Drone Insurance Market to Reach $2.6 Billion, Globally, by 2032 at 10.4% CAGR: Allied Market Research
The rising demand for drone-based services across various industries such as defense, public safety, logistics, and consumer applications, has been the key driver of the Global Drone (UAV) Insurance Market.
Wilmington, Delaware, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Drone Insurance Market by Insurance Type (Drone Third-Party Liability Insurance, Drone Fuselage Damage Insurance, Drone Hull Insurance, and Drone Cargo Insurance), Application (Commercial, and Personal), and Drone Type (Fixed-Wing, Multi-Rotor, and Hybrid): Global Opportunity Analysis and Industry Forecast, 2024-2032”. The drone insurance market was valued at $1.1 billion in 2023 and is estimated to reach $ 2.6 billion by 2032, exhibiting a CAGR of 10.4% from 2024 to 2032.
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Prime determinants of growth
The use of drones has enabled companies to receive real-time data on their operations and to provide better services. In addition, the increasing trend of drone deliveries, especially in the e-commerce sector, has also contributed to the market growth. Furthermore, the rising investments in the development of smart drones have created a need for insurance policies related to the use of drones.
However, the high costs associated with the insurance policies for drones are hindering the growth of the global drone (UAV) insurance market. In addition, the lack of awareness about the availability of such insurance policies is also expected to hamper market growth. Nonetheless, the increasing investments by governments in drone-based projects are expected to create new opportunities for the market shortly.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size in 2022 | $1.1 billion |
| Market Size in 2032 | $ 2.6 billion |
| CAGR | 10.4% |
| No. of Pages in Report | 488 |
| Segments covered | Insurance Type, Application, Drone Type, and Region. |
| Drivers |
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| Opportunities |
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| Restraints |
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The drone fuselage damage insurance segment is expected to grow faster throughout the forecast period.
By insurance type, the drone fuselage damage insurance segment is projected to manifest the highest CAGR of 4.5% from 2024 to 2032. This can be attributed to the fact that the increasing adoption of drones across various industries such as agriculture, construction, logistics, and surveillance is driving the demand for drone insurance. As drones become more integrated into everyday operations, there is a higher likelihood of accidents or damage to drone fuselages, which necessitates insurance coverage.
The commercial segment is expected to lead throughout the forecast period.
By application, the commercial segment is projected to manifest the highest CAGR of 4.4% from 2024 to 2032. This can be attributed to the rapid expansion of commercial drone applications across various industries and is driving the demand for commercial drone insurance.
The hybrid segment is expected to lead throughout the forecast period.
By drone type, the hybrid segment is projected to manifest the highest CAGR of 4.4% from 2024 to 2032. This significant growth can be attributed to the rapid expansion of commercial drone applications across various industries. Hybrid drones, which combine the features of both fixed-wing and rotary-wing drones, offer enhanced versatility, longer flight durations, and the ability to hover, making them suitable for a wide range of tasks. The increasing demand for these multifaceted drones in sectors such as logistics, agriculture, and surveillance, is expected to drive their market growth during the forecast period.
Asia-Pacific to maintain its dominance by 2032.
By region, Asia-Pacific held the highest market share in terms of revenue in 2023, accounting for three-fourths of the global drone insurance market revenue and is expected to dominate in terms of revenue throughout the forecast timeframe. Asia-Pacific is witnessing rapid growth in both drone adoption and commercial applications across various industries. Countries in the region are increasingly utilizing drones for a wide range of purposes, including agriculture, construction, infrastructure inspection, surveillance, and delivery services. This surge in drone usage is driven by factors such as rapid urbanization, infrastructure development, and the need for innovative solutions to address challenges in sectors such as agriculture and logistics.
Players: -
- BWI,
- Thimble Insurance,
- SkyWatch.AI,
- Avion Insurance,
- USAIG,
- REIN,
- Coverdrone,
- Driessen Assuradeuren,
- Embroker,
- Moonrock Insurance,
- InsureTech Connect,
- Global Aerospace,
- Santam,
- Towergate,
- AIG
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The report provides a detailed analysis of these key players in the global drone insurance market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Suggestions:
Recent Industry Dev/Industry buzz/News
- In June 2020, Allianz Global Corporate & Specialty (AGCS) acquired UAV insurance specialist, SkyWatch.AI to provide specialized insurance solutions.
- In June 2020, Allianz Global Corporate & Specialty (AGCS) partnered with SkyWatch.AI to provide UAV insurance solutions.
- In Canada, Transport Canada's regulations mandate liability insurance for commercial drone operations. Commercial drone pilots are required to carry liability insurance coverage as part of their certification process. The insurance coverage must meet the minimum requirements specified by Transport Canada.
- In July 2021, China announced plans to install over 30GW of energy storage by 2025 (excluding pumped-storage hydropower) , a more than three-fold increase on its installed capacity as of 2022.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the drone insurance market segments, current trends, estimations, and dynamics of the market analysis to identify the prevailing market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities, and Drone Insurance Market Growth.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the Drone insurance Market size segmentation assists to determine the prevailing drone insurance market opportunity and drone insurance market forecast.
- Major countries in each region are mapped according to their revenue contribution to the global Drone insurance Market Share and Statistics.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional and global drone insurance market trends, key players, market segments, application areas, and market growth strategies.
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Drone Insurance Market Report Highlights
By Insurance Type
- Drone Third-Party Liability Insurance
- Drone Fuselage Damage Insurance
- Drone Hull Insurance
- Drone Cargo Insurance
By Application
- Commercial
- Personal
By Drone Type
- Fixed-Wing
- Multi-Rotor
- Hybrid
By Region
- North America (U.S., Canada)
- Europe (UK, Germany, Italy, Spain, France, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
Key Market Players
SkyWatch.AI, American International Group, Inc., InsureTech Connect, Driessen Assuradeuren, Embroker, BWI, Global Aerospace Inc., Towergate, REIN, Avion Insurance, Moonrock Insurance, Coverdrone, USAIG, Santam Group, Thimble Insurance
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