The global drone service market accounted for US$ 629.2 Mn in 2018, and is projected to grow at a CAGR of 51.1% over the forecast period 2019-2027, to reach US$ 24,882.2 Mn in 2027. The demand for drone service is largely influenced by an escalating demand of surveying, mapping & inspection; and supportive government regulations related to the adoption of drone across the world. Furthermore, the governments of the developed economies such as the US, Canada, the UK, and Germany have undertaken different initiatives to propel the growth of drone service market in through implementing new rules and regulation for flying drones across the regions. However, among the developing countries such as India, China, Saudi Arabia, South Africa, and others the adoption of drone across agriculture industry is growing with greater percentage provides a potential opportunity for the drone service market.
The drone service providers are gaining prominence in the commercial sector owing to the fact that the end users are seeking various ways to cut down operational cost in their business.Owning a drone and maintenance of the machine involve significant cost and along with the same, the company has to hire a skilled drone operator which again incurs a huge cost.
Instead of owning a drone, various companies operating in the commercial sectors are opting for third-party drone service providers which enable them to cut down cost.This factor is positively impacting on the growth of the drone service market.
Industries such as real estate and infrastructure and media & entertainment have adopted the technology heavily, which have facilitated the service providers to increase their annual revenue, and thus fuel the growth of drone service market.Also, the drone service provider is experiencing significant demand for various services such as surveying, inspection, mapping and aerial photography from several other industries such as law enforcement, agriculture, and industrial among others.
Law enforcement agencies across the globe have deployed drones for various activities such as surveying, inspection and securing certain areas.
By drone type in the drone service market, rotary wing segment is the leading is anticipated to continue its dominance in the market.The rotary wing drones are the most attractive unmanned aerial vehicles for commercial use, and the same is expected to dominate the drone service market over the next decade.
The primary advantage of rotary wing drones is that these vehicles have the ability to VTOL (vertical takeoff and landing), thereby requiring smaller takeoff and landing area.Another ability of rotary wing drones to hover around and execute agile maneuvering eases the rotary wing drones to attract customers from several industries.
The rotary wing drones are majorly deployed for applications such as precision inspection as these drones have the ability to hover in a particular region and inspect a single target for a more extended period. These capabilities have impressed the end-user industries, which has reflected the adoption rate in the drone service market.
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