According to Goldstein Research, “Drone based captured data is rapidly becoming a resourceful and reliable way for businesses to gather aerial insights and make smarter business decisions.” From military applications, to inspection, to surveying and beyond companies are rapidly deploying drones into their day-to-day operations. Marking a huge change in the commercial drone industry as major industry players begin to roll out enterprise drone programs.
Browse Full Report: Drone Services Market
The global drone services market is segmented based on service and by end users. Service segment is further bifurcated into 3D monitoring, aerial mapping, facility inspection, aerial photography and videography and stockpile measurement. Based on applications aerial photography and 3D monitoring services are expected to dominate the global drone services market and anticipated to reach highest growth rate over the forecast period. Aerial photography and 3D monitoring is considered as a low cost system and is considered as an efficient way to collect data for monitoring and surveillance in various industries such as construction, agriculture, oil & gas and logistics among others.
Global drone service market valued USD 0.850 billion in 2016 owing to growing demand for drone services in various industries for monitoring and inspection. Further, the market is expected to expand at a CAGR of 57.8% over the forecast period i.e. 2016-2024 and is likely to reach USD 9.4 billion by the end of forecast period.
Asia Pacific region's market share is merely USD 0.156 billion, which is expected to gain considerable traction over the forecast period owing to rising government initiatives and building retrofits across the Asia Pacific region. Australia along with Asian countries such as Japan has focused on the use of commercial drones for agricultural purposes. For instance, Yamaha Motor Co. has already developed and sold several thousand of commercial drones for agricultural application in Japan. There are still large numbers of legal, social and technical hurdles that need to be solved. However, the Japanese market is hi-tech oriented and drone service is likely to become opportunistic market.
Innovation and High R&D investments: Major Boost
Global drone service market is swelling on the back of rapid pace of innovation in drone technology. New technologies in machine vision, image processing, range sensors and autonomous controls are applied to meet the requirement of different businesses. For instance, technological improvements and innovations such as hydrogen cells that provides longer flying hours. Major market players are entering drone services market and adopting various business strategies such as merger and acquisitions to grab the market opportunities. In 2014, Facebook acquired Ascenta, an aerospace company worth USD 20 million. The company's goal is to deliver internet connectivity to billions of people around the world where there is little or no internet coverage.
“Global Drone Services Market Outlook 2024” contains detailed overview of the global drone services market in terms of market segmentation by service type and by end users.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global Drone Service Market Report also provides competitive outlook of some of the major players which includes profiling of companies such as Drone Deploy, ABJ Drones, AeroVironment Inc., Workmode, Sky-Future Ltd., Flyworx, Avetics etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global drone services market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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