India Drone Market Size and Forecast: From USD 654 Million to USD 1,437 Million by 2029

(IT-NEWSWIRE.COM, May 28, 2024 ) The India Drone Market Size is projected to grow from USD 654 Million in 2024 to USD 1,437 Million by 2029, at a CAGR of 17.0% during the forecast period. The Drone volume in the India Drone Market is projected to grow from 10,803 Units in 2024 to 61,393 Units by 2029. The drone market in India is undergoing a significant transformation, propelled by progressive regulations, increasing investments, and burgeoning applications across various sectors.

Key Market Players:

Major service providers in this market are India-based drone manufacturing companies, such as Paras Aerospace, ideaForge Technology Ltd., Throttle Aerospace Systems Pvt. Ltd., Garuda Aerospace, Asteria Aerospace Limited, General Aeronautics, and Newspace Research Technologies Pvt. Ltd., Iotechworld, Adani Defense and Aerospace, Tata Advanced Systems Limited, CDSpace, Thanos, Dhaksha Unmanned Systems, Marut Dronetech Private Limited, Hubblefly Technologies, Raphe. They have an established portfolio of reputable services, a robust market presence, and strong business strategies.

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Regulatory Framework and Innovation:

As of the latest review, India positions itself as a rapidly growing hub for drone technology, thanks to an enabling regulatory framework instituted by the Directorate General of Civil Aviation (DGCA) and the Ministry of Civil Aviation. These regulations have streamlined approvals and expanded use cases, driving innovation and adoption.

Dominance of Defense and Security Sector:

By Industry, the defense and Security segment was estimated to account for the largest share of the India drone market in 2024. The defense and security sector dominates the Indian drone market due to its critical role in national security and the strategic advantages drones offer. With regional security challenges, the need for heightened surveillance and reconnaissance, and the delivery of payload to border areas, India has prioritized the adoption of drones for defense purposes. The government's emphasis on self-reliance in defense technology further bolsters this sector's market share, as drones become integral to modern military operations and border management, leading to significant investment in this technology.

Expanding Commercial Applications:

Based on application, the India drone market has been segmented into Military, Commercial, Government and law enforcement, and Consumer. Commercial drone applications in India are driven by the increasing adoption of drones in sectors such as agriculture, infrastructure, and delivery services for their cost-efficiency and operational effectiveness. Regulatory reforms facilitating commercial drone use and technological advancements also contribute to this robust growth.

OEM Segment Dominance:

Based on the point of sale, the India drone market has been segmented into OEM and Aftermarket. The OEM segment's lead in the Indian drone market can be attributed to strong government initiatives encouraging domestic production, significant internal demand across military and commercial sectors, and advancements in local drone technologies. Additionally, the cost-effectiveness of Indian-manufactured drones, coupled with the potential for exports, further propels the OEM segment's dominance.

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India Drone Market Size and Forecast: From USD 654 Million to USD 1,437 Million by 2029