Drone market: surpassing $101.1 billion U.S. by 2032 | Rising demand - says Market.us

New York, Dec. 12, 2023 (GLOBE NEWSWIRE) -- The global drone market is projected to be valued at USD 34.5 billion by 2023 and is expected to grow significantly to reach USD 101.1 billion by 2032. The market is poised to take off significantly with a projected compound annual growth rate (CAGR) of 12.7% during the forecast period from 2023 to 2032.

Drones

Drones, also known as UAVs or unmanned aerial vehicles, are remotely piloted aircraft capable of autonomous flight or remote control operation. These devices are adaptive and have attracted much attention with their applications in various sectors such as aerial photography, aerial videography, delivery to''Agriculture, infrastructure survey and inspection.

The drone market

The drone market is experiencing rapid growth and transformation driven by several factors. The major factor is the continuous development of drone technology itself. Drones have evolved and improved capabilities including better flight performance, longer battery life, better sensors and cameras.

The advancement in technology has increased the use of drones and improved the efficiency of drone related operations. One of the significant trends in the market is the integration of drones with emerging technologies such as artificial intelligence (AI) and internet of things (IoT).

Another trend is the creation of specialized drones designed for specific industries. Industry-specific drones are equipped with sensors, cameras, and software designed to meet the specific requirements of sectors such as agriculture, construction, and inspection. These specialized drones offer targeted solutions, providing more accurate data collection and analysis.

Global Market''The drone market is taking off, led by Brazil and Mexico, which are adopting drone technology in various sectors. In the Middle East and Africa (MEA), countries such as Saudi Arabia and UAE are strategically utilizing drones for security and surveillance, contributing to the gradual growth of the market. Overall, the regional dynamics of the global drone market illustrate its widespread adoption and influence across the globe, with each region capitalizing on the opportunities and benefits of drones.

Competitive aspects of the market

The competitive aspects of the market are also covered in this report. Some of the major players in the market include:

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