WASHINGTON, July 07, 2022 (GLOBE NEWSWIRE) -- In recent years, the demand for artificial intelligence (AI) used for drone technology is growing rapidly. Major players are investing heavily in novel technology for developing drones not only for military and defense, but also for commercial and industrial purposes. Over the years, enterprise drones have increased by 56% from 2018 to 2020 with the construction, mining, agricultural, survey and real estate domains. Owing to these factors in acceptance, drone technology solutions are gaining huge importance on a global market, states Vantage Market Research, in a report, titled “Drone-in-a-Box Solutions Market Size, Share & Trends Analysis Report by Product (Hardware, Software), by Application (Commercial, Residential, Military), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
The market size stood at a revenue USD Million in the year 2021. The Global Drone-in-a-Box Solutions Market size is expected to reach USD Million by the year 2028 and is forecasted to grow exhibiting a Compound Annual Growth Rate (CAGR) of 10.5% during the forecast period.
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Driver: Increasing Use of Drone Technology in Construction, Agricultural, and Mining Industry
Majority of the Industries in oil and gas sector are now relying on drone technology to improve operations and safety. This technology will largely be driven by the massive opportunity for energy companies to unlock lower production costs and increase the work efficiency. While the drone service sector continues to provide onboarding and scaling capabilities, internal growth will exceed outsourcing. Drone service providers will remain an important part of the drone ecosystem, supplementing companies’ ability to start and scale operations.
Key Insights & Findings from the Report:
According to our primary respondents’ research, the Drone-in-a-Box Solutions market is predicted to grow at a CAGR of roughly 10.5% during the forecast period.
The Drone-in-a-Box Solutions market was estimated to be worth roughly USD Million in 2021 and is expected to reach USD Million by 2028; based on primary research.
On the basis of region, North America is projected to dominate the worldwide Drone-in-a-Box Solutions market.
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Segmentation of the Global Drone-in-a-Box Solutions Market:
Middle East & Africa
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Restrain: Increasing Social Issues and High Cost of Drone Technology
Factors such as the limited battery life of the devices, high cost of the devices, and lack of skilled manpower are expected to hamper the market growth. The high costs of spare parte impact the ability of manufacturers to launch their products in the market, thus resulting in limited production. These are some of the major concerns which restricts various consumers from purchasing drones. Additionally, the rising competition in the market and low awareness about the product are further limiting the market growth.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the healthcare industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
Impact Assessment of COVID-19 Pandemic
Middle East & Africa
Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
Key Strategies Undertaken by Companies to Tackle COVID-19
Long Term Dynamics
Short Term Dynamics
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The report on Drone-in-a-Box Solutions Market highlights:
Assessment of the market
COVID Impact Analysis
Historic Data, Estimates and Forecast
Global and Regional Dynamics
North America Dominates the Global Drone-in-a-Box Solutions Market
North America held the largest market share in 2021. Most of the manufacturers are based in the United States. Increasing exposure and ease of availability of dron-in-a-box solution have created a strong market in this region. This industry has witnessed a high rise in manufacturers and R&D owing to high demand in regions such as North America and Europe.
For instance, in 2020 the U.S. Air Force announced it is winding down service of the MQ-9 in favor of a lower-cost replacement with “attritable” technology – low-cost, reusable, and expendable technology that can be lost in combat without concern of divulging top-secret engineering.
List of Prominent Players in Drone-in-a-Box Solutions Market:
Browse market data Tables and Figures spread through 145 Pages and in-depth TOC on "Drone-in-a-Box Solutions Market Size, Share & Trends Analysis Report by Product (Hardware, Software), by Application (Commercial, Residential, Military), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/drone-in-a-box-solutions-market-525058
In May 2022, Kisan drones are being promoted for crop assessment, digitisation of land records, spraying of pesticides and nutrients for which a budget provision has also been made, Agriculture Minister Narendra Singh Tomar noted.
In May 2022, CHESTERFIELD/VIRGINIA, UNITED STATES OF AMERICA- As part the “Drone Tech Gateway” program, Drone Logistics Ecosystem is setting up a partnership with Chesterfield County, Va., to stimulate innovation, standardization and cross-border commercialization of drone delivery technologies and products. Chesterfield has introduced limited use of UAS technology in the past two years. It created a workgroup consisting.
Key questions answered in the report:
Which regional market will show the highest and rapid growth?
Which are the top five players of the Drone-in-a-Box Solutions Market?
How will the Drone-in-a-Box Solutions Market change in the upcoming six years?
Which application and product will take a lion’s share of the Drone-in-a-Box Solutions Market?
What is the Drone-in-a-Box Solutions market drivers and restrictions?
What will be the CAGR and size of the Drone-in-a-Box Solutions Market throughout the forecast period?
This market titled “Drone-in-a-Box Solutions Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
Market Size Provided for Years
Region & Counties Covered
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
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