During the forecast period, there will be a rise in the use of autonomous drones for a range of security and commercial operations, as well as a demand for drones that can operate for longer periods with less downtime. There will also be an increase in the use of wireless power transfer in contemporary technological devices, as well as in efforts to increase drone efficiency by extending the battery life. Increased demand for autonomous drones to monitor infrastructure in both developed and developing nations and for drones that can recharge themselves without cables or human assistance are further reasons boosting the market's expansion.
It is anticipated that COVID-19's effect on the world economy will be unpredictable in the upcoming years. In December 2019, the COVID-19 epidemic had a devastating impact on the world economy. COVID-19's effects significantly impacted the market in 2020 and 2021. There have been fewer corporate contracts for autonomous drones due to the market's lack of confidence, which impacts the acquisition of defense equipment and related services. Several drone deliveries were put off because of the COVID-19 pandemic. Defense budget cuts have been from several nations, including the United States, India, France, and Israel.
Commercial Drone Applications Can Boost Sales of Autonomous Drone
The use of drones to gather sizeable amounts of data required for the intended strategic decisions has been reported across numerous industries. It has turned out to be the market with the fastest growth rate due to its wide range of uses in the commercial sector, including the building, mining, oil & gas, and agricultural sectors. The commercial use of mapping, observation, surveying and inspection studies is widely used. Therefore, the construction sector is projected to offer a sizeable opportunity for market expansion. Due to the growing use of commercial drones, the industry is anticipated to expand in the approaching years.
High Cost of Modern Systems and Advanced Electronics to Restrain Market Growth
Autonomous drones come with sophisticated avionics, propulsion, and flight management systems, as well as contemporary sensors and payloads. Depending on the operations' seriousness, these factors are linked to complex software and high-end hardware systems. Due to diverse applications that also change the overall cost of products, the army, air force, and navy each have a unique product portfolio for the deployment of military drones. These elements raise the overall cost of military drones in any country. Future growth is predicted to be constrained by the enormous costs of the product and upkeep. Future demand is anticipated to be constrained by restrictions on the use of drones in aerial spaces and limitations on their deployment in several nations.
By Range of Flight
Based on range of flight, the autonomous drone market is segmented into less than 10km, 10 km-20 km, 20 km-30 km and more than 30 km. The less than 10km category dominated the market in 2022 because more people are becoming aware of the technology; it is developing and being more widely used. Many construction sites use drones to undertake visual inspections in high-risk regions. A high-end autonomous drone range can be between 2.5 and 4.5 miles (4 to 8 kilometers).
Based on payload, the autonomous drone market is segmented into less than 300 lbs, 300-400 lbs and 400-500 lbs. The 400-500 lbs category dominated the market in 2022. An autonomous drone's payload is the maximum amount of weight it can transport. It is typically calculated separately from the drone's weight and considers all accessories. The payload for some autonomous drones ranges from 500 lbs (227 kg).
By Drone Type
Based on drone type, the autonomous drone market is segmented into consumer / civil, commercial and military. The military category dominated the market in 2022. An increase in demand for tactical and strategic autonomous drones for military use is driving the expansion of the market. Many nations have expanded the number of autonomous drones they purchase for various purposes that call for Medium Altitude Long Endurance drones. The need is expected to be fuelled globally by operations for border monitoring, surveillance, and border security.
By End-Use Industry
Based on the end-use industry, the autonomous drone market is segmented into agriculture & forestry, delivery & logistics, media & entertainment, construction & mining, oil & gas, security & law enforcement, and recreational activity. The construction & mining category dominated the market in 2022 due to a growth in the usage of drones for visual inspections in high-risk areas like building sites. Drones' capacity to collect real-time data increases efficiency, which is particularly beneficial for administration and communication. One of the riskiest jobs for employees is mining, particularly for underground workers. They are exposed to several dangers, including falling boulders, humid conditions, gas leaks, floods, and dust explosions. Drones used in mining can be used for inspection and surveillance.
North America is projected to hold the largest share of the autonomous drone market over the forecast period due to significant investments in advancing existing unmanned systems by integrating Al. This is due to the robust growth of the UAV environment in the United States for the commercial and military sectors. The American Department of Defense combines engineering and artificial intelligence to automate UAV swarms. On the other hand, the Asia Pacific autonomous drone market is anticipated to grow significantly due to the rising demand for autonomous drone systems for modern warfare for tactical and strategic uses in the next years. The country's largest importer is projected to generate considerable profits in the upcoming years. China, particularly, is increasingly adopting drones to build its next-generation logistics infrastructure due to its dense population.
LIST OF KEY COMPANIES PROFILED:
- 3D Robotics Inc.
- Go Pro
- Holy Stone
- Autel Robotics
- Sense Fly Kesper Drone
- Aerovironment Inc.
- Lockheed Martin Cooperation
- Autel Robotics
- Sense Fly
- Kesper Drone
- Aerovironment Inc.
- Insrael Aerospace Industry Ltd.,
- Microdrones GmbH
|Market Size in 2022||USD 15.5 Billion|
|Market Forecast in 2030||USD 56.5 Billion|
|Compound Annual Growth Rate||20.30%|
|Unit||Revenue (USD Million) and Volume (Kilo Tons)|
|Segmentation||By Range of Flight, By Payload, By Drone Type, By End-Use Industry and By Geography|
|By Range of Flight||
|By Drone Type||
|By End-Use Industry||