Drone Market Expansion Across Industries to Hit $166.70 Billion by 2031| SkyQuest Technology

WESTFORD, Mass., June 27, 2024 /PRNewswire/ -- According to SkyQuest, the 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).

Drones are a type of unmanned aerial aircraft that come in various shapes and sizes. Drones can be operated remotely by a human operator or autonomously as well. Advancements in drone technology and their growing use in different industry verticals are projected to augment the global drone market development over the coming years. The global drone market is segmented into type, application, and region. 

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Drone Market Overview: 

Segments covered in Drone Market are as follows:

• Product
  • Fixed Wing Drone, Rotary Wing Drone, and Hybrid
• Application
  • Security, Search and Rescue, Environmental, Mining and Construction, and Others
• Type
  • Aerial, Terrestrial, and Under Water
• End-user
  • Agriculture, Construction and Infrastructure Industry, Media and Entertainment, Logistics and Transportation, Defense and Military, and Others

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Multirotor Drones to Bring in Major Revenue for Drone Manufacturers

Multirotor drones are projected to be highly popular owing to their ability to perform multiple tasks that span across different industry verticals. Multirotor drones can easily navigate confined areas which makes them highly suitable for operations in urban settings. Precise maneuverability and hovering capabilities of this type of drone are also helping this segment maintain a dominant market share. From urban surveys to pesticide spraying, multirotor drones can do almost anything. High use of multirotor drones for aerial photography and deliveries in cities will also bolster the global drone market growth over the coming years.

Fixed wing drones are being extensively used in applications where long-range and extensive areas need to be covered. Such drone types mimic the airplane's design and comprise of fixed wings unlike those with multiple rotors. Some of the key applications of fixed wing drones include mapping, surveying, military & defense operations, and agriculture. Advancement in battery technology and propulsion systems are likely to offer lucrative growth opportunities for this market in the long run.

The ability to vertically take and off land is what sets rotary wing drones apart from other types. These drones are perfect for applications where more hovering and traveling at low speeds is required. However, these drones have shorter travel times and high-power consumption, which could hurt their demand and popularity going forward.

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Application Scope for Drones is Limitless

The agriculture industry is estimated to witness robust adoption of drones over the coming years. Drones play a crucial role in surveying agricultural land for the adoption of precision agricultural practices to maximize agricultural yield. Drones also help in pesticide delivery, and crop health monitoring. Emphasis on optimal resource utilization in agriculture is also estimated to promote the use of advanced technologies such as artificial intelligence, drones, machine learning, etc. Drones also facilitate better decision-making among farmers, which is also estimated to bolster market growth in the future.

Law enforcement agencies are also quickly gravitating towards drone utilization for multiple applications such as monitoring and crime scene investigation. High demand for photographic surveillance and increasing budget allocation for different law enforcement agencies for drone purchase is also estimated to help law enforcement applications to uplift sales of drones.

Surveying and mapping for construction sites are also being done through drones, which is why the demand for drones in the construction industry is increasing at a rapid pace. The use of drone cameras in the entertainment industry is also projected to bolster the use of drones in multiple entertainment applications in the future.

The global drone market is estimated to generate major revenue from sales of multirotor and fixed wing drones in the long run. The application scope of drones is also expanding rapidly across different industry verticals and drone manufacturers can target any application to create new revenue generation opportunities.

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SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.

We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific. 

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SOURCE SkyQuest Technology