June 14, 2024
Ict

The Global Drone Service Market Driven by Rising Demand of Aerial Data Collection is estimated to Reach US$ 12.57 Billion by 2023

The drone service market includes services related to commercial use of drones for various applications such as aerial photography, services related to infrastructure inspection, agriculture spray, and product delivery. Drones provide high-quality aerial images and videos, enabling industries to remotely monitor large areas and infrastructure projects cost-effectively. They offer an ideal solution for precision agriculture, supporting tasks such as crop monitoring, yield mapping, and variable rate application of fertilizers and pesticides. Drones have significantly transformed many industries by providing bird’s-eye views and insights in real-time.

The global drone service market is estimated to be valued at US$ 12.57 Billion in 2023 and is expected to exhibit a CAGR of 39.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends in the drone service market is the growing adoption of drones in agriculture. Precision agriculture is gaining high momentum with the integration of advanced technologies like drones. Drones equipped with cameras and sensors help farmers in monitoring crop growth, identifying problem areas, measuring field parameters, and optimizing the use of inputs. They provide aerial images that help in analyzing soil condition, detecting diseases and insect infestations at an early stage. This enables targeted and variable application of fertilizers and pesticides. Using drones significantly reduces time, costs and improves farm productivity and yield. Moreover, regulatory norms are getting stabilized in different countries which is further expected to boost the adoption of commercial drones across various industries over the forecast period.

Porter’s Analysis
Threat of new entrants: The threat of new entrants in the drone service market is moderate. New firms require high capital investments in technology as well as certification and licensing requirements which act as entry barriers.
Bargaining power of buyers: The bargaining power of buyers in the drone service market is high. Many buyers opt for in-house drone service capabilities instead of outsourcing to third-party drone service providers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Suppliers of drone hardware, software, and services have some control over pricing and availability. However, the availability of substitute suppliers keeps their power in check.
Threat of new substitutes: The threat of substitutes is moderate. Alternatives like satellite imagery, airplanes, and manned aircraft pose some level of threat. However, drones provide cost-effective solutions for commercial applications.
Competitive rivalry: The competition in the drone service market is high. Players compete based on technology, service portfolio, geographic presence, and pricing.

Key Takeaways
The global drone service market is expected to witness high growth over the forecast period.

Regional analysis: North America dominates the global drone service market currently due to large drone fleets and higher commercial drone use compared to other regions. However, the Asia Pacific region is expected to grow at the fastest pace owing to rising industrial and infrastructure development activities in major economies like China and India.

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. Players are focusing on expanding their service portfolio and global footprint to capitalize on growth opportunities.

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