May 27, 2024
Ict

Drone Service Market is transforming with innovation-driven Trends

The drone service market is witnessing innovations driven by smarter delivery trends. Drone services include various commercial applications like inspection, surveying, product delivery, agriculture spraying and many more. These services help save time and resources by automating manual processes involved in sectors like infrastructure, agriculture, logistics etc. Drone technology delivers cost-effective solutions for data collection, monitoring, and delivery requirements.

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: 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.

Growing demand: There is growing demand for drone services from various industries like infrastructure, agriculture, telecommunication etc. due to benefits like high precision data collection, automatedmonitoring, and faster delivery. This growing industrial demand is expected to drive the market significantly over the forecast period.

Global expansion: Major players are focusing on global expansion plans by setting up new facilities and partnerships across countries. For example, drone delivery startup Zipline plans to expand its medical delivery services globally. Such global expansion allows companies to cater to the fast growing international demand for commercial drone applications.

Market key trends

Smarter deliveryis a major trend in the drone service market. Companies are developing advanced drones withlogistics automation and artificial intelligence capabilities for autonomousdelivery of packages. Startups like Flytrex, Wing and Zipline are focusing ondelivery drones for delivering food, medicines etc. within few minutes. Thisinnovationdriven trend is expected to boost the market as smarter deliverydrone services get adopted widely across industries over the coming years.

Porter’s Analysis

Threat of new entrants: New players need high capital investments to acquire technological expertise which acts as a deterrent. Bargaining power of buyers: Buyers have moderate bargaining power due to the presence of several service providers in the market. Bargaining power of suppliers: Suppliers of drone components have moderate bargaining power due to availability of substitute components. Threat of new substitutes: Emergence of new technologies like self-piloting drones may pose threat. Competitive rivalry: Intense competition due to presence of global and regional players.

Geographical Regions:

North America dominates the market currently and holds around 45% of the total market share in terms of value. This is attributed to high adoption of drones for various commercial applications such as agriculture, infrastructure, and public safety in countries like the US and Canada.

Asia Pacific is expected to be the fastest growing region during the forecast period owing to rising investments by governments as well as private sector players for infrastructure development and increasing demand from Agriculture sector in countries like China and India. Increasing usage of mapping & surveillance applications are fueling the market growth in the region.

*Note:

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