ResearchAndMarkets.com has released its Drones Market Forecast 2024-2032 report, which analyses the market by type, application, and region.
According to this report, the global drones market size reached a value of USD 38.25 billion in 2023. Aided by the increasing adoption of drones across various sectors, including agriculture, defence, logistics, and entertainment, the firm projects further growth at a CAGR of 22.4 percent between 2024 and 2032 to reach a value of USD 244.95 billion by 2032.
“One of the major drones market trends is the increasing use of drones in agriculture,” the report says. “Similarly, the logistics industry is experiencing a revolution with the rise of drone deliveries. Several companies, including major retail giants and e-commerce platforms, are exploring drone technology to facilitate faster and more cost-efficient deliveries, particularly in remote or hard-to-reach areas.”
The report adds that drones continue to play a vital role in defence applications, especially for surveillance, reconnaissance, and combat operations. “Rising geopolitical tensions and increasing defence budgets are expected to further drive the demand for military drones, which constitute a major portion of the global drones market share.”
In addition, the report says the entertainment industry is fuelling the demand for drones in various applications such as advertising, and film production, as well as for recording important events.
Advancements in technology, such as the integration of artificial intelligence and machine learning, is also contributing to growth as innovations increase drones’ abilities to analyse data in real-time, optimise flight paths, and make autonomous decisions. Advancements in battery technology and propulsion systems have also improved the endurance and range of drones, allowing them to operate for longer periods and cover greater distances.
The report says that the increasing interest in urban air mobility (UAM) and the potential for passenger drones and air taxis represent “a transformative opportunity for the transportation sector” and notes that several companies and startups are already developing drone-based urban transport solutions.
Caution comes in the form of varying regulatory frameworks governing drone usage, which may limit the scope of commercial drone operations. Additionally, stringent regulations, particularly regarding airspace access, privacy concerns, and security risks, “continue to pose barriers to widespread drone adoption, especially in densely populated areas”.
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