Smart Drone Services Market Report Overview
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The global smart drone services market size was USD 1.418 billion in 2021, as per our research, the market is expected to reach USD 3.786 billion by 2031, exhibiting a CAGR of 10.18% during the forecast period.
The global COVID-19 pandemic has been unprecedented and staggering, with smart drone services experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden decline in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
A drone is an unmanned aircraft or spacecraft in aviation and space. It can also be referred to as a UAV, or unmanned aerial vehicle. Since they don't endanger the lives of the pilots in war zones, drones are frequently utilized for military operations on Earth. Drones also don't need to rest; thus, they can fly for as long as there is fuel in the ship and no mechanical issues. Drone deliveries are being considered by certain businesses as a way to cut the cost of utilizing drivers to deliver items door to door. Amazon is promoting "Prime Air," a future service that will transport deliveries to customers in 30 minutes or less (opens in new tab). To start this service, the business has submitted a letter of application to the FAA.
Another aspect that contributes to the expansion of the drone services market size is the increasing number of companies that have employed drone services at their location for monitoring, inspection, surveying, and mapping over the past few years. Technology is developing more quickly than ever. As technology develops, drones get smaller and less expensive. A drone may actually now fit in the palm of your hand. Drones are now used in a variety of ways by different businesses due to their size reduction. Drone search and rescue services are offered by certain businesses, while others sell drones for photography and surveying. In order to increase their revenue streams, manufacturers can take advantage of new drone service prospects.
COVID-19 Impact: Small Personnel Due to Lockdown to Hamper Market Growth
Due to mandatory lockdowns and other restrictions set by the relevant regulating bodies in the wake of the recent COVID-19 outbreak, the activities of various industries have either been temporarily suspended or are running with small personnel. It is expected that this aspect will considerably harm the industry's revenue growth in the case of the market for smart drone services. Over the course of this forecast period, the high expenses related to the installation and maintenance of these devices may potentially restrain the smart drone services market growth.
Latest Trends
"Increased Commercial Usage of Unmanned Aerial Vehicles"
Since a few decades ago, the military and other government agencies have utilized drones to gather data; however, the commercial sector has only just begun to use them. The private and commercial sectors quickly embraced drone technology once it became cheaper in order to enhance operations and boost efficiency. In important industries like agriculture, urban planning, traffic control, disaster management, forest and wildlife management, healthcare, security, and mining, drones have successfully altered business and operational patterns. The most cost-effective way to acquire real-time, highly precise data is now possible because to their empowerment of enterprises. In the coming years, the commercial sector, including logistics, retail and marketing, real estate, and educational institutions, is expected to use drone services more frequently.
Smart Drone Services Market Segmentation
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- By Type Analysis
According to type, the market can be segmented into micro drones, mini drones and other drones.
In terms of product, micro drones are the largest segment.
- By Application Analysis
Based on application, the market can be divided into smart constructions, delivery, agriculture monitoring, oil and gas, law enforcement, disaster management, entertainment, media, networking for remote areas, environmental drones and others.
In terms of application, smart constructions are the largest segment.
Driving Factors
"Rapid Rise in Use of Drones for Aerial Survey in Agriculture Sector to Promote Market Growth"
The building and construction, logistics, oil and gas, energy & utility, agricultural, mining, tourism, media & entertainment, aerospace & defense, and other end-use industries are the segments that make up the smart drone services industry. Due to the multiple benefits drones have over traditional data collection methods like satellites and other aerial sensors, their use in agriculture is expanding quickly. Drones can assist farmers with field surveillance, aerial photography, and crop spraying and monitoring.
Real-time photos of crops can be sent to farmers through this service, which can be utilized for a variety of things like pest control, disease outbreak monitoring, and water consumption effectiveness. Additionally, acquired information on soil moisture, temperature, wind speed, and precipitation can be interpreted using drone analytics. One of the key aspects driving the demand for drone services globally is the increased use of aerial services in the agricultural industries.
"High Demand for Drone Services for Aerial Photography"
The airborne photography, inspection and monitoring, mapping and surveying, spraying and seeding, and transport and delivery segments make up the worldwide drone services industry. The market sector with the largest share was aerial photography. At every angle, drone photography offers exceptional picture and video quality. Additionally, aerial photography offers a singular bird's eye perspective of a location, an item, or a subject. Real estate drone photography highlights both the surrounding region and the image's primary focus point, such as a home for sale or a company's physical location.
Restraining Factors
"Longer Flight Time to Impede Market Expansion"
The use of drones in agriculture has significant drawbacks. The majority of agricultural drones only have a 20–60-minute flying time. For monitoring very big acreages, this might not be particularly successful. The radius that can be covered throughout each flying time is similarly limited by the flight range. Longer flight times and greater range monitoring drones are generally more expensive.
Smart Drone Services Market Regional Insights
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"North America to Dominate the Market Due to Aerial Photography "
Due to the presence of significant service providers in this area and the early adoption of high-end technologies in drone services, North America accounted for the biggest smart drone services market share of the worldwide drone services market in terms of value. The market in the area is also being driven by an increase in demand for aerial photography in the real estate and construction industries. North America is a significant market for drone services in North America, accounting for a sizable portion of the industry there.
Due to the rising demand for drone services in the agriculture and construction industries in these countries, the drone services market in Asia Pacific and Europe is predicted to expand quickly over the forecast period.
Key Industry Players
"Key Players Focus on Partnerships to Gain a Competitive Advantage "
The market for smart drone services is highly concentrated, with a few large-scale providers owning the majority of the industry. Most businesses invest a sizable amount of money in thorough research and development as well as the creation of new products. Key players frequently use acquisitions and product portfolio expansion as primary tactics. The well-known companies active in this industry include Aerial Drone Services Inc., Aerodyne Group, Arch Aerial LLC, AUAV, CYBERHAWK, Drone Services Canada Inc., Drone Genuity, FLIGHTS Inc., FlyGuys, NADAR Drone Company, Phoenix Drone Services LLC, TERRA DRONE CORPORATION, and Wing Aviation LLC.
List of Market Players Profiled
- Yamaha (Japan)
- Draganflyer (Canada)
- Parrot (France)
- 3D Robotics (U.S.)
- Microdrones (Germany)
- AscTec (Germany)
- Xaircraft (China)
- DJI (Netherlands)
- AeroVironment (U.S.)
Report Coverage
This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 1.418 Billion in 2021 |
Market Size Value By |
US$ 3.786 Billion by 2031 |
Growth Rate |
CAGR of 10.18% from 2021 to 2031 |
Forecast Period |
2023-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Types & Application |
Frequently Asked Questions
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What value is the global smart drone services market expected to touch by 2031?
The global smart drone services market is expected to touch USD 3.786 billion by 2031.
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What CAGR is the smart drone services market expected to exhibit during 2022-2031?
The smart drone services market is expected to exhibit a CAGR of 10.18% over 2022-2031.
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Which are the driving factors of the smart drone services market?
Rapid rise in use of drones for aerial survey in agriculture sector and high demand for drone services are the driving factors of the smart drone services market.
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Which are the top companies operating in the smart drone services market?
DJI, Parrot, 3D Robotics, Intel (AscTec), Xaircraft, Microdrones, AeroVironment, Yamaha, Draganflyer are the top companies operating in the smart drone services market.
