Drone Services Market 2016 - Global Forecast to 2022: Market is estimated to be USD 705.3 Million in 2016 and is projected to reach USD 18,022.7 Million by 2022 - Research and Markets
DUBLIN, Jan 27, 2017 /PRNewswire/ --
Research and Markets has announced the addition of the "Drone Services Market by Industry (Infrastructure, Agriculture, Entertainment, Logistics), Application (Aerial Photography & Remote Sensing, Data Acquisition & Analytics), Type of Drone, Duration of Service, and Region - Global Forecast to 2022" report to their offering.
The drone services market is estimated to be USD 705.3 Million in 2016 and is projected to reach USD 18,022.7 Million by 2022, at a CAGR of 71.62% from 2016 to 2022.
One of the major factors expected to fuel the growth of the drone services market is the increasing demand for drone services for monitoring and inspection across various industries.
Based on industry, the infrastructure segment of the drone services market is projected to witness highest growth, owing to the increasing use of drones in the infrastructure industry for a broad range services, such as aerial photography & remote sensing, data acquisition & analytics, and mapping & surveying, among others. The agriculture industry is also one of the major segments in the drone services market, as drone-based services such as crop monitoring, inspection, and pesticide spraying are widely being adopted in this industry.
Based on application, the aerial photography & remote sensing segment of the drone services market is projected to witness significant growth. The demand for aerial photography & remote sensing is rising in various industries, owing to the capability of drones to collect high-resolution aerial data in complex areas. Inspection & environmental monitoring is another major application segment of the market, due to the increasing use of drone services for forest monitoring, volcanic eruptions, glacier surveillance, ocean research, geophysical research, and wildlife observations, among others.
Based on duration of service, the short duration service segment is projected to lead the drone services market during the forecast period. The short duration drone service is popular in several industries for photography, inspection, and monitoring. The long duration service segment is projected to witness high growth during the forecast period, owing to the increasing use long duration drone services for mining and construction purposes.
Based on type of drone, the multirotor drone segment is projected to lead the drone services market during the forecast period because of their ability for vertical take-off and landing (VTOL) and their capacity to hover and perform agile manoeuvring. This makes rotary wing drones well-suited for applications such as aerial photography, high- resolution video capturing, and facility inspections that require manoeuvring around difficult spaces and the ability to maintain visuals on a single target for extended periods.
North America is estimated to lead the drone services market in 2016, due to the increased use of drone services in the infrastructure, agriculture, and media & entertainment industries. The drone services market in Asia-Pacific (APAC) is expected to witness significant growth in near future, due to the expansion of the commercial sector and improvements in policy framework regarding the use of drones in the region.
Factors such as lack of skilled and trained personnel to operate drones and stringent regulatory policies pertaining to the use of drones in civil aerospace may restraint for the growth of the drone services market.
Market Dynamics
Drivers
- Increasing Applications of Drone Services Across Various Industries
- Industry Specific Solutions Provided by Drone Service Providers
- Improved Regulatory Framework
- Consumers Increasing Requirement for Quality Data
- Technological Advancements in Drones
- Internet of Things Leading to Increased Application of Drones
Restraints
- Lack of Skilled and Trained Operators
- Safety Concerns During Drone Operations
- Limited Bandwidth for Drone Operation May Hamperits Demand
Opportunities
- FAA Exemptions in Drone Platforms
Challenges
- Privacy Issues With Drone Operations
- Lack of Risk Management Framework
- Limited Endurance Affecting the Operation of Drones
Companies Mentioned
- Aerobo
- Airware, Inc.
- Cyberhawk Innovations Ltd.
- Dronedeploy Inc.
- Phoenix Drone Services LLC
- Prioria Robotics Holdings Inc.
- Sensefly Ltd.
- Sharper Shape Inc.
- Sky-Futures Ltd.
- Unmanned Experts Inc.
For more information about this report visit http://www.researchandmarkets.com/research/lh4xbm/drone_services
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SOURCE Research and Markets
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