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% during the forecast period. The base year considered for the study is 2015 and the forecast period is from 2016 to 2022.
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The factors that are expected to fuel the growth of the drone services market is the increasing demand for high quality and real-time data, favorable changes in policies and regulations pertaining to the use of drones in civil aerospace and rising demand of drones in the commercial sector.
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 maneuvering. This makes rotary wing drones well-suited for applications such as aerial photography, high- resolution video capturing, and facility inspections that require maneuvering 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.
An in-depth report on Drone Service Market by MarketsandMarkets:
Mr. Shelly Singh
MarketsandMarkets™ INC.
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630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : +1-888-600-6441
Email: newsletter@marketsandmarkets.com
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