Electric Drone Market Size, Share, Growth and Industry Analysis by Price (Border Surveillance, Natural Disasters, Illegal Traffic Monitoring, And, Others), By Application (Civil, And, Military) Regional Insights and Forecast to 2031

Updated On: 22 April 2024

Electric Drone Market REPORT OVERVIEW

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The global electric drone market is expected to be worth 19310 million 2022. As per our research, the market is projected to touch USD 26890 million by 2028 with a CAGR of 5.7% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Electric drones are unmanned aerial vehicles powered by electricity. They have gained popularity due to their environmental friendliness and versatility. These drones rely on rechargeable batteries for propulsion, eliminating the need for fossil fuels. Electric drones are commonly used for various applications, including aerial photography, surveillance, and even package delivery. They offer quiet operation and can be equipped with advanced sensors and cameras for precise data collection. Electric drones are revolutionizing industries like agriculture, where they provide precision in crop monitoring and spraying. They can identify specific areas in need of attention, optimizing resource use and increasing yield. Electric drones are becoming indispensable tools for modern, sustainable farming practices.

As technology advances, electric drones continue to evolve, becoming more efficient and capable, making them a valuable tool in fields such as agriculture, search and rescue, and infrastructure inspection. All of these factors have played an important role in increasing electric drone market growth.

COVID-19 impact: Increasing Trend of Contactless Delivery during Pandemic Increased Market Growth

The COVID-19 pandemic had a significant impact on the electric drone industry. Initially, drone use surged as they were deployed for tasks like monitoring lockdown enforcement and delivering medical supplies. However, manufacturing disruptions, supply chain issues, and financial constraints hit the industry hard. Many drone companies faced delays in production and reduced investment.

On the positive side, the pandemic highlighted the value of contactless delivery and remote monitoring, driving further interest in electric drones. As restrictions eased, drone applications expanded to include temperature monitoring and crowd management, aiding in pandemic control efforts. Overall, COVID-19 accelerated drone adoption, albeit with challenges and adaptations.

LATEST TRENDS

"Extended Flight Times and Increased Payload to Increase Market Growth"

The latest trends in electric drones are shaping the future of this technology. First, there's a focus on extended flight times and increased payload capacities, allowing drones to perform more complex tasks like heavy-duty cargo transport and longer surveillance missions.

Second, AI and machine learning are enhancing autonomous navigation and object recognition, improving safety and precision. Third, swarming technology enables multiple drones to work collaboratively, opening up possibilities for synchronized tasks like search and rescue. Lastly, sustainability is a prominent trend, with eco-friendly materials, solar-charging options, and efficient battery technologies, aligning electric drones with environmental concerns and regulations.

Electric Drone Market SEGMENTATION

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• By Type:

The market can be divided on the basis of price into the following segments:

Border surveillance, natural disasters, illegal traffic monitoring, and, others.

The border surveillance segment is projected to hold the dominant market share through 2028 the forecasting period.

• By Application:

The market can be divided on the basis of application into the following segments:

Civil, and, military.

The civil segment is predicted to dominate the market through 2028.

DRIVING FACTORS

"Introduction of Electric Powered Drones to Amplify Market Growth"

Several driving factors are fueling the growth of electric drones. Firstly, environmental awareness is pushing for cleaner, electric-powered alternatives, reducing carbon emissions compared to traditional fuel-powered drones. Secondly, advancements in battery technology are extending flight times and improving overall drone performance.

Thirdly, increasing demand for applications such as aerial photography, precision agriculture, and delivery services is expanding the market. Fourthly, government regulations and incentives encourage the adoption of electric drones for various purposes. Lastly, ongoing research and development efforts are continuously pushing the boundaries of drone capabilities, making them more versatile and efficient, and further driving the electric drone market share.

"Advancements in Sensors, Cameras, and Data Processing to Drive Market Growth"

Additional driving factors in the electric drone industry include technological innovation, with advancements in sensors, cameras, and data processing capabilities enhancing drone functionality. Moreover, cost reductions in drone manufacturing and maintenance make them more accessible to a wider range of businesses and industries. Improved safety features and regulatory compliance measures instill confidence in drone usage.

Furthermore, the growing interest in autonomous operations and the integration of drones into the Internet of Things (IoT) ecosystem expand their potential applications. Lastly, the emergence of urban air mobility and drone taxis as a future transportation mode is spurring investment and research in electric drone technologies for urban environments.

RESTRAINING FACTOR

"Difficulty in Air Space Management to Deteriorate Market Growth"

Several restraining factors challenge the growth of electric drones. Regulatory constraints and airspace management pose significant hurdles, limiting where and how drones can operate. Privacy concerns regarding aerial surveillance and data collection have led to stricter regulations and public resistance. Safety issues, including the risk of collisions, battery failures, and system vulnerabilities, are concerns that need to be addressed.

Limited battery technology constrains flight time and payload capacity. Lastly, high initial costs for advanced electric drones, as well as ongoing maintenance expenses, can be prohibitive for some users. These factors collectively hinder the full-scale adoption and integration of electric drones in various industries.

Electric Drone Market Regional Insights

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"North America to Dominate Market owing to Robust Ecosystem "

North America stands as the leading region in the electric drone industry. The U.S., in particular, has fostered a robust ecosystem for drone technology development and adoption. Factors contributing to this leadership include a favorable regulatory environment, with the Federal Aviation Administration (FAA) actively engaging with the industry, and a strong focus on research and innovation. Key players like DJI, Boeing, and startups have established a significant presence.

North America's diverse landscape of applications, from agriculture and infrastructure inspection to defense and entertainment, further drives growth. Investment, talent, and a mature market make North America a frontrunner in electric drone technology.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profile

• AgEagle (U.S.)
• Agribotix (U.S.)
• Airinov (France)
• Festo (Germany)
• Gamaya (Switzerland)
• Headwall (U.S.)
• LeddarTech (Canada)
• MicaSense (U.S.)
• Novariant (U.S.)
• Parrot (France)
• Shadow Robotics (U.K.)
• Trimble (U.S.)
• URSULA Agriculture (Spain)
• Yanmar (Japan)

Report Coverage

The report provides an insight into industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations. The report also lists the key industry players to understand the competition.