Global Drones Market to Grow at 10.84% During 2024-2032, Impelled by Development of Next-Generation Smart Variants

June 29, 2020 | Aerospace and Defense

According to the latest report by IMARC Group, titled “Drones Market Report by Type (Fixed Wing, Rotary Wing, Hybrid), Component (Hardware, Software, Accessories), Payload (<25 Kilograms, 25-170 Kilograms, >170 Kilograms), Point of Sale (Original Equipment Manufacturers (OEM), Aftermarket), End-Use Industry (Construction, Agriculture, Military and Defense, Law Enforcement, Logistics, Media and Entertainment, and Others), and Region 2024-2032,” the global drones market size reached US$ 27.7 Billion in 2023. A drone, also known as an unmanned aerial vehicle (UAV), refers to an unpiloted aircraft that can fly autonomously or controlled remotely. It contains various components, including a flight controller, electronic speed controller (ESC), GPS module, battery, antenna and sensors. Drones require a controller, which is used remotely by an operator to launch, navigate and land it using radio waves. Nowadays, drones are used for a variety of applications, ranging from surveillance, search and rescue, firefighting, and traffic and weather monitoring to photography, videography, agricultural research and delivery services.

Global Drones Market Trends:

Over the past decade, the deployment of drones in the military and defense sector has emerged as one of the most significant factors bolstering the growth of the market. These vehicles help survey lands, provide consistent and reliable topographical data, improve safety and avoid hazardous situations. Besides this, surveillance drones are being utilized to track public activity around hotspot zones during lockdowns imposed to curb the spread of the coronavirus disease (COVID-19). Apart from this, the integration of drones with the internet of things (IoT) has helped farmers to monitor agricultural land and crops, energy companies to survey power lines and operational equipment, and insurance providers to examine properties for claims. Furthermore, reduction in costs and improvements in graphic visualization have led to an increased demand for UAVs in the construction and real estate sectors. Moreover, technological advancements have enabled drone manufacturers to design variants with different shapes, sizes and weights, making them useful across a broader application base. Market players are also focusing on developing next-generation smart drones with built-in safeguards, compliance technology, self-monitoring and accurate sensors. Looking forward, the market is projected to grow at a CAGR of 10.84% during 2024-2032.

Market Summary:

  • Based on the type, the market has been segmented into fixed, rotary and hybrid wings.
  • On the basis of the component, the market has been segregated into hardware, software and accessories.
  • The market has been categorized based on the payload into <25, 25-170 and >170 kilograms.
  • Based on the point of sale, the market has been bifurcated into original equipment manufacturers (OEM) and aftermarket.
  • On the basis of the end use industry, the market has been divided into construction, agriculture, military and defense, law enforcement, logistics, media and entertainment, and others.
  • Region-wise, the market has been segmented into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Indonesia, Australia and others), Europe (Germany, France, Italy, the United Kingdom, Russia, Spain and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
  • The competitive landscape of the market has also been examined with some of the key players being 3D Robotics Inc., AeroVironment, Inc., Birdseyeview Aerobotics, Inc., Delair SAS, DroneDeploy, Inc., Intel Corporation, Parrot SA, Precisionhawk, Inc., SZ DJI Technology Co. Ltd. (iFlight Technology Co. Ltd.), Terra Drone Corporation and Boeing Company.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Type, Component, Payload, Point of Sale, End-Use Industry, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 3D Robotics, AeroVironment Inc, Birdseyeview Aerobotics Inc., Delair SAS, DroneDeploy Inc., Intel Corporation, Parrot SA, Precisionhawk Inc., SZ DJI Technology Co. Ltd. (iFlight Technology Co. Ltd.), Terra Drone Corporation and Boeing Company.
Customization Scope 10% Free Customization
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Global Drones Market to Grow at 10.84% During 2024-2032, Impelled by Development of Next-Generation Smart Variants
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