Drones Market Overview 2023-2028, Industry Size, Share, Trends and Forecast
According to IMARC Group’s latest report, titled “Drones Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global drones market size reached US$ 24.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 48.1 Billion by 2028, exhibiting a growth rate (CAGR) of 12.4% during 2023-2028.
Drones or unmanned aerial vehicles (UAVs) are aircraft that are remotely controlled by a pilot or autonomously navigated through a programmed onboard computer. They comprise several components such as an electronic speed controller (ESC), global positioning system (GPS) module, antenna, flight controller, and sensors. Some commonly available drone types include multi-rotor, fixed-wing, single-rotor, and fixed-wing hybrid vertical take-off and landing (VTOL) drones. They are produced using numerous materials, including fiberglass, carbon aluminum, fiber composites, and plastic. They are also employed for traffic and weather monitoring, personal use, delivery services, photography, videography, firefighting, surveillance, and rescue operations. As a result, drones are extensively adopted in military and defense, logistics, law enforcement, media and entertainment industries, construction, and agriculture across the globe.
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The market is primarily driven by the expanding military and defense industry and the escalating demand for drones to access and analyze the movement of enemies and provide real-time information on target positions. In addition, the increasing demand for construction activities due to their ability to survey the property, prevent harmful accidents on construction sites, and offer constant and exact project alerts while increasing safety, is contributing to market growth. Moreover, the integration of the internet of things (IoT), artificial intelligence (AI), and machine learning (ML) in drones to store and manage huge amounts of data represents another major growth-inducing factor. Besides this, the rising use of drones in the agriculture industry to reduce expenditure, enhance productivity, collect farm data, and automate repetitive tasks, is providing a positive thrust to the market growth. Furthermore, the surging product application in disaster management to identify affected areas facilitates the rescue of individuals and provides them with first aid kits, is also creating a favorable market outlook.
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List of Key Companies Covered in this Market Report:
- 3D Robotics
- AeroVironment Inc
- Birdseyeview Aerobotics Inc.
- Delair SAS
- DroneDeploy Inc
- Intel Corporation
- Parrort SA
- Precisionhawk Inc.
- SZ DJI Technology Co. Ltd. (iFlight Technology Co. Ltd.)
- Terra Drone Corporation
- The Boeing Company
The report has segmented the market on the basis of type, component, payload, point of sale, end-use industry and geography.
Market Breakup by Type:
- Fixed Wing
- Rotary Wing
Market Breakup by Component:
Market Breakup by Payload:
- <25 Kilograms
- 25-170 Kilograms
- >170 Kilograms
Market Breakup by Point of Sale:
- Original Equipment Manufacturers (OEM)
Market Breakup by End-Use Industry:
- Military and Defense
- Law Enforcement
- Media and Entertainment
Market Breakup by Geography:
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East & Africa
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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