Drone Service Market: Elevating Industries and Innovation through Unmanned Aerial Vehicles (UAVs) for Commercial Applications
According to a recent report published by Allied Market Research, titled, “Drone Service Market by Type, Duration of Service, Application, and Solution: Global Opportunity Analysis and Industry Forecast, 2021–2030,” The global drone service market was valued at $4,215.8 Million in 2020, and is projected to reach $128,185.3 Million by 2030, registering a CAGR of 40.7% from 2021 to 2030.
In terms of revenue, North America leads the market, followed by Europe, Asia-Pacific, and LAMEA. The rise in adoption of drone service in construction, energy & power, logistics, and other industries fosters the growth of drone service in North America. U.S. dominated the global drone service market share in 2020 and is expected to grow at a significant rate during the forecast period. Drone services are increasingly being used to expedite logistics and surveillance services in major North American economies.
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Drone services are being used on construction sites to inspect and monitor the progress of the work. By type, the drone service market is categorized into drone platform services, drone maintenance, repair, and overhaul (MRO) services, and drone training & education services. The drone platform services segment accounted for the highest revenue in 2020, owing to the drone technology advancements and increased development of advanced drones for agriculture, construction management, search & rescue, forestry, real estate, fire, and emergency services. Increased demand in defence, energy & power, homeland security, and other industries for unmanned platforms that provide residential and commercial real-estate photography, construction site monitoring, drone inspection services, orthomosaic & aerial survey, data capture & analysis services, and drone 3D modelling foster the growth of the drone platform services segment.
By solution, the drone service market is segregated into enterprise and point. In 2020, the enterprise segment dominated the solution segment, owing to rise in popularity of drone services as more technologically advanced airborne platforms, such as unmanned aerial vehicles (UAVs), are being integrated into numerous businesses. The adoption of drones by enterprise solution providers has expanded to fully exploit the potential of the expanding global need for end-to-end modernization solutions by industries such as construction, inspection, and public safety.
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The surge in demand for time-efficient delivery service, increase in demand for industry-specific solutions, and high demand for autonomous security and surveillance systems are expected to drive the global drone service market growth during the forecast period. However, cybersecurity issues associated with drones and limited operational bandwidth for drones is anticipated to hamper the growth of the market during the forecast period. Moreover, revamped government regulatory framework and technological advancement in drones is expected to offer lucrative opportunities for the market in the future.
COVID-19 Impact Analysis
- The COVID-19 impact on the drone services market is unpredictable and it is expected to remain in force till the second quarter of 2021.
- Governments & local authorities opted the use of drones for surveillance to prevent people from gathering. In addition, governments entered into numerous agreements with different companies for the supply of drones, which have the ability of surveillance on a wider location.
- Moreover, the nationwide lockdown forced the drone service provider to partially or completely shut their operations which resulted in loss in revenue.
- In addition to street surveillance, authorities are using drones to broadcast messages & information about lockdown measures, especially in rural areas that lack open communication channels for health information.
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Key Findings Of The Study
- By type, the drone maintenance repair and overhaul services segment is expected to register a significant growth during the forecast period.
- By duration of service, the long-duration service segment is anticipated to exhibit significant growth in the near future.
- By application, the aerial photography & remote sensing segment is anticipated to exhibit significant growth in the near future
- By solution, the enterprise segment is anticipated to exhibit significant growth in the near future
- By region, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
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Key players operating in the global drone service market include Aerodyne Group, Cyberhawk, DroneDeploy, Edall Systems, Phoenix Drone Services LLC, PrecisionHawk, senseFly, Sharper Shape, Terra Drone Corporation, and Unmanned Experts Inc.
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