Construction Drone Market Size is projected to reach $11,968.6 million by 2027, registering a CAGR of 15.4% from 2020 to 2027

According to a new report published by Report Ocean, titled, “Construction Drone Market by Type, Application, and End User: Opportunity Analysis and Industry Forecast, 2020–2027,” the global construction drone market size was valued at $4,800.0 million in 2019, and is projected to reach $11,968.6 million by 2027, registering a CAGR of 15.4% from 2020 to 2027. Construction drone enables construction teams to get holistic view of construction site, materials, people, and machinery, thereby assuring workplace safety and security. Construction drones are increasingly being used for applications such surveying lands, geographical mapping, and inspection of infrastructure due to the advantages such as real-time data acquisition, accurate image capturing, and accessibility to hazardous areas.

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Exponential population growth coupled with rapid urbanization has resulted in increase in residential and nonresidential construction activities in the developed and developing countries such as the U.S., Canada, the UK, Russia, India, China, and Brazil. For instance, in August 2020, Statistics Canada, a national statistical agency of Canada, released a report on economy of Canada. According to this report, total investments in building construction registered an increase of 12% in June 2020 as compared to May 2020. This is expected to drive the growth of construction drone market during the forecast period.

Rise in demand for construction drones is attributed to development of the construction industry around the globe, which leads to rise in the need for surveying of vast land mass containing uneven ground and rocky obstacles. These tasks can be performed efficiently and quickly by construction drones as compared to humans. For instance, in September 2019, Survey of India (SoI) and National Mapping Agency (NMA) launched a program for large-scale mapping (LSM) in the country, which is expected to use professional grade construction drones. This is expected to drive the growth of construction drone market during the forecast period.

Key players in the construction drone market are continuously taking efforts to improve their product offerings to cater to dynamic requirements of the industry. For instance, in April 2020, DJI launched Mavic Air 2, which has 8 GB on-board memory storage and 3,500 mAh battery for aerial photography and video surveillance of residential construction sites.

Asia-Pacific region dominated the global construction drone market in 2019, in terms of revenue, accounting for around 41.0% share of the global market, followed by North America and Europe respectively. Also, Asia-Pacific region is expected to register the highest CAGR of 17.8% during the forecast period. The developing countries such as India, Indonesia, and China have been recognized as the lucrative markets for construction drone, owing to rapid technological development. China is the major shareholder in the construction drone market, in terms of consumption and manufacturing. Furthermore, the developing economies, such as China and India, are expected to support market expansion, owing to increase in demand for new roads and highway construction. For instance, in October 2018, India planned to build a four-lane bridge over the river Brahmaputra in Assam state, which is estimated to be completed by 2026.

By type, the rotary-wing drones segment accounted for the largest share in the global market in 2019, and is expected to witness significant growth during the forecast period. Rotary wing drones are rapidly adopted in construction and infrastructure industries, owing to their features such as high maneuverability, compact design, and ease of use. Rise in use of rotary blade drones in construction and infrastructure industries, for applications such as aerial photography and video surveillance of construction sited drives the market growth. Innovations and technological advancements are the key strategies adopted by the major players in the market, which are expected to provide opportunities for growth of this segment in near future. In terms of application, the land surveying segment secured highest share in the construction drone market in 2019, and is expected to grow at a CAGR of 15.5% during the forecast period. This is attributed to rise in adoption of construction drone for the purpose of land survey, owing to its features such as long range of flight, high stability, and superior maneuverability. In addition, increase in need for aerial mapping of lands for the purpose of record keeping, 3D modelling, and prevention of land disputes is expected to propel the construction drone market growth during forecast period.

The players operating in the global construction drone market have adopted product launch, partnership, and acquisition as their key developmental strategies to strengthen their foothold in the global market. For instance, in June 2019, AeroVironment, Inc., based in California, acquired Pulse Aerospace, LLC, a developer and supplier of small VTOL UAS based in Los Angeles, U.S. This acquisition is expected to expand AeroVironment’s customer base in the U.S. .

The outbreak of COVID-19 has negatively impacted the construction drone market, which is expected to hamper the growth of the market throughout the year. This has further affected the demand for construction drones from the developing countries, including India and China, thereby, halting the production activities. In addition, the disruption of supply chains is causing hindrance in production of the construction drones around the globe. All these factors together are anticipated to negatively impact the market growth.

The key players profiled in the construction drone market report include 3D Robotics, Inc., AeroVironment, Inc., DJI, FLIR Systems, Inc., Insitu, Inc., Leptron Unmanned Aircraft Systems, Inc., Parrot Drones, PrecisionHawk, Trimble Inc., and Yuneec International Co. Ltd. .

Key Findings Of The Study

The report provides an extensive analysis of the current and emerging construction drone market trends and dynamics.
Depending on type, the rotary-wing drones segment dominated the construction drone market, in terms of revenue in 2019, and is projected to grow at a significant CAGR during the forecast period.
On the basis of application, land surveying has garnered highest share of revenue in 2019.
By end user, the residential segment registered highest revenue in 2019.
Asia-Pacific region is projected to register the highest growth rate in the coming years.
The key players within the construction drone market are profiled in this report, and their strategies are analyzed thoroughly, which help to understand the competitive outlook of the construction drone industry.
The report provides an extensive analysis of the current trends and emerging opportunities of the market.
In-depth construction drone market analysis is conducted by constructing estimations for the key segments between 2020 and 2027.

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This release was published on openPR.