Worldwide drone logistics industry is expected to reach $53.3 Billion by 2031
Growth of the drone logistics market has been propelled by a rise in demand for time-efficient delivery service and in last-mile delivery
According to the latest "Drone logistics Market By Component, By Application, By End-Use: Global Opportunity Analysis and Industry Forecast, 2021-2031" report by ResearchAndMarkets.com, 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.
The use of drones for logistics services provides several benefits such as a reduction in distribution costs, faster deliveries as well as a 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 have been observed. For instance, in April 2021, Slovenian aerospace company Pipistrel announced the 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 the addition of large cargo unmanned aerial vehicles with VTOL capability.
Growth of the drone logistics market has been propelled, owing to a rise in demand for time-efficient delivery service and a rise in demand for drones in last-mile delivery. However, cybersecurity issues associated with drones and short flying duration are the factors that hamper the 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 in the report.