Global Drone Market to Surpass USD 166.70 Billion by 2031 | Skyquest Technology

WESTFORD, Mass., April 29, 2024 /PRNewswire/ -- SkyQuest projects that the global drone market will attain a value of USD 166.70 billion by 2031, at a CAGR of 25% over the forecast period (2024-2031). The global market has grown significantly in recent years, with the adoption of drones in various sectors such as agriculture, construction and security. Advances in drone technology have resulted in drones with better flight capabilities, longer battery life, greater payload capacity and improved camera capabilities. Autonomous flight modes, integrated obstacle detection and avoidance, and GPS navigation make it easy and safe to use.

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Browse in-depth TOC on the "Drone Market"

• Pages - 197
• Tables - 66
• Figures - 75

Drone market Overview:

Fixed Wing Segment to Dominate the Market Due to the High-performance Design

The fastest growing segment of the global drone market is fixed wing drones. Offering a high-performance design that mimics aircraft, fixed-wing-wing drones offer unique capabilities such as longer flight times and larger areas covered than their multirotor matches. These drones collect high-quality data over larger areas and their application at breadth is reflected in sizes mapping, surveying and agriculture. Furthermore, where the coverage of a large area is a priority, facilities and flying systems have been enhanced and not if drones it has fixed wings is not only more efficient but more efficient. These improvements have made them more applicable under environmental conditions and more reliable.

Multirotor Sector Segment to Lead the Market Due to its Versatility and Ease of Operation

The multirotor segment accounts for the largest market segment due to its versatility and ease of operation. Multirotor drones are widely used because they can fly, occupy limited spaces and perform maneuvers accurately. It is used in photography, visual effects, and entertainment. The battery technology they have acquired doesn't look like a mechanical if multirotor drones can not only fly for long periods of time but also carry a wide range of products from pesticides used in agriculture to the effects of car accidents, this opens new possibilities in agriculture and other industries.

North America Leading the Market Due to Rapid Adoption 

North America dominates the global drone market due to the presence of leading drone manufacturers and high adoption of drone technology in the US. The Federal Aviation Administration (FAA) has developed regulations to support drones use in the United States without safe and legal use.

Europe is the fastest growing region in the market. With the increasing adoption of drone technology in various sectors such as agriculture, mining and construction, Europe is growing rapidly.  France, Germany and the United Kingdom are the top exporters of drones in Europe.

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Drone Market Insights:

Drivers

• Increasing Applications across Industries
• Consumer Adoption for Recreation and Photography

Restraints

• Regulatory Challenges and Airspace Restrictions
• Safety Concerns and Accidents

Prominent Players in Drone Market

• 3D Robotics, Inc. 
• Yuneec International Co. Ltd. 
• Ehang
• Autel Robotics 
• Kespry Inc. 
• PrecisionHawk Inc. 
• Aeryon Labs Inc. 
• Parrot Drones SAS 
• AeroVironment, Inc. 
• Draganfly Innovations Inc. 
• CyPhy Works, Inc. 
• Airbus

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Key Questions Answered in Drone Market Report

• Which are the fastest growing segments of the drone market?
• Which region has the highest share in the drone market?
• What are the emerging technologies shaping the future of the drone market?

This report provides the following insights:

• Analysis of key drivers (increasing applications across industries, consumer adoption for recreation and photography), restraints (regulatory challenges and airspace restrictions, safety concerns and accidents), opportunities (increasing use of drones in security), influencing the growth of global drone market.
• Market Dynamics: Comprehensive information about the various products offered by the dominant players in the global Drone market.
• Product Development/Innovation: An overview of emerging trends, R&D activities and product launches in the Drone market.
• Market Growth: Detailed information on profitable growing industries.
• Market Trends: Complete information about new products, emerging geographical areas and recent developments in the market.
• Competitive Analysis: An in-depth analysis of the market segments, growth strategies, revenue analysis, and products of the key market players.

Related Reports:

Global Drone Sensor Market

Global Lidar Drone Market

Global Commercial Drone Market

Global Construction Drone Market

Global Delivery Drones Market

About Us:

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