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Global drone market is anticipated to reach USD 25 billion by the end of 2023; hybrid drones market to post highest growth

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Global Drone market is majorly propelled by increasing use of drones in commercial sectors and rising use of drone for environmental regulation according to our research report Global Drone Market Outlook 2023”.

Regionally, the drone market is segmented into North America, Europe, Asia-Pacific and Rest of World (ROW). Among these, North America is anticipated to witness a significant growth and is expected to occupy the largest share of the drone market by 2023.   

Global drone market is anticipated to reach USD 25 billion by the end of 2023 showcasing a compound annual growth rate of 18.2% over the forecast period due to significant use of drones in various sectors.

Europe is estimated to be most attractive market in terms of profit over the forecast period. In Canada, drones are mainly used for atmospheric monitoring including atmospheric gas sampling and oceanographic research. North America is anticipated to dominate the global drone market. This can be attributed towards the increasing production and wide application of drones in commercial sector.

Increasing Use of Drones in Commercial Sectors: Boost

Drones are widely used in commercial sector such as traffic monitoring, weather monitoring, fire-fighting, search and rescue operations, drone-based photography, agriculture and delivery services. E-commerce and retail industry is working on the using drones in order to deliver product to the customers at a minimum time. Drones are widely used in agriculture sector to produce higher yield by regular crop monitoring, the growing trend of adoption of drones in various activities willfurther boost the global drone market.

Rising Use of Drone for Environmental Regulation: Momentum

Drones are widely used for pest detection, search and rescue of mammal species, volcanic monitoring, pollution monitoring and others. Governments are also implementing drones in public safety services, drones are widely used by law and enforcement agencies for surveillance. Drone plays a significant role during natural calamities and disaster.

The report titled Global Drone Market Outlook 2023 delivers detailed overview of the drones market in terms of market segmentation by regions, by product types, by payload, by component and by application.

Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.

This report also provides the existing competitive scenario of some of the key players of the drone industry which includes company profiling of 3D Robotics, AgEagle Aerial Systems, Draganfly Innovations, DJI Innovations, HoneyComb etc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview on the global drone market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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