Yahoo Finance Drone Services Market Projected to Reach $40.7 billion by 2026
Chicago, July 04, 2022 (GLOBE NEWSWIRE) -- According to MarketsandMarkets™ research report "Drone Services Market by Type (Platform Service, MRO, and Training & Simulation), Application, Industry, Solution (End-to-End, Point), and Region ( North America, Europe, Asia Pacific, Middle East, and Row) - Global Forecast to 2026”, the overall drone services market is estimated to grow from USD 13.9 Billion in 2021 to USD 40.7 Billion by 2026, at a CAGR of 23.8% from 2021 to 2026. North America is estimated to account for the largest share of the drone services market in 2021.
Major players of drone services market are
Cyberhawk (UK),
Sky-Futures Ltd. (UK),
senseFly Ltd. (Switzerland),
DroneDeploy Inc. (US),
Terra Drone Corporation (Japan),
PrecisionHawk (US), and
Aerodyne Group (Malaysia).
Drone services, are offered by drone service providers, MROs, and simulation and training operators to various enterprises and defense units. The UAV services market has been witnessing significant growth since the past decade, owing to the increasing demand for high-quality data. UAV services are rapidly replacing the applications of legacy services in the commercial sector, such as aerial surveys, filmography, and search & rescue, as they can be operated for long periods and remotely by human operators or autonomously by onboard computers.
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Cost-effectiveness, high precision, and excellent time efficiency make drones a trustworthy data acquisition tool that can deliver basic data and offer synchronous monitoring for various applications. The effective monitoring area of drones is nearly 100–10,0000 m2, and the corresponding error is about 2–20 cm. The usage of drones helps increase workforce safety and provides access to information related to assets deployed in various industries, such as construction & infrastructure, utility, aviation, mining, and oil & gas. They also help in reducing downtimes.
“By type, platform segment is expected to register the highest CAGR during the forecast period ”
Based on type, the UAV services market has been segmented into the platform (which is sub-segmented into flight piloting & operation, data analysis, and data processing), MRO, and simulation & training. The platform segment is expected to register the highest CAGR during the forecast period. Commercial drone applications such as aerial photography & remote sensing, mapping & surveying, and inspection & environmental monitoring in agriculture, infrastructure, oil & gas, defense & security, real estate, and utility & power industries are conducted using drone platforms. Some of the leading drone manufacturers such as SZ DJI Technology Co., Ltd. (China), Parrot (France), EHang (China), and AeroVironment (US) sell their drones to drone service providers such as Sky-Futures Ltd. (UK), Sharper Shape Inc. (US), and Cyberhawk Innovations Ltd. (UK). With the rising need for industry-specific solutions, such as aerial inspection, drone data collection, and analytics for agricultural farmlands, there is an upsurge in demand for platform services.
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“ By industry, healthcare & social assistance segment is projected to record the highest growth”
Based on industry, the UAV services market has been segmented into construction & infrastructure, agriculture, utility, oil & gas, mining, defense & law enforcement, media & entertainment, scientific research, insurance, aviation, marine, healthcare & social assistance, and transportation, logistics, & warehousing.
The healthcare industry opts for drone-based services to deliver medicines and first aid to remote locations or in emergencies. The use of drones in healthcare promises faster delivery of medical supplies in remote areas with poor road networks. The healthcare & social assistance segment is projected to record the highest growth attributed to the increased investments in the industry during the COVID period to deliver test samples and vaccines.
“By solution, end-to-end solution segment would have the highest growth during the forecast period”
The UAV services market based on the solution has been segmented into end-to-end and point solutions.
The end-to-end solution segment would have the highest growth during the forecast period owing to the growing demand for complete package solutions, which include everything from piloting & operation, and data analysis to data processing. Enterprises require everything, from basic flight operations to data processing. The development of in-house expertise is cost-intensive, and thus the major enterprises are relying on drone service providers for end-to-end solutions.
“ North America is expected to hold the highest market share in 2021.”
North America is expected to hold the highest market share in 2021. The growth of the regional market can be attributed to the increasing trend of online shopping from e-commerce platforms and favorable FAA regulations in the US. The rise in investments from key players to support start-ups in developing parcel service platforms is also expected to contribute to the growth of the regional market during the forecast period.
The US is projected to lead the UAV services market in North America during the forecast period. Rules regarding drone flights in the US have been liberal, paving the way for their legal use for various applications in the country’s civil & commercial airspace. Many US companies are working on the development of efficient and better-quality drones. Along with the military sector, the commercial sector is also expected to create growth opportunities for the drone services market during the forecast period.
Related Reports:
Unmanned Aerial Vehicle (UAV) Market by Point of Sale, Systems, Platform (Civil & Commercial, and Defense & Governement), Function, End Use, Application, Type, Mode of Operation, MTOW, Range, and Region (2021-2026)
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