Increase in demand for time-efficient delivery service and rise in demand for drones in last mile delivery drive the growth of the global drone logistics market.
PORTLAND, Ore. , Aug. 22, 2022 /PRNewswire/ — Allied Market Research published a report, titled, “Drone Logistics Market by Component (Hardware, Software, Services), by Application (Warehouse and Storage Management, Transportation Management), by End-Use (Commercial, Military): Global Opportunity Analysis and Industry Forecast, 2021-2031″. According to the report, the global drone logistics industry generated $8.20 billion in 2021, and is anticipated to generate $53.32 billion by 2031, witnessing a CAGR of 20.8% from 2022 to 2031.
Prime determinants of growth
Increase in demand for time-efficient delivery service and rise in demand for drones in last mile delivery drive the growth of the global drone logistics market. However, cybersecurity issues associated with drones and short flying duration are the factors that hamper growth of the market. Furthermore, revamped government regulatory framework is the factor expected to offer growth opportunities during the forecast period.
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Covid-19 Scenario
The outbreak of the Covid-19 pandemic had resulted in significant catastrophic damages to societies and enterprises across the globe. However, it had a positive impact on the global drone logistics market, owing to a significant increase in development and utilization of drone services by drone service providers.
Drones have been utilized in lab sample pick-up and delivery and transportation of medical supplies to reduce transportation time and minimize infection exposure. It has also beed used for aerial spraying in public areas to disinfect potentially contaminated areas and public space monitoring and guaranty. These applications have increased demand for different types of drones to capture ground activities from the sky.
Moreover, post-pandemic, several logistics companies are focusing on developing a network for last mile deliveries based on drones, which, in turn, is expected to boost the growth of the drone logistics market during the forecast period.
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The hardware segment to maintain its leadership status throughout the forecast period
Based on component, the hardware segment held the highest market share in 2021, accounting for more than two-fifths of the global drone logistics market, and is estimated to maintain its leadership status throughout the forecast period, owing to availability of drones in various shape & size and several hardware components such as sensors, battery, microcontrollers, and camera. However, the services segment is projected to manifest the highest CAGR of 24.6% from 2022 to 2031. Service segment includes consulting, implementation, value added services, and support & maintenance services. Few companies have started to implement drone shipping services to fulfill the demand for faster deliveries, which, in turn, is driving the growth of the segment.
The warehouse and storage management segment to maintain its leadership status throughout the forecast period
Based on application, the warehouse and storage management segment held the highest market share in 2021, accounting for more than two-thirds of the global drone logistics market, and is estimated to maintain its leadership status throughout the forecast period, owing to utilization of drones to optimize inventory management and supply chain logistics. However, the transportation management segment is projected to manifest the highest CAGR of 24.9% from 2022 to 2031. Development and deployment of drones for sending and receiving packages along with autonomous freight trains and unmanned heavy-lift freight airplanes have been observed, which drives the segment.
The commercial segment to maintain its lead position during the forecast period
Based on end use, the commercial segment accounted for the largest share in 2021, contributing to more than two-thirds of the global drone logistics market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 22.9% from 2022 to 2031. In recent years, proliferation of the e-commerce industry has encouraged e-commerce companies to adopt drones for delivery of goods or parcels, which boosted the segment. The report also identifies military segment.
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North America to maintain its dominance by 2031
Based on region, North America held the highest market share in terms of revenue 2021, accounting for more than one-third of the global drone logistics market. The region has witnessed a significant surge in use of advanced drone technologies to reduce human labor and improve output quality in the logistics sector. North American countries are investing heavily on adoption of drone services to augment performance of their operations and improve time management in supply chain. However, the Asia-Pacific region is expected to witness the fastest CAGR of 22.5% from 2022 to 2031. This is attributed to rise in adoption of drones and increase in development activities of drones specialized for logistics and related software across developing economies such as China and India.
Leading Market Players: –
Deutsche Post DHL Group Drone Delivery Canada
DroneScan
FedEx Corporation
Flytrex Inc.
Hardis Group
Infinium Robotics
Matternet, Inc.
PINC Solutions
Amazon.com, Inc.
United Parcel Service of America, Inc.
Wing Aviation LLC
Workhorse Group Incorporated
Zipline International Inc.
Wingcopter GmbH
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