ID: MRFR/A&D/8044-HCR | February 2021 | Region: Global | 168 pages
Drone Service Market Overview
Technological advancements have reached far behind and led to the development of different advanced technology. The Drone Services Market is one of the advanced featured markets. Drones are used for various commercial purposes throughout the world. Drone services are rapidly replacing the other applications services in the commercial sectors, such as aerial surveys, filmography, and search & rescue.
The Drone Services Market Share has shown sheer growth in these commercial applications. The use of drones in military sectors even plays an effective role. They are used in military operations for sting operations, search operations, and locating risk factors and threats. The usage of drones in the defence sector is highly driving the Market Growth.
The aerial survey includes different programs to survey wildlife, deforestation, pollution above the group. These crucial programs highly demand drone services. Drones can be operated for long periods and remotely by human operators or autonomously by onboard computers. Drone services have increased in various civil and commercial applications due to their high endurance and low operational costs. Incorporating new technologies, such as artificial intelligence, IoT, and cloud computing, in the Drone Services Market will fuel up their demand in various sectors.
The key players are developing innovative features and techniques to innovate drone services. High competition among the market players has led to the development of UAVs to attract more consumers. These growth factors are driving the Market Growth. Moreover, the increase in the adoption of drones for applications such as mapping & surveying, 3D modeling, and other activities is also driving the market.
The rising opportunities of the Drone Services Market due to its wide applications in various sectors are highly increasing its demand. The players are targeting these opportunities to overcome other growth limiting factors. The Drone Services Markett is estimated to reach a CAGR of 34.6 %, with a value of USD 65.18 Billion during the forecast period.
Drones have become ideal for offering various services during the COVID-19 pandemic. Therefore, the Drone Services Market Value noticed good growth during the pandemic period. Delivering essential products, medicines, and vaccines during the pandemic has become a concern and priority. Drones played a crucial role during this period, which propelled the Drone Services industry Trends. The market to further notice good growth rate due to its wide usage in commercial and industrial sectors.
Chief Factors Existing In The Market
The market drivers drive the Drone Services Market at the global level. The development of industry-specific solutions is due to the presence of prominent players. The growing demand for drone usage in various commercial and military applications acting act as a driving factor. The growing demand for high-quality data services for advanced applications is a major driving factor.
The major challenging factor of the Drone Services Market is the lack of risk management framework and insurance cover for aerial delivery drones.
The Drone ServicesMarket is getting open opportunities due to its benefits and advantages. Further, the development of urban air mobility services is fueling up the market.
Market is facing restraining factors that are hampering the growth value of the Drone Services Market Value. The safety-related issue is a major restraining factor, and the lack of trained professionals to operate UAVs is acting as a constraint for Industry.
Cumulative Evaluation Of The Market
The Drone Services Market Outlook evaluation report shows the market's growth across the globe in recent years. The chief existing variables, such as the key drivers and the opportunities, are driving the global market rapidly. The growth limiting factors of the Market, such as the challenges and restraining factors, are even noticed to hamper the growth speed, but the key players are focusing on it to overcome the issues. The COVID-19 pandemic has shown a bad impact on the market, but soon the market will recover the situation in the future years. The Drone Services Market will achieve its estimated CAGR value in the review period.
Market Size is segmented based on solution, type, platform, industry, and application.
The Drone Services Market is segmented into enterprise and point-based solution segments. The enterprise segment is accounted to notice a higher CAGR during the forecast period due to its end-to-end solution, and it provides support to all industries. The point segment is the dominating one since the recent years dominated due to the growing demand for customized services in the industries.
The Drone Services Market type segment is divided into drone platform services, drone MRO services, and drone training and educational services. The Drone Platform Services dominate the market due to the growing demand and adoption of drone services in various sectors such as agriculture and construction. The Drone MRO Services is anticipated to register the highest CAGR value due to the rising accidents by new operators and lack of skilled professionals. The increase in the number of drones across the globe is setting huge opportunities for drone training and education service providers.
The Drone Services Market's application segment comprises Data Acquisition & Analytics, Mapping & Surveying, and 3D Modelling. The Data Acquisition & Analytics segment is expected to register good share value due to the growing demand for drone analytics in industrial and commercial sectors.
Mapping & Surveying is considered the dominating segment of the Drone Services Market due to its increased adoption of drone services for mapping and surveying applications in various countries. The 3D modeling segment is anticipated to register the highest CAGR due to its wide usage in mining, quarrying, and agriculture.
The Drone Services Market Size is divided into agriculture, infrastructure, and media & entertainment. The agriculture segment is the leading segment due to the increased use of drones for agriculture purposes in countries like the US, India, and China. The infrastructure segment shows steady growth due to the utilization of drones in activities like monitoring, receiving insights, and inspection for building materials and layouts. The media and entertainment will even notice the highest CAGR value due to the frequent launch of products by the key players.
The geographical status of the Drone Services Market Outlook shows the major regions covered by the market, such as North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Among these regions, the North American Region is noticed due to prominent players in this region.
The European market is projected to grow steadily due to the increased usage of drones in the infrastructure industry in a major country like the UK. The Asia Pacific is also expected to register the highest CAGR due to the increased rate of manufacturing of drones and the adoption of drone services in the agriculture sector.
The rise in adoption of drones for oil exploration by prominent oil and gas companies is driving the Drone Services Market in the Middle East & Africa. Increasing investment by key players in the Latin American region is expected to drive the regional market.
Competitive Intensity Within The Industry
The key players of the Drone Services Market Analysis are boosting market growth with their key strategies and planning. Here is the list of key players of the Market Trends.
Recent Market Development
The overview of the Drone Services Market Forecast report shows the significant growth of the market in recent years, and it will further continue to grow with consistency level in the upcoming years. The strategies of the key players have helped the market overcome growth limiting factors and tough situations, such as the revenue loss during the COVID-19 pandemic. The segmentation report stated the growth of various segments. The regional report briefly explained the drivers are driving the regional market. The Market will attain sustainable growth in the further years.
Key Industrial Segments
|Market Size||USD 65.18 Billion (2028)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Solution, Type, Platform, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Measure (US), Precision Hawk (US), Martek Aviation (UK), Terra Drone Corporation (Japan), senseFly (Switzerland), Vermeer (US), CYBERHAWK INNOVATIONS LIMITED (UK), Sky Futures (UK), DroneDeploy (US), SHARPER SHAPE INC. (US), DJI (China)|
|Key Market Opportunities||High-Quality Data and Technology Advancements|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The growth period calculated for the market 2020 to 2028.
The market will be generating revenue of USD 65.18 Billion by the year 2028.
The market’s CAGR is calculated for 34.6%.
The market USP is the rising demand for high-quality data and technology advancements in drones.
Solution, Type, Application and Industry are the main segments of the market.