PORTLAND, Ore., Nov. 17, 2020
- Increase in urbanization, surge in construction activities, and rise in government spending on development of infrastructure fuel the growth of the global construction drone market.
PORTLAND, Ore., Nov. 17, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Construction Drone Market by Type (Rotary Wing and Fixed Wing), Application (Surveying Land, Infrastructure Inspection, Security & Surveillance, and Others), and End User (Residential, Commercial, and Industrial): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global construction drone industry garnered $4.80 billion in 2019, and is projected to reach $11.96 billion by 2027, manifesting a CAGR of 15.4% from 2020 to 2027.
Drivers, restraints, and opportunities
Increase in urbanization, surge in construction activities, and rise in government spending on development of infrastructure fuel the growth of the global construction drone market. However, limited workforce and huge initial costs restrain the market growth. On the other hand, advancements in technologies and supportive policies for drone usage create opportunities in the next few years.
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The rotary-wing drone segment to continue its lead position by 2027
By type, the rotary-wing drones segment accounted for more than four-fifths of the total share of the global construction drone market in 2019, and is estimated to continue its lead position throughout the forecast period. Moreover, this segment is projected to witness the highest CAGR of 15.8% from 2020 to 2027. This is attributed to its features including compact design, high maneuverability, and ease of use along with innovations and advancements in drone technology. The report also offers a detailed analysis of the fixed-wing drones segment.
The land surveying segment to continue its dominance throughout the forecast period
Based on application, the land surveying segment held the highest market share, accounting for nearly half of the global construction drone market in 2019, and is estimated to continue its dominance throughout the forecast period. This is attributed to its features such as long range of flight and high stability along with need of aerial mapping of lands for record keeping, 3D modeling, and prevention of land disputes. However, the infrastructure inspection segment is expected to witness the highest CAGR of 17.1% from 2020 to 2027, owing to features of drones such as cost effectiveness, high range, accuracy, and excellent endurance.
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Asia-Pacific, followed by North America, to contribute highest revenue by 2027
Based on region, Asia-Pacific, followed by North America, accounted for the highest market share in 2019, contributing to more than two-fifths of the global construction drone market, and will maintain its highest contribution in terms of revenue throughout the forecast period. The same region is expected to witness at the largest CAGR of 17.8% during the forecast period. This is due to rise in urbanization and surge in construction activities in countries including China, India, and others. The report also explores regions such as Europe and LAMEA.
Leading market players
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