Drones Market Size
|2019 - 2029
|Market Size (2024)
|USD 35.28 Billion
|Market Size (2029)
|USD 67.64 Billion
|CAGR (2024 - 2029)
|Fastest Growing Market
*Disclaimer: Major Players sorted in no particular order
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Drones Market Analysis
The Drones Market size is estimated at USD 35.28 billion in 2024, and is expected to reach USD 67.64 billion by 2029, growing at a CAGR of 13.90% during the forecast period (2024-2029).
Drones are being adopted in various applications, including internet provision in remote places, aerial photography and video recording, survey and documenting wildlife, and public service missions. Technological advancements, in terms of payloads and electronics, are expected to augment the rapid growth of the drones market. Moreover, the enhanced investments in drone technologies are also anticipated to foster long-term growth in the market.
The market is still in the early stages in several developing economies in terms of its mass adoption and usage. However, the growth of the drones market can be hindered by technological constraints such as limited endurance, SWaP challenges, and the presence of non-uniform laws and regulations that can restrict the usage of such systems in the airspace of certain countries.
Drones Market Trends
Construction Segment to Dominate the Market During the Forecast Period
Drones are rapidly replacing traditional land surveillance methods, as they offer a significant reduction in labor and time to capture the necessary data while eliminating the scope of human error.
Moreover, drones are being increasingly utilized to perform the visual inspection of the high-risk areas of a construction site. The efficiency of on-site communication and management is also bolstered by the ability to collect real-time data from drones.
Drones also help engineers and surveyors inspect high-rise structures and visualize the project's progress through aerial shots. Additionally, they provide site managers with an overview of potential issues and facilitate key decision-making aspects to streamline the operations at a construction site.
The increasing demand has encouraged drone manufacturers to manufacture more drones, specifically for the construction industry. For instance, in November 2021, the drone-in-a-box solutions provider Percepto announced the launch of a new drone called Air Mobile. According to the company, Air Mobile is ideal for linear inspections and can monitor short-term projects across multiple sites in sectors like construction. The Air Mobile drones can be stored permanently on-site within their respective Percepto Bases. The encasements are designed for infrequent maintenance and protection against extreme environmental phenomena, such as hurricanes.
Asia-Pacific to Witness Highest Growth During the Forecast Period
The recent changes in drone regulations in several countries across the region are expected to support the growth of the market in the Asia-Pacific.
China has become the global hub for drone manufacturing over the last six years. More than 70% of the global civilian drone market is supported by China. The Chinese government is providing various subsidy schemes and other favorable domestic policies for drone purchases to promote the adoption of drones in various industrial sectors.
The increasing demand for drones for monitoring, inspection, surveying, and surveillance applications in the construction, agriculture, infrastructure, energy, telecommunications, mining, and insurance industries is propelling the growth of commercial drones in the region.
The Japanese government recently implemented new regulations for drone manufacturers and users, which may support the Japanese drone market in the future. The government has taken initiatives to improve the country's commercial drone industry and announced its plans to establish a streamlined registry system by 2022 to offer more opportunities for drones.
Besides, Australia is a major industry hub in Asia-Pacific, which is witnessing the rising importance of BVLOS testing. In December 2021, Australia's Civil Aviation Safety Authority (CASA) granted operational approval to drone-in-a-box solutions provider Percepto to fly beyond visual line of sight (BVLOS) in the country.
Operators in the country are rapidly developing technologies and services to support the large drone ecosystem. The supportive drone regulations in Australia, introduced by the Civil Aviation Safety Authority (CASA), in support of many domestic and international players, are helping the penetration of drones into several such applications.
Drones Industry Overview
The drones market is moderately fragmented due to the presence of several local and global players holding significant shares in the market. Some of the prominent players in the market are SZ DJI Technology Co. Ltd., The Boeing Company, Terra Drone Corporation, Intel Corporation, and Parrot Drones S.A.S.
The market comprises a handful of established players, which enjoy a strong foothold in the market. However, many small companies and startups entered the market in the past few years due to the high profitability in the market. Companies are competing to gain market shares and are developing advanced technology-integrated drone hardware and software solutions that reduce human effort in applications such as mining, construction, and aerial mapping.
