The global construction drone market was valued at US$ 5,121.6 Million in 2020 and is expected to surpass US$ 14,123.3 Million by 2028, registering a CAGR of 15.9% during the forecast period (2021-2028), according to the Global Construction Drone Market Report, by Type (Fixed Wing Drone and Rotary Wing Drone), By Application (Surveying Land, Infrastructure Inspection, Security & Surveillance, and Others) By End user (Residential, Commercial, and Industrial), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa), published by Coherent Market Insights.
Implementation of rules and regulations related to the usage of drones imposed by several countries for ensuring the safety and privacy of people is expected to drive market growth during the forecast period. For instance, in July 2020, European Union Aviation Safety Agency (EASA) published the European regulations for the usage of drones to ensure their safe and secure operation in commercial and noncommercial applications. In addition, in September 2018, in India, Directorate General of Civil Aviation (DGCA) had approved the usage of drones for inspection, photography, delivery operations, and many other applications. Thus, all these factors are anticipated to encourage the use of construction drones, thereby accelerating the growth of global market during the forecast period.
Furthermore, government across the globe are focusing on investing in residential and infrastructure related constructions in order to develop and improve the standard of living of the people. For instance, in June 2019, Japan invested $367 million for infrastructure projects in Southeast Asian countries such as Indonesia, Singapore, Thailand, and the Philippines. This is expected to increase the demand for construction drones in these countries and drive market growth during the forecast period.
Global Construction Drone Market - Impact of Coronavirus (Covid-19) Pandemic
Globally, most of the countries are affected by COVID-19 pandemic and have announced lockdown. The global construction drone market is expected to be impacted significantly by COVID-19 as China is one of the major suppliers of raw materials & finished products for construction drones. Drone manufacturers across the globe are struggling to meet production schedules as the COVID-19 pandemic continues to impact Chinese manufacturing systems. For instance, Skydio, a U.S.-based company that manufactures drones is suffering from the supply-chain disruption caused by slowdown in the manufacturing of drone components. The construction industry is facing a reduction in production, disruption in supply, and price fluctuations as the manufacturers are forced to slow down their manufacturing operations till the pandemic situation is not recovered. Furthermore, construction operations, as well as land surveying and mapping, have been suspended in various regions, resulting in a significant drop in the demand of construction drones during the pandemic.
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