Drone firms fly higher with versatile models

Applications in wide-ranging fields spawn huge market, promising lead across world

Stakes are high and Chinese manufacturers of unmanned aerial vehicles, commonly known as drones, are seeking to fly higher with their latest models that are multipurpose and smarter, promising to grab as much share as possible of what is estimated to be a double-digit multibillion dollar market globally already and set to grow further rapidly.

With drones finding applications in a wide range of fields — farming, cargo transport, aerial photography, surveillance and security operations, power line patrolling, emergency rescue work, surveys and cartography, to name a few — the future for this market is going to be exciting, experts said.

A report from market tracker Mordor Intelligence said revenue of the global delivery drones market is expected to grow from $1.97 billion in 2023 to $11.66 billion by 2028, at a compound annual growth rate of 42.65 percent.

Data from the Shenzhen-based Qianzhan Intelligence Co Ltd said the industry-level drone segment has witnessed explosive growth in China, with sales revenue projected to increase from 27.3 billion yuan ($3.73 billion) in 2020 to 265.8 billion yuan in 2026.

Industry-specific drones, market experts said, are expected to see their value surge as they could help address labor shortages, besides enhancing all walks of life.