by Brianna Crandall — January 16, 2017 — According to recent published research from MarketsandMarkets, the drone services market is estimated to be USD 705.3 million in 2016 and is projected to reach $18,022.7 million by 2022, at a high compound annual growth rate (CAGR) of 71.62% during the forecast period. This indicates the myriad of applications for which this technology is being used.
Key factors expected to fuel the growth of the drone services market are the increasing demand for high-quality and real-time data, favorable changes in policies and regulations pertaining to the use of drones in civil aerospace, and the rising demand for drones in the commercial sector.
The aerial photography and remote sensing application segment is expected to dominate the market during the forecast period and, based on application, it is anticipated to witness the highest growth during the forecast period. Aerial photography and remote sensing is considered a low-cost system and is considered to be the most suitable and efficient way of collecting surveillance data for three-dimensional (3D) mapping in various industries, such as oil and gas, agriculture and logistics, among others.
Based on the type of drone, the multirotor drone segment is projected to witness the highest growth during the forecast period owing to the ability of multirotor drones for vertical take-off and landing (VTOL), stability, and capacity to hover and perform agile maneuvering.
Based on duration of service, the short-duration drone segment is projected to lead the market during the forecast period. Short-duration drone services are used in several industries for photography, inspection, and monitoring. Long-duration service is projected to witness high growth as well, owing to the increasing use of long-duration drone services for mining and construction purposes.
In terms of geographical growth, Asia-Pacific is predicted to witness the highest growth during the forecast period, owing to the expansion of the commercial sector, the increase in reliability of drones, and improvements in policy frameworks regarding the use of drones in civil aerospace. North America is estimated to lead the drone services market in 2016, due to an increased use of drone services in infrastructure, agriculture, and media and entertainment industries in the region.
Key players profiled in the drone services market include Airware, Inc, Sensefly Ltd, Aerobo, Cyberhawk Innovations Ltd, and Sky-Futures Ltd, among others.
The 164-page report, Drone Services Market by Industry (Infrastructure, Agriculture, Entertainment, Logistics), Application (Aerial Photography & Remote Sensing, Data Acquisition & Analytics), Type of Drone, Duration of Service, and Region – Global Forecast to 2022, is available for purchase from the MarketsandMarkets Web site. Early buyers will receive 10% customization on reports.