Drone Market Size, Share, Growth Analysis, By Product(Fixed Wing Drone, Rotary Wing Drone, and Hybrid), By Application(Security, Search and Rescue, Environmental, Mining and Construction), By Type(Aerial, Terrestrial, and Under Water), By End user(Agriculture, Construction and Infrastructure Industry, Media and Entertainment, Logistics and Transportation), By Region - Industry Forecast 2024-2031

Global Drone Market size was valued at USD 22.4 Billion in 2022 and is poised to grow from USD 28 Billion in 2023 to USD 166.70 Billion by 2031, growing at a CAGR of 25% during the forecast period (2024-2031). 

The global drone market has witnessed significant growth in recent years, with the increasing adoption of drones across various industries such as agriculture, construction, and defense. Drones, also known as unmanned aerial vehicles (UAVs), are becoming increasingly popular due to their ability to operate in areas that are difficult or dangerous for humans to access. The market for drones is expected to continue to grow in the coming years, with new applications and use cases emerging. The purpose of the drone market is to provide various types of drones to customers across different industries for a wide range of applications, including aerial photography and videography, mapping, surveying, search and rescue, and monitoring and inspection of infrastructure. The primary driving factors behind the growth of the drone market is the increasing demand for drones in the commercial and industrial sectors.

Drones offer significant advantages in terms of speed, cost-effectiveness, and safety compared to traditional methods of data collection and inspection. Additionally, advancements in drone technology, including improved sensors and longer flight times, are driving the growth of the market.  There are some restraining factors that could limit the market's growth. These include strict regulations governing the use of drones, concerns about privacy and security, and the high cost of drone technology. Many countries have strict regulations governing the use of drones, which can limit their use in certain applications. Additionally, the development of more advanced drones that can fly longer distances and carry heavier payloads presents technical challenges that must be overcome. There are significant opportunities for growth in the coming years. Based on SkyQuest analysis, the government has approved the production-link incentive (PLI) scheme which has boosted the drone sector. The scheme announced in 2021 and reiterated in 2022, aims to enhance the manufacturing of drones in India and establish the country as a global hub for drone production by 2030, in accordance with the Atmanirbhar Bharat Abhiyan.

One of the most significant opportunities is the increasing use of drones in the delivery and transportation sector, which could significantly reduce delivery times and costs. For instance, on May 2023, the U.S government has also introduced the National Drone and Advanced Air Mobility Initiative Act to promote the domestic production of UAS and development into advanced air mobility (AAM) such as air taxis. The bill provides about $1.6 billion funding. Also, advancements in drone technology, including the development of artificial intelligence and machine learning algorithms, present new opportunities for drone use in various applications.

UAV (Drone) Market is poised to grow at a sustainable CAGR for the next forecast year.