Global drone market is projected to witness a CAGR of 16.1% during the forecast period 2024-2031, growing from USD 31.33 billion in 2023 to USD 103.15 billion in 2031. The market thrives at a strong growth rate due to a wide range of applications and easy availability. The rising popularity of drones and their long-range applications will likely fuel market growth. The defense applications, agricultural usage, and advanced technology are anticipated to shape the future of the drone market.
Regarding efficiency, affordability, and security, drones are a great alternative to conventional techniques for gathering and examining data. The market is expanding due to developments in drone technology, such as enhanced sensors and extended flight durations. Furthermore, affordable drone technology, privacy and security issues, and stringent laws limit the usage of drones. Integrating advanced technologies such as artificial intelligence and machine learning is projected to enhance operational efficiency and adaptability to new drones.
The drone industry is on a boom due to the military adoption of surveillance and other operations. Drone manufacturers across the globe are working with military intelligence to build strong and reliable surveillance and combat drones. Drones are the source of advanced algorithms and AI capacities, which help them travel and operate without any immediate need for human intervention. Survey and establishment of drones with a longer flight time for applications, such as transportation of parcels and long-range observation, are expected to increase the market size. The latest drones are equipped with long-lasting batteries and enhanced charging solutions. Significant trends in the global drone market include the development of charging infrastructure.
For instance, in April 2024, SZ DJI Technology Co. Ltd. introduced its first power stations, dubbed Power 500 and Power 1000, in the United States, Europe, and Australia. The Power 1000 is the most powerful of the two, boasting a battery capacity of 1,024 Wh and an output of 2,200W. The innovative technology provides a reliable power source and enables fast charging of DJI’s drones, making it an essential tool for professionals and enthusiasts alike.
Technological Advancements and Military Applications to Fuel the Market Growth
New advanced drone technologies have entered the manufacturing space. Drones with high-frequency communication systems can reliably establish links with other drones and ground stations, facilitating data transfer and real-time monitoring. The innovation has increased control over drone operations, decreased latency, and improved reliability. These features are rapidly increasing drone adoption through civil bodies and defense. New drones fly outside the pilot’s line of sight with the help of innovative unmanned aerial system (UAS) technologies such as enhanced flight control algorithms, beyond visual line of sight (BVLOS) capabilities, and sophisticated satellite navigation systems. The discovery has opened new opportunities for sectors including package delivery, infrastructure inspection, and agriculture. By enabling armed forces to conduct operations without placing soldiers in danger, drones lower the risk to human life. Particularly in urban settings where conventional airstrikes might result in a considerable number of civilian casualties, these operations can be carried out with accurate targeting and reduce collateral damage.
For instance, in June 2024, Kalashnikov Group launched the mass production of its new anti-tank drone, Granat-4. This UAV is designed mainly to target tanks with artillery. The Granat-4 Unmanned Aerial Vehicle (UAV) is being used by the Russian Defense Forces in the Special Military Operation in Ukraine to counter Western-supplied tanks such as the Abrams.
Task-Based Autonomy and Advanced AI to Flourish the Market Growth
Increased autonomy is becoming possible due to the developments in drone technology. Drones are being constructed with skillful performance at doing complex tasks without constant human assistance. Drone technology promises to raise task-based autonomy in various applications, including infrastructure inspections and precision agriculture. It simplifies operations, and opens new options for sectors looking for economical and effective solutions. Artificial intelligence (AI) and machine learning (ML) have become key game-changers in the quickly developing field of drone technology. With the help of the advanced technology, drones can make better decisions and adjust to changing conditions. AI and ML are currently being used in commercial drone applications to optimize routes, enhance operating efficiency, and improve obstacle avoidance.
For instance, in February 2024, VECROS Technologies Pvt. Ltd. launched a spatial AI technology for the drones. To navigate securely, the AI can comprehend the depth, space, and surrounding structure. The company’s flagship Athera is an autonomous drone running JetpixTM, a proprietary operating system developed internally. These products are going to utilize the company’s newly launched AI technology for drones.
Swarm Technology and Defense Monitoring to Fuel Security Segment’s Growth
Security segment is expected to dominate the global drone market holding the major market share. Drones are widely employed in public safety, border control, and surveillance as they offer improved situational awareness and real-time data. They are an important instrument for law enforcement and security activities. The need for drones and security applications is being driven by the growing emphasis on safety and security in both the public and private sectors. Drone swarms multiple drones working as a synchronized unit becoming more popular. Increased redundancy, scalability, and mission success rates are made possible by swarm technology. Drones equipped with thermal cameras can follow and identify targets through smoke and fog or in total darkness by detecting heat signatures, making security monitoring easy for security purposes. Drones with infrared and high-definition sensors may record and take excellent photos and videos even in dimly lit environments, giving a thorough overview of the area being watched.
For instance, in April 2024, United States-based Anzu Robotics LLC launched the Raptor series of drones, focusing on security and performance. The new Raptor and Raptor T drone platforms utilize advanced hardware and secure, sophisticated, software developed in the United States of America while partnering with Aloft Technologies Inc.
North America Dominated the Global Drone Market Share
Based on region, North America led the global drone market share in 2023. The advanced research infrastructure, excess air defense companies, and higher government investments are expected to propel regional growth during the forecast period. Furthermore, government authorities invest in drone fleet programs to cater to enhance its security and intel details. For instance, in March 2024, the Pentagon planned to spend USD 500 million annually on the implementation of a network and deploy thousands of affordable, smart combat drones for any future conflict. The Pentagon’s Replicator program was announced in 2023 with an ambitious goal of quickly mastering and deploying a large number of affordable drones in 18 to 24 months. like these along with drone manufacturing companies in the United States raising investments for high-end research and development are projected to advance the regional drone market.
Asia-Pacific is expanding at a significant growth rate in the global drone market. It is due to emerging economies, advanced warfare, and the increasing role of surveillance in border security. The role of drones in filmmaking and content creation has fueled its expansion in the region. India drone market is rising with rising public awareness of drones and their multi-industry usage. Major companies in India such as Garuda Aerospace Ltd., IdeaForge Technology Ltd, and Asteria Aerospace Ltd. are investing across the globe for expansion.
For instance, in February 2024, Indian drone manufacturing brand IdeaForge Technology Ltd entered the American drone market. The company is ranked fifth globally in the dual-use category of civil and defense.
Future Market Scenario (2024 – 2031F)
1. A wide range of applications including security, agriculture, and monitoring along with the increasing popularity of drones are projected to expand the global drone market size.
2. Companies indulging in research and development programs and integrating with technologies such as artificial intelligence, autonomous controls, and machine learning are adding value to the market.
3. Higher government investments and private-public partnerships are expected to propel the global drone market growth.
Report Scope
“Drone Market Assessment, Opportunities and Forecast, 2017-2031F”, is a comprehensive report by Markets and Data, that provides in-depth analysis and qualitative and quantitative assessment of the current state of the global drone market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.
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