Global Drone Insurance Market Size Study, by Type, by Pricing, by Application, and Regional Forecasts 2022-2032

PUBLISHED: July 11, 2024

PAGES: 200 Pages

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Description

Global Drone Insurance Market was valued at approximately USD 1.41 billion in 2023 and is anticipated to grow at a compound annual growth rate (CAGR) of 9.82% over the forecast period 2024-2032. Drones are increasingly adopted across diverse industries for applications such as aerial photography, agriculture, surveillance, and delivery services. This burgeoning usage necessitates comprehensive insurance solutions to mitigate risks associated with drone operations, including liability for third-party damage or injury, physical damage, theft, and cyber liability. As drone technology evolves and integrates into more business operations, the demand for tailored insurance solutions is expected to drive significant growth in the drone insurance market.

The Global Drone Insurance Market is driven by several key factors including rising adoption of drones across industries with applications spanning from e-commerce deliveries to emergency response and agricultural monitoring. This expansion necessitates robust insurance solutions to cover the specific risks associated with each use case. Additionally, the regulatory landscape is a critical factor influencing market growth. Governments worldwide are establishing and refining regulations to ensure the safe and responsible use of drones, and insurance coverage is often a crucial component in meeting these regulatory requirements. Insurers are developing innovative policies to address the unique challenges posed by drones, such as collisions and regulatory compliance. Moreover, technological advancements are revolutionizing risk assessment and insurance processes. The integration of artificial intelligence (AI) and data analytics allows insurers to assess risks more accurately and streamline underwriting processes. Strategic partnerships and collaborations among insurance companies, drone manufacturers, and technology providers are also enhancing market offerings and driving growth. These alliances enable insurers to leverage technological innovations and gain insights into drone operations, thereby improving their ability to provide effective coverage. However, uncertain regulatory landscape and modelling complexity is going to impede the overall demand for the market during the forecast period 2024-2032.

The key regions considered for Global Drone Insurance Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. In 2023, North America is a significant contributor to the growth of the drone insurance market, driven by the robust adoption of drones across various sectors and a well-established regulatory framework. The region with businesses and industries increasingly recognizing the need for comprehensive insurance coverage to mitigate potential liabilities and comply with regulations. This drone technology continues to integrate into everyday business operations, the demand for specialized insurance solutions in North America is expected to remain strong. Furthermore, Asia-Pacific, are anticipated to develop at the fastest rate over the forecast period 2024-2032.

Major market players included in this report are:

Thimble Insurance
Avion Insurance
REIN Connected Insurance Agency, LLC
Coverdrone
Driessen Assuradeuren
Embroker
Moonrock Insurance
InsureTech Connect
Global Aerospace
Towergate

The detailed segments and sub-segments of the market are explained below:

By Type:

Liability Coverage
Hull Damage
Theft Coverage
Loss or Flyaway Coverage
Payload Coverage
Ground Equipment Coverage
Others

By Pricing:

Hourly
Monthly
Annually

By Application:

Residential
Commercial

By Region:

North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Middle East & Africa
Saudi Arabia
South Africa
RoMEA

Years considered for the study are as follows:

Historical year - 2022
Base year - 2023
Forecast period - 2024 to 2032

Key Takeaways:

Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with Country level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand side and supply side analysis of the market

Chapter 1. Global Drone Insurance Market Executive Summary

1.1. Global Drone Insurance Market Size & Forecast (2022-2032)
1.2. Regional Summary
1.3. Segmental Summary
- 1.3.1. By Type
- 1.3.2. By Pricing
- 1.3.3. By Application
1.4. Key Trends
1.5. Recession Impact
1.6. Analyst Recommendation & Conclusion

Chapter 2. Global Drone Insurance Market Definition and Research Assumptions

2.1. Research Objective
2.2. Market Definition
2.3. Research Assumptions
- 2.3.1. Inclusion & Exclusion
- 2.3.2. Limitations
- 2.3.3. Supply Side Analysis
  - 2.3.3.1. Availability
  - 2.3.3.2. Infrastructure
  - 2.3.3.3. Regulatory Environment
  - 2.3.3.4. Market Competition
  - 2.3.3.5. Economic Viability (Consumer's Perspective)
- 2.3.4. Demand Side Analysis
  - 2.3.4.1. Regulatory frameworks
  - 2.3.4.2. Technological Advancements
  - 2.3.4.3. Environmental Considerations
  - 2.3.4.4. Consumer Awareness & Acceptance
2.4. Estimation Methodology
2.5. Years Considered for the Study
2.6. Currency Conversion Rates

