Increasing Use of Drones for Logistic Services will expand the Market Growth in the Forecast Period, States Fact.MR
Rockville, Dec. 05, 2022 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global cargo drone market is estimated at US$ 10,580.2 million in 2023 and is expected to expand at an impressive CAGR of 14.6% during the forecast years of 2023-2033.
Unmanned aerial vehicle (UAV), commonly known as a drone, is capable of delivering small packages. They typically have 4 to 8 propellers, rechargeable batteries, and attach packages below their bodies to create thrust. Drones can be controlled remotely or independently, and the user can control numerous drones at once.
Additionally, they can use cargo drones to deliver shipments weighing up to 200 kg. They are primarily utilized in the logistics industry to transport medium-sized products across great distances. Cargo drones for logistics and transportation minimize the urban traffic, CO2 emissions, speed up delivery services, reach hard-to-reach places, and operate continuously without the need for shift work.
In a number of locations throughout the world, cargo drones are utilized for deliveries that need to be made quickly, such as medical supplies, or that are challenging to do with conventional vehicles. Compared to conventional systems, the use of cargo drones in logistics and transportation can change the economics for smaller and medium-sized goods.
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Owing to aforementioned factor, the demand for cargo drones is expected to be very profitable during short term. This will be accomplished by selling cargo drones through a variety of sales channels, which will open up a wide range of opportunities to directly reach out to consumers all over the world.
Key Takeaways from Market Study
The global cargo drone market is projected to expand at an impressive CAGR of 14.6% and be valued at US$ 41,337.1 million by 2033
The market witnessed 9.6% CAGR for the period of 2018-2022
Under drone range, below 15 Km range of cargo drone will dominate the market and reach the valuation at US$ 3,631.1 million by 2023
North America and Europe will dominate the market with 32.1% and 36.1% market share in 2023
By drone type, commercial cargo drone type is likely to represent 82.4% market share in 2023
“Increased Use of Logistic Services for Quick Response Delivery will boost the Market Growth” says a Fact.MR analyst.
Segmentation of Long range drone Industry Research
By Payload Capacity :
Below 50 Kg
Above 200 Kg
By Range :
Below 15 Km
Above 45 Km
By Drone Type :
Military & Defense
By End Use Industry :
Healthcare & Pharmaceuticals
Food & Beverages
e-Commerce & Retail
Construction and Mining
By Region :
South Asia & Oceania
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With value-added services, businesses are customising their offerings for their end user base. Major players are innovating their cargo drones with cutting-edge technologies and other features like collision safety and noise reduction in order to maintain their USPs. Additionally, the majority of participants have been concentrating on technologies and IoT-based sophisticated systems such automated drone accessories, which have the potential to become crucial components of the drone business.
On the demand side, North America is most likely to be the most significant region. During the projected period, the East Asia region's robust supply chain network and capital expansion will provide manufacturers with new prospects. Along with organic growth strategies, manufacturers have several opportunities to follow inorganic growth strategies such as merger, partnership and collaboration to expand in East Asia region owing to ample opportunities for revenue generation.
Key Companies Profiled
AgEagle Aerial Systems, Inc.
Israel Aerospace Industries
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global cargo drone market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of payload capacity (below 50 Kg, 50-100 Kg, 100-150 Kg, 150-200 Kg, above 200 Kg), range (below 15 Km, 15-30 Km, 30-45 Km, above 45 Km), drone type (commercial, military & defense), end use industry (healthcare & pharmaceuticals, food & beverages, logistics, e-commerce & retail, consumer electronics, defense, construction and mining, others), and across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
Check out more related studies published by Fact.MR Research:
Search and Rescue Drone Market: The search and rescue drone market is estimated to reach valuation of US$ 3,254.4 Million in 2023 and will top US$ 11,648.1 Million by 2033, growing with a CAGR of around 13.6% from 2023-2033.
Industrial Drone Market: The industrial drone market is estimated to reach valuation of US$ 4,474.8 Million in 2023 and will top US$ 24,226.5 Million by 2033, growing with a CAGR of around 18.4% from 2023-2033.
Fixed Wing Drone Market: The global fixed wing drone market will generate a valuation of US$ 7,085.1 million in 2023 and is expected to progress at a CAGR of 17.2% to reach US$ 34,643.5 million by the end of 2033. In 2023, the global drone market is estimated to be valued around US$ 33.9 billion, while the drone market is projected to grow at 17.6% CAGR
Medical Drone Market: The global medical drone market is set to enjoy a valuation of US$ 3,864.6 million in 2023 and further expand at a CAGR of 17.8% to reach US$ 3,864.6 million by the end of 2033. In 2023, the global drone market is estimated to have around 7.6 million unit shipments, while the drone market is projected to grow at 15.3% CAGR.
Hybrid Drone Market: The global hybrid drone market is expected to reach a valuation of US$ 8,610.6 million in 2023 and is expected to progress at a CAGR of 20.3% to reach US$ 54,662.5 million by the end of 2033. In 2023, the global drone market is estimated to reach valuation of US$ 33.9 billion, while the drone market is projected to grow at 17.6% CAGR.
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