powered drones. These trends collectively reflect the market’s evolution towards smarter, more versatile, and eco-friendly drone solutions, catering to a wide array of industries and applications.
Regional Analysis
Asia Pacific Leads the Market with a Major Revenue Share of 39.6%
The Asia Pacific region leads the market with a major revenue share of 39.6%. The Asia Pacific region’s robust manufacturing capabilities have made it a key producer of drones, catering to both domestic and global demand. Asia Pacific’s diverse industries, from agriculture to construction, benefit from the versatile applications of drones.
Further, favorable regulatory environments and government support in countries like China have encouraged drone innovation and adoption. Moreover, the region’s vast population presents a significant consumer market for consumer drones. As the Asia Pacific region continues to invest in drone technology and applications, it cements its position as a leader in the global drone market.
However, the North America region is expected to grow at the fastest CAGR throughout the forecast period. The substantial investment in research and development of cutting-edge drone technologies is expected to drive the growth of North America region during the forecast period.
Note: Actual Numbers Might Vary In The Final Report
Key Regions and Countries Covered in this Report
- North America
- The US
- Canada
- Europe
- Germany
- France
- The UK
- Spain
- Italy
- Russia
- Netherland
- Rest of Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia
- New Zealand
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
Key players like DJI, Parrot, and AeroVironment hold substantial market share. DJI, a Chinese tech giant, is the global leader, known for its consumer and commercial drone solutions. Parrot, another prominent player, offers diverse drone products. and AeroVironment is prominent in the defense sector, specializing in military-grade UAVs. Some of the key players in the market are Aeronavics Ltd., AeroVironment Inc., Autel Robotics, Draganfly Innovations Inc., Guangzhou EHang Intelligent Technology Co. Ltd, DJI Technology Co Ltd, Parrot Drones SAS, PrecisionHawk Inc., YUNEEC International, Denel Dynamics, and Other Key Players
Top Key Players in the Drone Market
- Aeronavics Ltd.
- AeroVironment Inc.
- Autel Robotics
- Draganfly Innovations Inc.
- Guangzhou EHang Intelligent Technology Co. Ltd
- DJI Technology Co Ltd
- Parrot Drones SAS
- PrecisionHawk Inc.
- YUNEEC International
- Denel Dynamics
- Other Key Players
Recent Developments
- In December 2022, Skydio, the primary drone manufacturer in the United States, unveiled its latest product line, featuring the Skydio Dock and Skydio Dock Lite, all powered by Skydio’s innovative Remote Operations software.
- In November 2022, UAVIA and Parrot revealed a collaborative Technology and Marketing Partnership. The two companies are working together to make 4G autonomous drones accessible to a broader audience by integrating the Parrot Anafi Ai with the UAVIA Robotics Platform.
- In August 2022, Kratos Defense & Security Solutions, Inc., a leading provider of National Security Solutions, announced securing a production contract valued at approximately $20 million for advanced, jet-powered unmanned aerial target drone systems. The unmanned aerial drone systems developed under this contract will be manufactured in Kratos facilities.
Report Scope
Report Features Description Market Value (2023) USD 34.5 Bn Forecast Revenue (2032) USD 101.1 Bn CAGR (2023-2032) 12.7% Base Year for Estimation 2022 Historic Period 2016-2022 Forecast Period 2023-2032 Report Coverage Revenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments Segments Covered By Type – Consumer Drones, Commercial Drones, and Military Drones; By Technology – Fixed-Wing Drone, Rotary Blade Drone, and Hybrid Drone; By End-Industry – Agriculture, Delivery & Logistics, Energy, Media & Entertainment, Real Estate & Construction, Security & Law Enforcement, Other End-Use Industries Regional Analysis North America – The US & Canada; Europe – Germany, France, The UK, Spain, Italy, Russia, Netherlands, and Rest of Europe; APAC- China, Japan, South Korea, India, Australia, New Zealand, Singapore, Thailand, Vietnam, and Rest of APAC; Latin America- Brazil, Mexico & Rest of Latin America; Middle East & Africa- South Africa, Saudi Arabia, UAE & Rest of MEA Competitive Landscape Aeronavics Ltd., AeroVironment Inc., Autel Robotics, Draganfly Innovations Inc., Guangzhou EHang Intelligent Technology Co. Ltd, DJI Technology Co Ltd, Parrot Drones SAS, PrecisionHawk Inc., YUNEEC International, Denel Dynamics, and Other Key Players Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements. Purchase Options We have three licenses to opt for Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF) Frequently Asked Questions (FAQ)
What is a drone?A drone, also known as an Unmanned Aerial Vehicle (UAV), is an aircraft operated without a human pilot on board. It can be controlled remotely or autonomously.
What are the main types of drones available in the market?Drones come in various types, including consumer drones for recreational use, professional drones for tasks like photography and videography, military drones for defense purposes, and commercial drones for industrial applications.
How big is the drone market in 2022?The Global Drone Market is anticipated to achieve a value of roughly USD 101.1 Billion by 2032, a substantial rise from its 2022 value of USD 30.6 Billion. This progress is expected to unfold at a compound annual growth rate (CAGR) of 12.7% during the projection period from 2023 to 2032.
What are the popular brands in the drone market?Some well-known drone brands include DJI, Parrot, Autel Robotics, Yuneec, and Skydio, among others.
What are the different applications of drones?The different applications of drones are endless. Some of the most common applications for drones include:
- Photography and videography: Drones can be used to capture stunning aerial photos and videos.
- Surveying and mapping: Drones can be used to create accurate maps and surveys of land or structures.
- Delivery: Drones can be used to deliver goods and services, such as food, medicine, and packages.
- Inspection: Drones can be used to inspect bridges, buildings, and other infrastructure.
- Search and rescue: Drones can be used to search for missing persons or objects.
- Agriculture: Drones can be used to monitor crops and livestock.
- Disaster relief: Drones can be used to deliver aid to disaster areas.
What is the future of the drone market?The future of the drone market looks promising, with continued growth expected across various industries. Advancements in AI, battery technology, and regulatory frameworks are likely to play a significant role in shaping the industry's future.
- Aeronavics Ltd.
- AeroVironment Inc.
- Autel Robotics
- Draganfly Innovations Inc.
- Guangzhou EHang Intelligent Technology Co. Ltd
- DJI Technology Co Ltd
- Parrot Drones SAS
- PrecisionHawk Inc.
- YUNEEC International
- Denel Dynamics
- Other Key Players
- Nestlé S.A Company Profile
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