Drone Market To Reach $163.45 Billion By 2030 | CAGR: 14.5%

Drone Market Growth & Trends

The global drone market size is anticipated to reach USD 163.45 billion by 2030 and grow at a CAGR of 14.5% from 2024 to 2030, according to a new report by Grand View Research, Inc. Evolving regulations facilitating easier drone integration into airspace and operations and improvements in energy density, charge/discharge rates, and overall battery performance, which are extending flight times and enhancing operational capabilities of battery-powered drones, are expected to drive market growth.

Clearer guidelines and modernized approval processes are enabling businesses to utilize drones more effectively for various applications, from aerial surveys to last-mile delivery. For instance, in India, New Drone (Amendment) Rules 2023, effective September 2023, are aimed at promoting drone operations nationwide. India’s Directorate General of Civil Aviation (DGCA) mandates an individual to have an authorized remote pilot certificate on DGCA’s DigitalSky platform to operate an unmanned aircraft system in India. However, small- to medium-sized drones weighing up to 2kg for non-commercial use are exempted from this rule.

Innovations in areas, such as propulsion systems, battery life, sensors, and autonomy, are enhancing capabilities and functionalities of drones. For example, innovations in lightweight materials and more efficient batteries have extended flight times and payload limits, enabling drones to perform a wider range of tasks. These technological advancements are improving drone performance, reliability, and safety, increasing their appeal to various industries and applications, and driving market growth.

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Drone Market Report Highlights

• Hardware segment accounted for the largest revenue share of 59.1% in 2023 owing to the increasing demand for advanced drones with improved features, such as high-resolution cameras and long-range connectivity,

• Hybrid segment is anticipated to witness the fastest growth over the forecast period due to the growing adaptability of hybrid drones in varying farm sizes to ensure balanced crop monitoring.

• Remotely operated segment accounted for the largest revenue share in 2023 owing to the increasing adoption of drones for surveillance and security applications.

• The 2KG to 19KG segment is expected to witness the fastest growth over the forecast period due to the increasing use of drones for public safety and emergency response applications.

• Battery-powered segment accounted for the largest revenue share in 2023 owing to the improvements in energy density, charge/discharge rates, and overall battery performance.

• Military segment accounted for the largest revenue share in 2023 owing to the intensive use of military drones, also known as Unmanned Aerial Vehicles (UAVs), by defense forces worldwide for investigation, intelligence gathering, surveillance, target acquisition, and combat operations.

• North America dominated the market in 2023 owing to the increasing adoption of drones in various commercial applications, particularly in agriculture, construction, and oil & gas, among other industries and industry verticals.

• In December 2021, Autel Robotics launched the EVO Nano and Lite Drones, which can offer up to 6K video quality, a 7.4-mile image transmission range, and vision sensors for smart obstacle avoidance. A battery life of up to 40 minutes offered by the EVO Lite series can be considered an industry-leading feature.

Drone Market Segmentation

Grand View Research has segmented the global drone market based on component, product, technology, payload capacity, power source, end-use, and region:

Drone Component Outlook (Revenue, USD Million, 2018 - 2030)

• Hardware

  • Frames

  • Control System

  • Power & Propulsion System

  • Camera System

  • Navigation System

  • Transmitter

  • Wings

  • Others

• Software

• Services

  • Integration & Engineering

  • Maintenance & Support

  • Training & Education

  • Others

Drone Product Outlook (Revenue, USD Million, 2018 - 2030)

• Fixed-wing

• Multi-rotor

• Single-rotor

• Hybrid

Drone Technology Outlook (Revenue, USD Million, 2018 - 2030)

• Remotely Operated

• Semi-autonomous

• Fully Autonomous

Drone Payload Capacity Outlook (Revenue, USD Million, 2018 - 2030)

• Up to 2KG

• 2KG to 19KG

• 20KG to 200KG

• Over 200KG

Drone Power Source Outlook (Revenue, USD Million, 2018 - 2030)

• Battery-powered

• Gasoline-powered

• Hydrogen Fuel Cell

• Solar

Drone End-use Outlook (Revenue, USD Million, 2018 - 2030)

• Consumer

  • Prosumer

  • Toy/Hobbyist

  • Photogrammetry

• Commercial

  • Inspection/Maintenance

  • Mapping & Surveying

  • Photography/Filming

  • Surveillance & Monitoring

  • Localization/Detection

  • Spraying/Seeding

  • Others

• Military

  • Intelligence, Surveillance, Target Acquisition, and Reconnaissance (ISTAR)

  • Communication

  • Combat Operations

  • Military Cargo Transport

  • Precision Strikes

  • Others

• Government & Law Enforcement

Drone Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • UK

  • Germany

  • Italy

  • France

  • Spain

  • Rest of Europe

• Asia Pacific

  • Australia

  • China

  • India

  • Japan

  • South Korea

• Latin America

  • Brazil

  • Mexico

• MEA

  • Saudi Arabia

  • South Africa

List of Key Players in the Drone Market

• DJI

• 3DR, Inc.

• AgEagle Aerial Systems Inc

• Airware Limited

• Autel Robotics

• Mapbox

• Parrot Drone SAS

• Pix4D

• RedBird

• Skydio

• Teledyne FLIR LLC

• Yuneec International