DUBLIN, Feb. 9, 2024 /PRNewswire/ — The “Drone Services Market by Type (Platform Service, MRO, and Training and Simulation), Application, Industry, Solution (End-To-End, Point), and Region( North America, Europe, Asia Pacific, Middle East and Row) – Global Forecast to 2028″ report has been added to ResearchAndMarkets.com’s offering.
The drone services market is estimated to grow from USD 17.0 Billion in 2023 to USD 57.8 Billion by 2028, at a CAGR of 27.7% from 2023 to 2028. North America is estimated to account for the largest share of the drone services market in 2023.
The drone services market has been categorized based on the type of services offered into three primary segments, namely, platform, maintenance, repair, and operations (MRO), and simulation and training. The platform segment further encompasses flight piloting and operation, data analysis, and data processing.
Drone services are rapidly displacing conventional applications in the commercial sector, such as aerial surveys, cinematography, and search & rescue. Drones can be operated for extended periods either remotely by human operators or autonomously by onboard computers. The increased adoption of drone services in various civil and commercial applications is driven by their exceptional endurance and cost-effectiveness. Furthermore, the integration of emerging technologies like artificial intelligence, IoT, and cloud computing into drone services is anticipated to further boost their demand across various sectors.
North America is projected to maintain the predominant market share in 2023. This notable regional growth can be attributed to the burgeoning trend of online retail via e-commerce platforms and the favorable regulatory framework established by the Federal Aviation Administration (FAA) in the United States. Moreover, the increase in investments from prominent industry stakeholders to bolster emerging parcel service platforms is anticipated to be a significant driver of the regional market’s expansion throughout the forecasted period.
Winners of drone services market are Cyberhawk (UK), Sky-Futures Ltd. (UK), DroneDeploy Inc. (US), Terra Drone Corporation (Japan), PrecisionHawk (US), and Aerodyne Group (Malaysia). These key players offer drones applicable for various sector and have well-equipped and strong distribution networks across North America, Europe, Asia Pacific, Middle East and Rest of the World (RoW).
In terms of categorization, the drone services market is divided into platform, MRO (Maintenance, Repair, and Operations); and simulation & training. Platform which encompasses flight piloting & operation, data analysis, and data processing.
The platform segment is poised to exhibit the highest Compound Annual Growth Rate (CAGR) during the forecast period. This can be attributed to its superior data collection efficiency, cost-effectiveness, and the widespread accessibility of drone services worldwide.
Based on industry, includes segments such as construction & infrastructure, agriculture, utility, oil & gas, mining, defense & law enforcement, media & entertainment, scientific research, insurance, aviation, marine, healthcare & social assistance, and transportation, logistics, & warehousing.
Notably, the healthcare & social assistance segment is forecasted to experience the most substantial growth. This growth is attributed to the increased investments in this sector during the COVID-19 pandemic, particularly for the delivery of test samples and vaccines.
Based on solutions, the drone services market is segmented into end-to-end and point solutions. The end-to-end solution segment is expected to witness the highest growth during the forecast period due to the rising demand for comprehensive package solutions that encompass everything from piloting & operation to data analysis and data processing.
Based on application, the drone services market has been categorized into several segments, including inspection and monitoring, mapping and surveying, spraying and seeding, filming and photography, transport and delivery, and security, search, and rescue.
Among these application areas, the transport and delivery segment is projected to be the predominant driver of market growth, characterized by the highest Compound Annual Growth Rate (CAGR) during the forecast period. This trend can be attributed to the increasing demand for expeditious package delivery services, particularly in the healthcare sector, which has seen heightened demand due to the outbreak of the pandemic.
In terms of applications, the drone services market is divided into inspection and monitoring, mapping and surveying, spraying and seeding, filming and photography, transport and delivery, as well as security, search, and rescue.
The industry-based segmentation includes construction and infrastructure, agriculture, utility, oil and gas, mining, defense and law enforcement, media and entertainment, scientific research, insurance, aviation, marine, healthcare and social assistance, and transportation, logistics, and warehousing. These industries utilize a wide range of drone services, including inspection and monitoring, mapping and surveying, and filming and photography.
The drone services market, with regard to solutions, is categorized into end-to-end and point solutions. The end-to-end solution encompasses all platform services, such as piloting and operations, data analytics, and data processing. In contrast, point solutions are specific to piloting or data processing for applications such as surveying, inspection, and monitoring.
Premium Insights
- Growing Need for Data with High Accuracy to Drive Market
- Platform Services Segment to Lead Market Share During Forecast Period
- Inspection and Monitoring Segment to Have Highest Market Share During Forecast Period
- Agriculture Segment to Record Highest Growth During Forecast Period
- North America to Account for Largest Share of Drone Services Market in 2023
- End-To-End Solution to Dominate Drone Services Market During Forecast Period
- US to Hold Largest Share of North American Drone Services Market in 2023
Market Dynamics
Drivers
- Growing Use of Drones for Crop Health Assessment and Soil Monitoring
- Increasing Demand for Drone Inspection and Monitoring Services
- Growing Need for Surveying and Mapping
- Rising Demand for High-Quality Data in Agriculture and Construction Sectors
Restraints
- Liability Issues Related to Drone Operations and Services
- Drone Safety and Security Issues
Opportunities
- Increased Demand for Drone Delivery Services
- Development of Alternative Modes of Transport
Challenges
- Lack of Risk Management Framework and Insurance Cover for Aerial Delivery Drones
- High Investment Cost to Develop Urban Air Mobility Infrastructure Network
Value Chain Analysis
- Trends/Disruptions Impacting Customer Business
- Ecosystem Mapping
- Average Selling Price Analysis
Industry Trends
Technology Trends
- Drone Data Photogrammetry
- Artificial Intelligence Drones
- Lidar and Hyperspectral Imaging
- Blockchain
- 3D-Printed Drones
- Drone Payloads
- Swarm Drones
- Wireless Charging
- Automated Drones
- Drone Insurance
Technology Analysis
- Utilization of Hydrogen Fuel Cells
- Drone Tracking and Navigation Upgrades
- Improved Computer Vision and Motion Planning
- Noise Reduction in Drones
Case Study Analysis
- Drone Surveying for Infrastructure Development
- Use of Drone Technology for Topographic Surveys
- Enhanced General Visual Inspection Using Drones
Impact of Megatrends
- Green Initiative
- Internet of Things (Iot)
- Rapid Urbanization
- Innovations and Patent Registrations
Company Profiles
Key Players
- Edall Systems
- Precisionhawk
- Cyberhawk
- Vermeer
- Ageagle Aerial Systems
- Icr Integrity
- Sharper Shape Inc.
- Dronedeploy Inc.
- Identified Technologies
- Terra Drone Corporation
- the Sky Guys
- Deveron Uas Corp.
- Zipline
- Matternet, Inc.
- Aerodyne Group
- Skydrop
- Zeitview
- Dronegenuity
- Mistras Group, Inc.
- Aerovironment, Inc.
- Hemav
- Skycatch
- Australian Uav Pty Ltd.
- Skyspecs
- Arch Aerial LLC
Other Players
- Unmanned Experts Inc. (Umex)
- Viper Drones
- Raptor Maps
- Garuda Uav
- Maverick Inspection Services
- Canadian Uav Solutions
- Djm Aerial Solutions
- Reliability Maintenance Solutions Ltd.
- Droneflight
- Flytrex
For more information about this report visit https://www.researchandmarkets.com/r/q3axsi
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