Global Drone Logistics Industry to Reach $53.3 Billion by 2031: Report
According to a new report titled "Drone logistics Market By Component, By Application, By End-Use: Global Opportunity Analysis and Industry Forecast, 2021-2031", the drone logistics market was valued at $8.20 billion in 2021, and is estimated to reach $53.32 billion by 2031, growing at a CAGR of 20.8% from 2022 to 2031.
Use of drones for logistics services provide several benefits such as reduction in distribution costs, faster deliveries as well as reduction in urban traffic and CO2 emissions.
Drones are also helpful in manufacturing, warehousing, and distribution facilities. Moreover, they are also used in mining, prospecting, and land surveying applications.
Development and deployment of drones for sending and receiving packages along with autonomous freight trains and unmanned heavy-lift freight airplanes has been observed.
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For instance, in April 2021, Slovenian aerospace company Pipistrel announced development of a heavy cargo hybrid vertical take-off and landing (VTOL) drone in partnership with SF Express.
The cargo drone will aid SF express to expand its delivery network fleet through addition of large cargo unmanned aerial vehicles with VTOL capability.
Growth of the drone logistics market has propelled, owing to rise in demand for time-efficient delivery service and rise in demand for drones in last mile delivery.
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.
The drone logistics market is segmented on the basis of component, application, end use, and region.
By component, the market is categorized into hardware, software, and services. By application, it is fragmented into warehouse & storage management, and transportation management.
By end use, it is classified into commercial and military. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the drone logistics market analysis from 2021 to 2031 to identify the prevailing drone logistics market opportunities.