"Drone technology refers to flying machines that operate without a pilot on board. They can take pictures, deliver packages, monitor crops, and perform various tasks. Drones are useful for saving time and reaching difficult places, but there are rules to ensure they are used safely."
BOSTON, Nov. 1, 2024 /PRNewswire/ -- "According to the latest study from BCC Research, Drone Technology and Global Markets was valued at $30.4 billion in 2023. The market is projected to grow from $33.9 billion in 2024 to $61.2 billion by the end of 2029, at a compound annual growth rate (CAGR) of 12.6% from 2024 through 2029."
This report looks at drone technology, covering the three types of drones: fixed-wing, rotary-blade, and hybrid models. It categorizes drones into unmanned aerial vehicles (UAVs), unmanned underwater vehicles (UUVs), unmanned ground vehicles (UGVs) and unmanned surface vehicles (USVs).
It also explores how drones are used in defense, business, government, and personal settings. The report analyzes the market by region, including North America, Europe, Asia-Pacific, Latin America and the Middle East.
Additionally, it examines the drivers of the drone market, focusing on current trends. Finally, the report profiles leading companies in the drone industry. The study uses 2023 as the base year for data and includes forecasts for 2024 to 2029.
Interesting and surprising facts:
Three Ways Drones Are Changing the World
- Drone Racing: The New Thrill Sport
Drone racing is becoming increasingly popular. Pilots wear special goggles to fly drones at speeds over 100 mph through obstacle courses, usually indoors. This thrilling sport has gained global attention, with professional leagues and players vying for big cash prizes. - Uncovering Ancient Secrets with Drones
Archaeologists are using drones to find and explore ancient sites. Equipped with special sensors, drones can detect hidden structures beneath vegetation or soil. This technology has led to discoveries of unknown historical sites and revolutionized archaeological surveys. - Drone Teams: Working Together
Technology inspired by nature enables drones to work together, like birds or insects, to complete tasks. These "drone swarms" can help with search-and-rescue missions, and can also monitor the environment. This innovative technology is changing the way drones are used.
To further explore the subject matter and to attain a deeper understanding of the market's dynamics and growth opportunities, click here.
Factors contributing to the growth of the drone market include:
- Technological advances in drone technology.: Technological advances are making drones faster, smarter and more capable. These improvements include better cameras for clearer images, advanced sensors for detecting obstacles, longer battery life for extended flying time, and software that allows drones to fly autonomously or follow specific paths. These advancements extend the ways in which drones can be used in delivery, agriculture and surveillance.
- Increasing cost efficiency.: Using drones can reduce the amount of labor and time needed for tasks like surveying land or delivering packages. This helps businesses spend less while improving their services.
- Proliferation of 5G technology and cloud computing.: Faster internet (5G) and online storage and services (cloud computing) are becoming widely available. This allows enables drones, to connect and share data quickly and easily. It improves communication, enhances real-time processing, and enables more advanced applications for technology in everyday life.
- Enhanced public perception and awareness.: More people are becoming informed about drones and their uses. As people learn about the benefits of drones including delivering packages, monitoring crops, and helping in emergencies-they are more likely to view them positively and accept their use in everyday life.
- Strategic investments and partnerships.: Companies are increasingly working together and investing money to achieve shared goals. For example, a tech company might partner with a drone manufacturer to develop new technology. These collaborations help businesses grow, innovate, and access new markets more effectively.
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Report Synopsis
Report Metrics | Details |
Base year considered | 2023 |
Forecast period | 2024-2029 |
Base year market size | $30.4 Billion |
Market size forecast | $61.2 Billion |
Growth rate | CAGR of 12.6% from 2024 to 2029 |
Segments covered | By offering, product segment, Drone Type, Application, |
Regions covered | North America, Europe, Asia-Pacific, and Rest of the |
Countries covered | U.S., Canada, Germany, France, Italy, U.K., China, Taiwan, |
Key market drivers | • Technological advances in drone technology • Increasing cost efficiency • Proliferation of 5G technology and cloud computing • Enhanced public perception and awareness • Strategic investments and partnerships |
This report answers the following questions:
- What is the projected market size and growth rate of the market?
The market is projected to reach $61.2 billion by 2029, growing at a CAGR of 12.6%. - What segments are covered in the market?
The drone market is segmented by:
Offering.
Product.
Type of drone.
Application.
Region. - Which type of drone will dominate the market by the end of 2029?
Unmanned aerial vehicles (UAVs) are expected to dominate the market by the end of 2029.
Some of the Key Market Players Are:
- AEROVIRONMENT INC.
- AIRBUS
- BOEING
- DELAIR
- DJI
- DRAGANFLY INNOVATIONS INC.
- DRONE DESTINATION LTD.
- DRONE HARMONY AG
- DRONEVOLT
- EHANG
- FREEFLY SYSTEMS
- HUBSAN
- IDEAFORGE TECHNOLOGY LTD.
- INSITU
- INSIDEFPV VENTURES PVT. LTD.
- KESPRY
- MMC
- PARROT DRONE SAS
- POWERVISION INC.
- SKYDIO INC.
- YUNEEC
Other related reports
Robotics: Technologies and Global Markets: This study of robotic systems explores how they are used around the world in manufacturing, healthcare and entertainment. The market looks at trends, demand, and how much money is being spent on robots, highlighting their growing importance in everyday life.
Delivery Drones: Global Markets and Technologies: This report focuses on drones designed for delivering packages. It examines how these drones work, the technology behind them, and their increasing use in many countries. The market analysis shows how much people and businesses are investing in delivery drones and explores their potential to change how we receive goods in the future.
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