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 USD 18,022.7 million by 2022, at a CAGR of 71.62% during the forecast period. Key factors expected to fuel the growth of the drone services market is the increasing demand for high quality and real time data, favourable changes in policies and regulations pertaining to the use of drones in civil aerospace and rising demand of drones in the commercial sector.
The aerial photography & 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 as a low cost system and is considered as the most suitable and efficient way of collecting surveillance data for 3D mapping in various industries, such as oil & gas, agriculture, and logistics, among others.
Based on type of drone, the multirotor drone segment is projected to witness 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 grow witness high growth, owing to the increasing use of long duration drone services for mining and construction purposes.
In terms of geographical growth, Asia-Pacific is projected to witness highest growth during the forecast period, owing to the expansion of the commercial sector, 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 increased use of drone services in infrastructure, agriculture, and media & entertainment industries in the region.
