Drone services market to grow from USD13.9 billion to USD40.7 billion in next five years

Marketsandmarkets has published a 299-page research report on the drone services market that estimates the market will grow from USD13.9 billion in 2021 to USD 40.7 billion by 2026 at a Compound Annual Growth Rate (CAGR) of 23.8% from 2021 to 2026. North America is estimated to account for the largest share of the drone services market in 2021.

According to the report, drone services is an evolving market for services offered for flying drones that can be remotely controlled or flown autonomously by integrating software-controlled flight plans into their embedded systems. Commercial drone services support industries such as agriculture, insurance, construction, marine, aviation, oil & gas, mining, and infrastructure in performing tasks such as search and rescue, package delivery, industrial inspection, assembling imagery, spraying fertilizers, distributing healthcare supplies to remote places, and broadcasting shows.

Some of the prominent key players listed include:

Cyberhawk (UK)

Sky-Futures Ltd. (UK)

senseFly Ltd. (Switzerland)

DroneDeploy Inc. (US)

Terra Drone Corporation (Japan)

PrecisionHawk (US)

Aerodyne Group (Malaysia)

These key players offer drones applicable for various sector and have well-equipped and strong distribution networks across the North American, European, Asia Pacific, Middle East and Rest of the World (RoW), says the report.

Drones have proved to be an ideal solution for offering various services during the COVID-19 pandemic. From prompt delivery at peak hours and dispensing medicines and essentials to remote areas to screening an inaccessible location, drones are gradually demonstrating high work efficiency and productivity. Nevertheless, due to its low adoption, numerous countries have missed out on the potential of drone technology. The outbreak and widespread of the pandemic have led to an increase in demand for and use of drones, as their benefits outweigh their potential risks. Police departments and governments worldwide have utilized drones to achieve remote policing and impose social distancing. Although many law enforcement budgets have been adversely affected by diminished tax revenues and budget reallocations, current pilot programs are increasing drone experiments as organizations are turning toward the technology to tackle operational incompetence.

Report key findings:

By type, platform segment is expected to register the highest CAGR during the forecast period.
Based on type, the drone services market has been segmented into the platform (which is sub-segmented into flights piloting & operation, data analysis, and data processing), MRO, and simulation & training. The platform segment is expected to register the highest CAGR during the forecast period attributed to its higher efficiency in data collection and affordability, as well as the accessibility of drone services across the globe

By industry, healthcare & social assistance segment is projected to record the highest growth
Based on industry, the drone services market has been segmented into construction & infrastructure, agriculture, utility, oil & gas, mining, defense & law enforcement, media & entertainment, scientific research, insurance, aviation, marine, healthcare & social assistance, and transportation, logistics, & warehousing.
The healthcare & social assistance segment is projected to record the highest growth, attributed to the increased investments in the area during the COVID period to deliver test samples and vaccines.

By solution, end-to-end solution segment would have the highest growth during the forecast period

The drone services market based on the solution has been segmented into end-to-end and point solutions.

The end-to-end solution segment would have the highest growth during the forecast period owing to the growing demand for complete package solutions, which include everything from piloting & operation, data analysis to data processing.

By application, transport & delivery segment is expected to dominate the market with the highest CAGR during the forecast period

Based on application, the drone services market has been segmented into inspection & monitoring, mapping & surveying, spraying & seeding, filming & photography, transport & delivery, and security, search, and rescue. Among these applications, the transport & delivery segment is expected to dominate the market with the highest CAGR during the forecast period, owing to the escalating demand for fast package delivery services in the healthcare industry attributed to the outbreak of the COVID-19 pandemic.

North America is expected to hold the highest market share in 2021.

North America is expected to hold the highest market share in 2021. The growth of the regional market can be attributed to the increasing trend of online shopping from e-commerce platforms and favorable FAA regulations in the US. The rise in investments from key players to support start-ups in developing parcel service platforms is also expected to contribute to the growth of the regional market during the forecast period.

(Image: Shutterstock)

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