Chapter 3. Global Drone Insurance Market Dynamics

3.1. Market Drivers
- 3.1.1. Increased Drone Adoption Across Industries
- 3.1.2. Regulatory Environment and Compliance
- 3.1.3. Emergence of Innovative Insurance Solutions
3.2. Market Challenges
- 3.2.1. Uncertain and Evolving Regulatory Landscape
- 3.2.2. Risk Assessment and Modeling Complexity
- 3.2.3. Limited Standardization of Coverage
3.3. Market Opportunities
- 3.3.1. Technological Advancements in Risk Assessment
- 3.3.2. Strategic Partnerships and Collaborations
- 3.3.3. Rise of On-Demand and Pay-Per-Flight Insurance Models

Chapter 4. Global Drone Insurance Market Industry Analysis

4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.1.6. Futuristic Approach to Porter's 5 Force Model
- 4.1.7. Porter's 5 Force Impact Analysis
4.2. PESTEL Analysis
- 4.2.1. Political
- 4.2.2. Economical
- 4.2.3. Social
- 4.2.4. Technological
- 4.2.5. Environmental
- 4.2.6. Legal
4.3. Top investment opportunity
4.4. Top winning strategies
4.5. Disruptive Trends
4.6. Industry Expert Perspective
4.7. Analyst Recommendation & Conclusion

Chapter 5. Global Drone Insurance Market Size & Forecasts by Type 2022-2032

5.1. Segment Dashboard
5.2. Global Drone Insurance Market: Type Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 5.2.1. Liability Coverage
- 5.2.2. Hull Damage
- 5.2.3. Theft Coverage
- 5.2.4. Loss or Flyaway Coverage
- 5.2.5. Payload Coverage
- 5.2.6. Ground Equipment Coverage
- 5.2.7. Others

Chapter 6. Global Drone Insurance Market Size & Forecasts by Pricing 2022-2032

6.1. Segment Dashboard
6.2. Global Drone Insurance Market: Pricing Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 6.2.1. Hourly
- 6.2.2. Monthly
- 6.2.3. Annually

Chapter 7. Global Drone Insurance Market Size & Forecasts by Application 2022-2032

7.1. Segment Dashboard
7.2. Global Drone Insurance Market: Application Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 7.2.1. Residential
- 7.2.2. Commercial

Chapter 8. Global Drone Insurance Market Size & Forecasts by Region 2022-2032

8.1. North America Drone Insurance Market
- 8.1.1. U.S. Drone Insurance Market
  - 8.1.1.1. Type breakdown size & forecasts, 2022-2032
  - 8.1.1.2. Pricing breakdown size & forecasts, 2022-2032
  - 8.1.1.3. Application breakdown size & forecasts, 2022-2032
- 8.1.2. Canada Drone Insurance Market
8.2. Europe Drone Insurance Market
- 8.2.1. U.K. Drone Insurance Market
- 8.2.2. Germany Drone Insurance Market
- 8.2.3. France Drone Insurance Market
- 8.2.4. Spain Drone Insurance Market
- 8.2.5. Italy Drone Insurance Market
- 8.2.6. Rest of Europe Drone Insurance Market
8.3. Asia-Pacific Drone Insurance Market
- 8.3.1. China Drone Insurance Market
- 8.3.2. India Drone Insurance Market
- 8.3.3. Japan Drone Insurance Market
- 8.3.4. Australia Drone Insurance Market
- 8.3.5. South Korea Drone Insurance Market
- 8.3.6. Rest of Asia Pacific Drone Insurance Market
8.4. Latin America Drone Insurance Market
- 8.4.1. Brazil Drone Insurance Market
- 8.4.2. Mexico Drone Insurance Market
- 8.4.3. Rest of Latin America Drone Insurance Market
8.5. Middle East & Africa Drone Insurance Market
- 8.5.1. Saudi Arabia Drone Insurance Market
- 8.5.2. South Africa Drone Insurance Market
- 8.5.3. Rest of Middle East & Africa Drone Insurance Market

Chapter 9. Competitive Intelligence

9.1. Key Company SWOT Analysis
9.2. Top Market Strategies
9.3. Company Profiles
- 9.3.1. Thimble Insurance
  - 9.3.1.1. Key Information
  - 9.3.1.2. Overview
  - 9.3.1.3. Financial (Subject to Data Availability)
  - 9.3.1.4. Product Summary
  - 9.3.1.5. Market Strategies
- 9.3.2. Avion Insurance
- 9.3.3. REIN Connected Insurance Agency, LLC
- 9.3.4. Coverdrone
- 9.3.5. Driessen Assuradeuren
- 9.3.6. Embroker
- 9.3.7. Moonrock Insurance
- 9.3.8. InsureTech Connect
- 9.3.9. Global Aerospace
- 9.3.10. Towergate

Chapter 10. Research Process

10.1. Research Process
- 10.1.1. Data Mining
- 10.1.2. Analysis
- 10.1.3. Market Estimation
- 10.1.4. Validation
- 10.1.5. Publishing
10.2. Research Attributes