Drone Market Size, Share, Growth Analysis, By Type, By Vertical, By Operation, By Application, By Region - Industry Forecast 2024-2031

Global Drone Market size was valued at USD 22.4 Billion in 2022 and is poised to grow from USD 28 Billion in 2023 to USD 166.70 Billion by 2031, growing at a CAGR of 25% during the forecast period (2024-2031).

The global drone market has experienced notable expansion in recent years, driven by the growing adoption of unmanned aerial vehicles (UAVs) across diverse sectors such as agriculture, construction, and defense. Drones are increasingly favored for their capability to access areas that are challenging or hazardous for human operators. This market is poised for continued growth, with new applications and use cases emerging. The primary goal of the drone market is to supply various types of drones for a broad range of applications, including aerial photography, mapping, surveying, search and rescue, and infrastructure inspection. The growth of the drone market is fueled by rising demand in commercial and industrial sectors. Drones offer considerable advantages over traditional methods of data collection and inspection, including enhanced speed, cost-effectiveness, and safety. Moreover, technological advancements, such as better sensors and extended flight times, are further propelling market expansion. However, there are challenges that may hinder market growth, such as stringent regulations, privacy and security concerns, and the high cost of advanced drone technology. Regulatory constraints can limit drone usage in certain applications, and developing drones with longer ranges and heavier payload capacities presents technical hurdles. Despite these challenges, there are significant growth opportunities ahead. According to SkyQuest analysis, the Indian government's Production-Linked Incentive (PLI) scheme, introduced in 2021 and reiterated in 2022, aims to boost domestic drone manufacturing and establish India as a global drone production hub by 2030. Additionally, advancements in drone technology, including artificial intelligence and machine learning, open new avenues for applications such as delivery and advanced air mobility, supported by initiatives like the U.S. National Drone and Advanced Air Mobility Initiative Act, which provides $1.6 billion in funding.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Drone market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Drone Market Segmental Analysis

Global drone market is segmented on the product, application, type, end user and region. In terms of system, the market is segmented into platform (airframe {alloys, plastics, composites [carbon fiber reinforced polymer, glass fiber reinforced polymer, boron fiber reinforced polymer, aramid fiber reinforced polymer]}, avionics {flight control [air data/ computer, autopilot/ flight control computer], navigation [global positioning system, inertial navigation system, sense and avoid], sensor [speed sensor, light sensor, proximity sensor, position sensor, temperature sensor], communication, others}, propulsion system {engine [gas engine, electric engine], battery [rechargeable, solar cell, fuel cell]}, software), payload (camera {high resolution camera multispectral camera, hyperspectral camera, thermal camera, electro optical/infrared camera}, intelligent payload {signal intelligence [SIGNIT], electronic intelligence [ELINT], communication intelligence [COMINT], telemetry intelligence [TELINT]}, RADAR {synthetic aperture radar [SAR], active electronically scanned array [AESA]}, LIDAR, GIMBAL), data link, ground control system, launch and recovery system. Based on platform, the market is segmented into civil and commercial (micro, small, medium, large), defense and government (small {nano, micro, meaning}), and tactical (close range, short range, medium range, long range, strategic {hale, male}). Based on function, the market is segmented into special purpose drone (ucavs, swarm drones, stratospheric drones, exo-stratospheric drones), passenger drones (drone taxis, air shuttles, air ambulances, personal air vehicles), inspection and monitoring drones, surveying and mapping drones, spraying and seeding drones, and others (photography/filming drones, cargo delivery drones). Based on industry, the market is segmented into defense and security, agriculture, logistics and transportation (postal and package delivery, healthcare and pharmacy delivery, retail and food delivery), energy and power (power generation, oil and gas), construction and mining, media and entertainment, insurance, environmental monitoring /wildlife and forestry, and academics. Based on application, the market is segmented into military (intelligence, surveillance, and reconnaissance {ISR}, combat operations {lethal, stealth, loitering munition, target}, delivery), commercial (remote sensing, inspection and monitoring, product delivery, surveying and mapping, aerial imaging, industrial warehousing, passenger and public transportation, others), government and law enforcement (border management, traffic monitoring, firefighting and disaster management, search and rescue, police operations and investigation, maritime security), and consumer ( prosumers, hobbyists). Based on industry, the market is segmented into virtual line of sight (VLOS), extended virtual line of sight (EVLOS), and beyond virtual line of sight (BVLOS). Based on industry, the market is segmented into remotely piloted, optionally piloted, and fully autonomous. Based on type, the market is segmented into fixed wing (long range capabilities, CTOL, VTOL), rotary wing (single rotor, multi rotor, bicopter, tricopter, quadcopter, hexacopter, octocopter), and hybrid wing. Based on MTOW (maximum take-off weight), the market is segmented into <25 kilograms, 25 -170 kilograms, and >170 kilograms. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Drone Market

Drones are increasingly gaining traction in the construction industry for future-oriented projects. Advanced photography techniques using drones can scan construction sites and monitor activities throughout the construction process, allowing building managers to achieve project goals more efficiently and rapidly. Industrial conglomerates and corporate entities are also utilizing drones equipped with thermal imaging cameras for emergency response, enabling the detection of casualties not visible to the naked eye. Similarly, hospitals are deploying ambulance drones with defibrillators to provide timely resuscitation to patients in critical situations. As climate change impacts wildlife, conservationists are turning to innovative drone technology to monitor, track, and collect samples from endangered species. The growing use of commercial and business models that leverage drone technology is expected to significantly enhance the industry's operational efficiency. This increased adoption will push stakeholders to elevate their performance, driving further advancements in the drone sector.

Restraints in the Global Drone Market

A significant challenge to the growth of the drone market is the complex regulatory environment. Regulations governing drone use differ considerably between countries, creating difficulties for manufacturers in developing products that meet diverse regulatory requirements. Additionally, restrictions on drone operations in specific areas, such as airports and sensitive locations, further constrain their usage and limit the market's potential.

Market Trends of the Global Drone Market

The commercial sector has significantly contributed to the growth of the drone market, with drones being utilized across various applications such as delivery services, surveying, inspection, and monitoring. For instance, Amazon employs drones for package delivery, while companies like DJI are focusing on developing drones tailored for commercial uses in agriculture and construction. Based on SkyQuest analysis, a report indicates that in the first half of 2023, the Asia-Pacific region led global drone deliveries, accounting for 43% of the market.