- 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
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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:
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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:
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