According to a new report published by Allied Market Research, 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.
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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.
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.
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Covid-19 Impact Analysis
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 global construction drone market is segmented into type, application, and region. Depending on type, the market is divided into fixed wing drone and rotary wing drone. On the basis of application, it is fragmented into surveying lands, infrastructure inspection, security & surveillance, and others. . By end user, it is further bifurcated as residential, commercial, and industrial. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key companies profiled in the report for the construction drone market 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. Acquisition, partnership, and product launch are the key strategies being adopted by major players to remain competitive in the market.
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Key Benefits For Stakeholders
- The report provides an extensive analysis of the current and emerging construction drone market trends and dynamics.
- In-depth construction drone market analysis is conducted by constructing market estimations for the key market segments between 2020 and 2027.
- Extensive analysis is conducted by following key product positioning and monitoring of the top competitors within the market framework.
- A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
- The global construction drone market forecast analysis from 2020 to 2027 is included in the report.
- The key players within market of construction drone are profiled in this report and their strategies are analyzed thoroughly, which help to understand the competitive outlook of the construction drone industry.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of Market Research Reports and Business Intelligence Solutions. AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.