Rockville, Sept. 14, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the Drone Rental Business Market is projected to be valued at US$ 91.9 million in 2023 and is expected to rise with a CAGR of 17.8% to reach a global valuation of US$ 472.8 million in the forecast period 2023-2033.
The drone rental services market is driven by increasing drone utility for entertainment & recreational purpose and cost benefits associated with drone renting over owning. The adoption of drones is still in the developing phase in various industries, therefore owning a drone will be a cost burden to the customer. The users can rent out the drone and efficiently accomplish the required task. This factor is escalating the drone rental business worldwide.
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Key Segments of Drone Rental Business Industry Research Report
| By Drone Type | By Customer Type | By Region |
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Also, drones are gaining popularity for various fun activities like drone racing, drone dancing, light show, and others. Additionally, drones' utility for personal interest and hobby has grown drastically which stimulated the drone rental services market. Since customers owing a drone will be a cost burden for occasional purposes than renting out, thereby they have been observed inclining towards drone hiring services.
Key Takeaways from Market Study
- The market is expected to be valued at US$ 472.8 million during forecast period 2023-2033.
- Among regions, East Asia is expected to rise with highest CAGR of 19.0% during the forecast period 2023-2033.
- In segment by drone type, the multi-rotor drones are projected to hold leading share 74.0% in the global drone rental business market.
- The market registered a growth rate was 9.3% during the historic period.
“Escalating drone popularity for recreational & entertainment activities will boost the drone rental services market,” says a Fact.MR analyst.
| Report Attributes | Details |
| Forecast Period | 2023 – 2033 |
| Value Projection (2031) | US$ 472.8 Million |
| Growth Rate (2022-2031) | 17.8% CAGR |
| No. of Pages | 170 pages |
| No. of Tables | 80 Tables |
| No. of Figures | 219 Figures |
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Market Development
The drone rental business market is highly fragmented with the presence of various establishments and the introduction of new market players in the market. Merger & acquisition and service launches are some of the key strategies witnessed in the market resulting in substantial development of the market. Increasing adoption of drone rental services in both the commercial & residential sectors will lure the market expansion in the forthcoming period.
The Drone Rental business boasts a roster of key market participants, including Blue Skies, Drone Rental, Camera Lens Rentals, Heliguy, Drone Rental Iceland, DroneXperts, Lensrentals, Grover, Bali Drone Production, FriendWithA, D1 Store, Fat Llama, Wedio, Drone Works Ireland, Candrone, CloudVisual, ShareGrid, ECA Group, dronevideographer, RentOclick, and Drone-parts-center.
The Drone Rental sector is poised for significant growth in the near future, driven by strategic initiatives and collaborations within the industry. For instance,
- In October 2022, Lucid Drone Technologies, headquartered in Charlotte, California, entered into a strategic partnership with Sunbelt Rentals, marking a significant development in the industry. This partnership enables the nationwide availability of industrial spray drones for rental purposes. The collaboration between these industry leaders is set to expand the scope of services offered within commercial sectors.
United States is Poised to Drive Demand for Drone Rental Services
The United States is expected to play a pivotal role in driving the demand for drone rental services for several compelling reasons.
Firstly, the drone rental service market has reached maturity in the United States. The nation boasts the most established commercial sector, where drones find extensive utility across various business activities. High initial costs and the reluctance to invest in new drones are factors propelling the growth of the drone rental business in this region.
Furthermore, the United States is experiencing a surge in the recreational use of drones, particularly among the younger demographic who view drones as a captivating hobby and a source of entertainment. This growing interest has led to a substantial demand for drone rental services in the region.
Additionally, the United States witnesses a high demand for drone-related services, including drone package delivery, last-mile drone delivery services, drone imaging, drone mapping, and more. This robust demand further contributes to the flourishing drone rental services market in the United States.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global drone rental business market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of drone type (Multi-rotor and Fixed wing), by customer type (residential and commercial ) across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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