Drone Service Market Analysis | 2023-2028

Market Insights

"The drone service market was estimated at USD 16.88 billion in 2022 and is likely to grow at a CAGR of 22.49% during 2023-2028 to reach USD 57.02 billion in 2028".

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Market Dynamics

Introduction

Drone services are the services offered by flying robots that are either controlled by remotes or software operations. It is these days an emerging trend as it offers short duration as well as long duration services.

Drone services can offer several options such as aerial photography, data acquisition, mapping & surveillance, 3D modeling, risk management, and others. Infrastructure, agriculture, logistics, oil & gas, utility & power, security, mining, insurance, and many others are the industries where drone service is used.

Market Drivers

The global drone service market is expected to grow significantly owing to several reasons. A few of them are mentioned below –

Rising demand from various end-user industries – Drones are being used to survey construction sites, agricultural fields, oil and gas industries, healthcare, and other industries too.

• Studies found that using drones resulted in 5x to 20x cost savings, and 55% increased safety in construction fields. Drones are also used by farmers to monitor crop health, sprinkle pesticides, etc. This growing demand from every sector is likely to boost the demand for the global drone services market.

Increasing government initiatives supporting drone technologies – Governments across the globe are increasingly showing interest in opting for drone regulation and applications.

• For instance, the Indian government promotes the usage of drones via several initiative programs such as – the Drone Shakti Initiative – which aims to promote the use of drones as a service through startups. The government also has banned the import of drones to promote local drone manufacturing.

Technological advancements improving drone capabilities – The innovations in drone technology have been improving rapidly. Recently, in February 2023, a China-based company XAG – partnered with Farmlnno – an agricultural company in Thailand to introduce fully autonomous drones for farmers. This is a step towards smart agriculture that will not only improve the quality of work but also increase productivity in the agricultural sector.

Segments Analysis

By Application Type

"The Aerial Photography & Remote Sensing Application segment is estimated to register the highest growth during the forecast period of 2023-2028".

• The drone service market is segmented as aerial photography & remote sensing, data acquisition & analytics, mapping & surveying, 3D modeling, disaster risk management & mitigation, inspection & environmental monitoring, and others.
• The Aerial Photography & Remote Sensing Application segment is estimated to register the highest growth during the forecast period of 2023-2028. The growth of the segment is owing to the increase in the demand for aerial photography from various sectors, such as architecture, infrastructure, civil engineering, and oil & gas across the world.

By Solution Type

"The Enterprise segment is expected to grow at a higher rate in the coming five years".

• The global market is segmented as enterprise and point.
• The Enterprise segment is expected to grow at a higher rate in the coming five years. The growth of this segment can be attributed to the fact that enterprise solutions deliver end-to-end services to various industries. Further, the escalating demand for analytical services and software solutions in the global market is propelling the growth of the segment.

Regional Analysis

"The market in the Asia-Pacific region is estimated to witness the highest growth during the forecast period".

• This growth is owing to the increasing number of drone services being used by various industries, such as mining, agriculture, and oil & gas in the region. China and India are the growth engines of the region.

"North America and Europe are also expected to offer substantial growth opportunities during the forecast period".

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Key Players

The following are the key players in the Drone Service Market (arranged alphabetically).

• Aerobo
• Airware
• Cyberhawk Innovations Limited
• Dronedeploy
• Edall Systems
• Identified Technologies
• Martek Aviation
• Precision Hawk
• Sky-Futures Ltd.
• Terra Drone Corporation.

Note: The above list does not necessarily include all the top players in the market.

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Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Research Methodology

• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.
• We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to [email protected].