Additionally, the entry of companies, like The Boeing Company, Alphabet, and Intel Corporation, into the commercial sector of drones is expected to make the market fragmented over the coming years. Since the payload, endurance, and flight range of a drone platform are the primary concerns of OEMs and operators alike, the emergence of alternative fuel-powered drones is expected to cause significant changes in the competitive scenario.
Moreover, R&D efforts in terms of composite-based materials for the construction of critical components and parts of drones may increase the capabilities of the drone platforms and fuel their widespread adoption across different industries.
Drones Market Leaders
The Boeing Company
Terra Drone Corporation
SZ DJI Technology Co. Ltd.
Parrot Drones S.A.S.
*Disclaimer: Major Players sorted in no particular order
Drones Market News
- In May 2023, Parrot and Tinamu, the Swiss drone automation technology provider, partnered to integrate the Parrot ANAFI AI drone into Tinamu’s indoor monitoring solutions. The Parrot UAVs and Tinamu’s software capabilities are expected to result in an advanced, completely automated robotic solution built for the industry.
- In March 2023, Precision Hawk announced that the company merged with the European company Field bringing in world-leading geospatial data analysis solutions to the infrastructure and energy sectors amongst others in the US.
Drones Market Report - Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Buyers/Consumers
4.4.2 Bargaining Power of Suppliers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1.5 Law Enforcement
5.1.6 Other Applications
5.2.1 Fixed-wing Drones
5.2.2 Rotary-wing Drones
5.3.1 North America
184.108.40.206 United States
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
5.3.4 Latin America
188.8.131.52 Rest of Latin America
5.3.5 Middle East & Africa
184.108.40.206 United Arab Emirates
220.127.116.11 Saudi Arabia
18.104.22.168 Rest of Middle East & Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 DELAIR SAS
6.2.2 Intel Corporation
6.2.3 Parrot Drones S.A.S.
6.2.4 PrecisionHawk, Inc.
6.2.5 SZ DJI Technology Co., Ltd.
6.2.6 Terra Drone Corporation
6.2.7 The Boeing Company
6.2.8 Yuneec (ATL Drone)
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Drones Market Research FAQs
How big is the Drones Market?
The Drones Market size is expected to reach USD 35.28 billion in 2024 and grow at a CAGR of 13.90% to reach USD 67.64 billion by 2029.
What is the current Drones Market size?
In 2024, the Drones Market size is expected to reach USD 35.28 billion.
Who are the key players in Drones Market?
Intel Corporation, The Boeing Company, Terra Drone Corporation, SZ DJI Technology Co. Ltd. and Parrot Drones S.A.S. are the major companies operating in the Drones Market.
Which is the fastest growing region in Drones Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Drones Market?
In 2024, the North America accounts for the largest market share in Drones Market.
What years does this Drones Market cover, and what was the market size in 2023?
In 2023, the Drones Market size was estimated at USD 30.38 billion. The report covers the Drones Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Drones Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the emerging technologies shaping the future of Drones market?
The emerging technologies shaping the future of Drones Market are: a) Advancements in Automation b) AI-powered Navigation, and c) Collision Avoidance Systems
Drones Industry Report
The global drone market, also known as unmanned aerial vehicles (UAVs) market, is witnessing significant growth due to advancements in technology and an expanding range of applications. These applications span various sectors such as traffic monitoring, agriculture, delivery services, and weather monitoring, but drones are primarily utilized for search & rescue and surveillance. Equipped with multiple sensors for enhanced flight control, precise location control, and communication operations, drones are segmented into fixed-wing and rotary-wing types. The rotary-wing drone segment is expected to see substantial growth due to its ability to hover and perform agile maneuvers. The commercial drone segment is also growing significantly, with expanding application areas such as precision agriculture, oil & gas, aerial imaging, cargo management, and traffic monitoring. The fastest growth in the drone market is expected in the Asia Pacific region, driven by technological development in electronics and the integration of modern technologies like artificial intelligence (AI) and machine learning (ML). Mordor Intelligence™ Industry Reports provide statistics for the Global drone market share, size, and revenue growth rate, including a market forecast and a historical overview. A sample of this industry analysis is available as a PDF download.