- Rising deployment of drone services in agriculture for crop management applications
- Solar-powered drones and other renewable energy powered technologies take drone services market to new growth trajectory; regulatory hurdles key aspect
ALBANY, New York, April 6, 2020 /PRNewswire/ -- Drone services market is evolving increasingly on the back of the growing use cases in numerous industries. Use of drone services among farmers in bevy of agricultural applications drive revenues for players in the market, such as in aquaponics, crop rotation, and organic farming. In 2018, the global drone services market stood at ~US$ 2.6 bn.
Incorporation of artificial intelligence and sensors technologies continue to improve the capabilities of unmanned aerial vehicles (UAVs), expanding scope of the drone services market. During 2019–2027, the market is projected to garner a CAGR of 32.5%. North America is expected to contribute the major share of the market revenues during the period; growing use cases of UAVs in military and defense and security and intelligence provide the impetus.
Applications in aerial photography and logistics attract several players to put high stakes in drone services market. Analysts at TMR opine, "providers in the drone services are diversifying their offering by adopting automation and cloud-based services. However, stringent regulations and hardware challenges in drones impede growth." They further contend that constant improvement in safety and analytic capabilities of drone will boost the market.
Key Takeaways in Drone Services Market Study
- Of all the end users, defense and military is the major segment in the global drone services market; applications in strike missions and reconnaissance
- The pace of adoption of drone services among farmers is striking; the agricultural sector is rapidly emerging segment
- Drone services witnesses vast potential in construction industry
- Of all the regional markets, North America presently leads; widespread adoption in defense sector key to dominance
- Among various applications, aerial photography is expected to gather steam
Explore 174 of pages of top-notch research, incisive insights, and detailed country-level projections. Gain business intelligence on Drone Services Market (Application: Aerial Photography, Delivery/Pickup, Surveying & Inspection, Monitoring, and Others; and End-use Industry: Media & Entertainment, Infrastructure, Logistics, Oil & Gas, Military & Defense, Agriculture, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 – 2027 at https://www.transparencymarketresearch.com/drone-services-market.html
Drone Services Market: Key Driving Factors and Avenues
New technology trends in numerous end-use industries and changing regulatory frameworks in developed and developing regions are key to evolutionary factors for the drone services market. A prominent example is the transformative potential of drones for modern agriculture. Other trends worth pondering for industries in general:
- Adoption of aerial photography to obtain analytics that help farmers adopt spectrum of precision agriculture practices is a key factor driving uptake of drone services. The side range of applications include crop monitoring, livestock management, crop spraying, and irrigation mapping.
- Adoption of cost-effective and environmentally friendly options by drone service providers will bolster prospect of adoption of such services among industries. A case in point is the growing popularity of solar-powered drone services
- Advances in camera technologies drive filmmakers and photographers to adopt drone services for aerial photography.
- UAVs are projected to next wave of drone technology in the transportation and logistics industry. Drone-powered transportation holds an incredible potential in several countries. For instance, UAVs can supplement rail freight in coming years
- Integration of internet of things with drones and consequent utilization of analytics are key growth drivers.
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Drone Services Market: Region-wise Analysis
Among the various regions, North America held more than US$1 billion in 2018. The region holds a large revenue potential for drone service providers. Continuous advances in sensor technologies and improvements in AI by players in the region have helped them tap sizable revenue gains over the past few years. Moreover, efforts made by stalwarts of drone manufacturers, such as Boeing and Lockheed Martin, in meeting emerging end-use industries' demands are opening new avenues in this regional market. Most importantly, a remarkable growth is driven by the adoption of UAVs in the defense sector in the U.S.
In coming years, the regional market will continue to remain prominent in the drone services market.
Analyze drone services market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study.
Key Impediments to Drone Services Market Players
Norms regulating drone operations have been key aspects in the expansion of the drone services market. The regulatory frameworks are still not so developed, which presents substantial challenge to all stakeholders in the drone services market. A case in point is the U.S. market, where stringent regulations have made players make headways in the global drone services market.
On the other hand, players are increasingly leaning on strengthening technological capabilities of UAVs to reduce the risk of drone mishaps. Further, providers of the drone services are also be cautious about regulations pertaining to aerial trespass. Agencies, for example Federal Aviation Administration, are coming forward to address these concerns. More such efforts in other countries are also paving way to prospects of drone services.
Some well-entrenched players in drone services market are Terra Drone Corporation, Dronedeploy, Prioria Robotics Inc., and Phoenix Drone Services.
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The global drone services market is segmented on the basis of:
- Aerial Photography
- Surveying & Inspection
- End-use Industry
- Media & Entertainment
- Oil & Gas
- Military & Defense
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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