Drone Services Market Forecasts to 2028 – Global Analysis By Service Type (Drone training & simulation services, Drone platform service and Drone MRO service), Solution (Point and Enterprise), Duration Of Services (Long-duration Services and Short-duratio

Drone Services Market Forecasts to 2028 – Global Analysis By Service Type (Drone training & simulation services, Drone platform service and Drone MRO service), Solution (Point and Enterprise), Duration Of Services (Long-duration Services and Short-duration Services), Application (Surveillance & Inspection, Aerial Photography, Data Acquisition & Analytics, Product Delivery and Other Applications), End User and By Geography

According to Stratistics MRC, the Global Drone Services Market is accounted for $13.48 billion in 2022 and is expected to reach $123.74 billion by 2028 growing at a CAGR of 44.7% during the forecast period. Unmanned aerial vehicle (UAV) service is known as drone service. It is a rapidly growing market for services based on flying robots that can be managed remotely or flown independently by software-controlled flight plans in their embedded devices. Depending on the needs of various businesses, such as tourism, logistics, and defence, drones are used in international passenger and cargo transportation. Commercial drone services, also known as Drones as a Service, are designed to assist essential industries such as agriculture, construction, search and rescue, package delivery, industrial inspection, insurance, and videography with tasks such as capturing photos and dimensions and handling or propagating occurrences.

According to the Federal Aviation Administration (FAA), 872,694 drones were registered in the U.S. in May 2021.

Market Dynamics:

Driver:

Industry-specific solutions are in demand

Cost-cutting has become more popular as the economy has become more competitive. As a result, the expansion of high-efficiency solutions in worldwide industries is predicted to fuel the market growth of drone services. The rise in demand raises the need for reasonably priced, simple-to-implement, and high-value on-demand personalised systems to meet the specific needs of many businesses. Drone manufacturers have expanded the range of customised drones for stockroom administration, capturing, viewing, and analysing aerial imagery for agriculture, mining, utility, power, media, communications, logistics, oil & gas, and construction industries. This is regarded as a driving element for market expansion.

Restraint:

Concerns related to cyber security

Drone deployment in business and personal applications has expanded due to their versatility, low cost, and high efficiency. The increasing use of drones in a variety of applications has increased the risk to the cybersecurity of their users. The GPS, USB ports, and other technology contained in contemporary drones can serve as a critical cybersecurity target for hijackers looking to quickly hijack the drone. Hackers can also take advantage of the drones by gaining access to the unencrypted Wi-Fi and GPS technology used by the drones to communicate. As a result, such constraints may impede the expansion of the drone service market.

Opportunity:

Rising demand for application aerial photography and 3d scanning in Building Information Modeling (BIM)

Because of the widespread availability of low-cost drones, photography has become popular for a variety of applications requiring high-resolution cameras. Aerial photography allows for more expansive approaches to major township projects, multi-story building projects, and innovative city developments. Mini drones are also becoming popular in wedding photography and videography for creating blogs and nature videography. The real estate and infrastructure industries are also seeing increased demand. As a result, increased demand for drones in photography and videography is driving market expansion.

Threat:

Lack of risk management framework and insurance cover for aerial delivery drones

Service providers and manufacturers of aerial delivery drones face the danger of losing shipments or delivery drones due to a lack of insurance coverage. This needs service providers and manufacturers to collaborate closely with regulatory authorities to guarantee that aerial delivery drones are utilised properly. In several countries, drone users are required to have insurance to protect their obligations in the event of an accident. The existing insurance for drones focuses on the risk of personal injury and property damage caused by the drone or damage caused by it. However, such laws have not been formulated for aerial delivery drones.

Covid-19 Impact

The recent COVID-19 pandemic issue has had a favourable impact on the global drone services industry. The pandemic's impact causes major disruption in the transportation and logistics environment. As a result of the drone's ability to deliver goods and services to remote regions without the need for human intervention, it has opened up a new avenue in the transportation business. For example, the world's top online retailer Amazon is planning to launch the Air Programme in July 2022. In this programme, Amazon uses drones as automated flying devices to deliver products to clients.

The drone platform services segment is expected to be the largest during the forecast period

The drone platform services segment is estimated to have a lucrative growth, due to the high adoption of data collection in various commercial domains. The drone provides commercial and residential sector services such as photography, construction site supervision, assessment, orthomosaic and aerial survey, data acquisition and analysis services, drone modelling, and others. Aside from that, drone service is frequently used in critical industries such as defence, energy and electricity, homeland security, and other critical sectors. This has resulted in market expansion for the key providers of drone services.

The aerial photography segment is expected to have the highest CAGR during the forecast period

The aerial photography segment is anticipated to witness the highest CAGR growth during the forecast period. The growing use of drones for aerial photography and videography drives market expansion. Drones are equipped with advanced payloads such as EO/IR (Electro-Optical/Infra-Red) camera systems. Furthermore, the availability of low-cost drones with exceptional features such as high-definition cameras and low weight and size, as well as portability features, causes the adoption of drones by professional photographers and videographers, media entertainment, and filmmakers, propelling market growth.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to increased infrastructure development and rising demand for drone surveillance in agriculture. Rising government activities are also supporting market revenue growth. The Asia Pacific market accounted for the majority of worldwide civilian drone demand, with China being the most significant contributor. Increased demand in this country is mostly due to significant investments by major corporations in developing innovative technology and reduced government regulations.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to presence of leading companies, such as Cyberhawk Innovative Ltd., SenseFly Ltd., DroneDeploy Inc., Terra Drone Corporation, PrecisionHawk Inc., and Aerodyne Group, among others, in countries in the region. These industry participants are effectively working on developing advanced technologies with various properties, such as drones with the ability to carry heavier loads, which allows them to gain a competitive advantage while adhering to rules and regulations implemented by governments in various countries in this region.

Key players in the market

Some of the key players profiled in the Drone Services Market include NADAR Drone Company, Wing Aviation LLC, Aerodyne Group, Phoenix Drone Services LLC, Aerial Drone Services Inc., AUAV, FLIGHTS Inc., Arch Aerial LLC, Drone Services Canada Inc., TERRA DRONE CORPORATION, Dronegenuity,CYBERHAWK, FlyGuys and Matternet.

Key Developments:

In June 2022, Matternet announced the next chapter in drone operations in Switzerland. From January 1, 2023, Matternet will take over the drone business from Swiss Post, make its technology platform available, and operate a drone distribution network for its customers. Matternet is currently planning to build on this foundation to launch Switzerland's first European city-wide drone distribution network with a group of private and public institutions. The network will initially focus on healthcare logistics for B2B and B2C applications.

In May 2022, Cyberhawk signed a contract with Shamal Technologies to digitally transform how large construction projects are achieved in the Kingdom of Saudi Arabia. Shamal Technologies is a leading geospatial data company that provides end-to-end data acquisition, visualization, and analytics solutions that can mitigate operational risk. The company is the first in Saudi Arabia to develop a solution that integrates artificial intelligence technology and unmanned systems.

Service Types Covered:
• Drone training & simulation services
• Drone platform service
• Drone MRO service

Solutions Covered:
• Point
• Enterprise

Duration Of Services Covered:
• Long-duration Services
• Short-duration Services

Applications Covered:
• Surveillance & Inspection
• Aerial Photography
• Data Acquisition & Analytics
• Product Delivery
• Other Applications

End Users Covered:
• Oil & Gas
• Infrastructure
• Agriculture
• Logistic
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements