Demand for drone services to increase
The global drone as a service market is expected to reach a valuation of $6,629.4 million in 2023 and is expected to reach a valuation of $25,231.1 million by 2033. The market will witness a growth rate of 15.3% for the next 10 years.
The global drone as a service market is experiencing higher demand in comparison to the demand for drone hardware and software. The basket of tasks that can be performed with the help of drones is rapidly increasing and with every passing year, the industry is witnessing a set of market trends, defining the shape of the overall drone industry.
The industry is also witnessing significantly high interest from the top venture capital investment firms, and on average from the last ~3-4 years, the industry has received around $750 million of investment across the globe. The US market in terms of value is the largest among the major economies of the world. However, countries like India, Israel, and other south Asian countries are witnessing high demand for drones and related services.
- The global drone service market is expected to witness a double-digit growth of CAGR 15.3%, over the next 10 years.
- The US will continue to lead the market in terms of value, accounting for almost 29% of the global drone service market.
- The use of drones for mapping and surveying accounts for 35% of the total demand of drones as services.
- Energy sector spends the most across all industry verticals.
- Spending on drones in the agriculture sector will reach a valuation of $729.2 million.
“Drone services market will continue to grow amid technology advancement and affordability of their services,” said a Fact.MR analyst.
The drone service market is still considered to be in its early stage, given the future market potential. Many new market players are entering the market with the hope to capture a share and create a place for themselves in the competitive environment. The industry is mostly growing vertically and very few deals were done horizontally. In terms of the number of deals, the south Asian market is witnessing the fastest growth among all other regions. In the last couple of years, the drone service industry witnessed some mergers and acquisitions;
- In July 2022, American Robotics, owned by Ondas holding, announced that it is planning to acquire Airobotics, an autonomous drone solution provider.
- In May 2022, Adani Enterprises, one of the largest conglomerates in India completed the acquisition of 50% of General Aeronautics for an undisclosed amount.