April 24, 2024
Ict

Drone Service Market Expected to Witness High Growth Owing to Rising Adoption of Advanced Technologies

The drone service market consists of various services offered by professional commercial drone operators, including aerial photography, property surveying, infrastructure inspections, agriculture analytics, and precision agriculture services. Drones equipped with infrared and thermal cameras can monitor crops and identify crop diseases, pests, and lack of water or nutrients in fields. They also analyze land and structures for surveyors and engineers more efficiently than traditional methods. The growing demand for aerial data collection and mapping services from various sectors such as construction, agriculture, and utilities is driving the adoption of commercial drone services.

The global Drone Service Market is estimated to be valued at US$ 12.57 Bn in 2024 and is expected to exhibit a CAGR of 39% over the forecast period of 2023 to 2030.

Key Takeaways

Key players operating in the drone service market are Unmanned Experts Inc., Aerodyne Group, Terra Drone Corporation, Cyberhawk, Sharper Shape, Dronedeploy, Sensefly, Edall Systems, Precisionhawk, and Phoenix Drone Services LLC. These market players are focusing on enhancing their fleet sizes and service offerings to capitalize on the growing demand from various end-use industries.

The increasing demand for drone-based data analytics and inspection services across sectors such as energy and utilities, construction, agriculture, and infrastructure is expected to open significant opportunities for commercial service providers during the forecast period. Drone service providers are expected to witness high growth opportunities in developing countries, where the adoption of advanced technologies is at a nascent stage.

Global expansion through partnerships and acquisitions remains a key strategy for leading drone service operators to leverage overseas growth opportunities. Many providers have expanded their operations across North America, Europe, Asia Pacific, Middle East, and Africa in last few years. This is expected to continue as industries increasingly recognize the economic and productivity benefits of commercial drone data services.

Market Drivers

One of the key drivers of the drone service market is the increased awareness and adoption of commercial drones across industry verticals for aerial data collection and analytics applications. Drones reduce costs, improve worker safety, and increase productivity compared to traditional methods. The growing demand for aerial photography, inspection services, and precision agriculture is driving significant market opportunities.

Another major driver is the development of sense-and-avoid technologies and beyond visual line of sight (BVLOS) operations which allow commercial drones to fly without direct supervision. This enhances the range of inspection, 3D mapping, and other services that drone operators can provide in a cost-effective manner.

Market Restraints
Stringent regulations around drone operations and pilot certifications in many countries continue to restrain the growth of commercial drone service providers to some extent. Addressing unique operational challenges in each region requires significant resources.

Additionally, concerns around drone privacy, security from signal interference, and piloting errors are holding back complete mainstream adoption across industries. Ongoing technology advancements are helping alleviate many of these issues, but regulatory acceptance may take further time in certain sectors and domains.

Segment Analysis
The drone service market is broadly segmented into drone platform service, drone solution service, and drone application service. Within the drone platform service segment, the inspection and monitoring services sub-segment dominates owing to increasing demand for commercial drones for inspection activities across various sectors such as oil and gas, utilities, mining, and construction. The growing need for routine asset monitoring to ensure workplace safety and avoid system failures is driving the dominance of this sub-segment.

Global Analysis

Regionally, North America dominates the global drone service market and is estimated to grow at a high CAGR during the forecast period. The growth of the North American market can be attributed to the growing demand for drones across industries such as energy, construction, and agriculture. Government regulations in the US and Canada are also favorable for commercial drone applications. The Asia Pacific market is estimated to be the fastest growing regional market during the forecast period owing to rising investments towards infrastructure development and increasing adoption of advanced drone technologies for survey and mapping applications in countries such as China and Japan.

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  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it