Drone Insurance Market Size, Share, Trends, Growth Outlook

The Drone Insurance Market Size is estimated to register High CAGR growth over the forecast period from 2023 to 2030.

 

 

Drone Insurance Market Overview

The increasing adoption of drones across various industries, including agriculture, construction, logistics, and filmmaking are leading to a surge in demand for insurance coverage specific to drone operations. Additionally, the potential risks associated with drone usage, such as accidents, collisions, equipment malfunctions, and third-party liabilities are fueling the demand. Ongoing advancements in drone technology, including improvements in drone capabilities, enhanced payload capacities, longer flight times, and increased automation, are influencing insurance coverage models. Further, Insurers are increasingly offering specialized and customizable insurance solutions specific to drone operations. Further, Tailored policies covering drone hardware, payloads, software, and third-party liabilities are becoming more prevalent, addressing the unique risks associated with drone usage in different industries, leading to market growth.

 

Drone Insurance Market Dynamics

Market Trends- Impact of Diverse Drone Applications on Insurance Dynamics within the Drone Insurance Market

Drones, once primarily associated with aerial photography and surveillance, are now being employed across a multitude of sectors such as agriculture, construction, logistics, and even healthcare.

Diversification, ranging from crop monitoring and precision agriculture to infrastructure inspection, parcel delivery, and emergency response services are influencing the insurers to assess and mitigate a wider range of risks associated with these varied uses.

Further, Insurers are adapting their coverage models to accommodate expanding landscape, innovating policies to address the diverse needs and risks of each industry sector.

 

Market Driver- The surge in drone utilization across various industries is driving demand for tailored insurance solutions within the Drone Insurance Market

The escalating recognition of drones as powerful tools for enhancing operational efficiency and data collection in diverse sectors is the primary factor.

The expanding capabilities of drones, including improved sensors and advanced imaging technology are accelerating their adoption across industries, catalyzing the demand for insurance coverage tailored to mitigate risks associated with drone operations.

Further, the drive to leverage drones for competitive advantage is propelling businesses to seek comprehensive insurance solutions, driving insurers to innovate policies to address the varied risks posed by drones in different industry verticals.

 

Market Opportunity- Data-driven methodologies for risk assessment and pricing play a substantial role in evaluating risks within the Drone Insurance Market

The utilization of advanced data analytics, telematics, and artificial intelligence in assessing risks associated with drone operations is a key factor.

The data-driven approach is enabling insurers to accurately evaluate risk factors, such as flight hours, weather conditions, and geographic locations, allowing for more precise and tailored insurance coverage.

Additionally, the development of usage-based insurance models, where premiums are determined based on real-time data and specific operational metrics, enhancing accuracy in risk pricing are driving the market growth.

 

Market Share Analysis- Liability Coverage will register the fastest growth

The Drone Insurance Market is analyzed across Liability Coverage, Hull Damage, Theft Coverage, Loss or Flyaway Coverage, Payload Coverage, Personal Injury Coverage, Ground Equipment Coverage, Other Coverage Types. Liability Coverage is poised to register the fastest growth. This coverage is designed to shield operators, businesses, or individuals using drones from financial repercussions resulting from property damage, bodily injury, or legal claims inflicted upon third parties due to drone-related incidents. As the use of drones expands across various industries, the need for robust liability coverage becomes increasingly paramount. Whether it's a drone malfunction, operational error, or an unexpected accident during flight, liability coverage steps in to protect against potential legal and financial liabilities. Insurers offer tailored liability policies that consider factors such as the scope of drone operations, flight duration, geographic locations, and regulatory compliance to provide comprehensive protection.

 

Market Share Analysis- Annually held a significant market share in 2023

The Drone Insurance Market is analyzed across various pricing distributions including Hourly, Monthly & Annually. Of these, annually held a significant market share in 2023. These policies provide a comprehensive and continuous safeguard against various risks associated with drone operations. An annual insurance structure caters to the needs of businesses engaged in regular or frequent drone activities, offering consistent coverage without the need for frequent renewal. This pricing model is often preferred by entities with ongoing drone operations, as it ensures uninterrupted protection throughout the year, simplifying administrative tasks and providing cost-effective advantages compared to shorter-term policies. Annual plans are designed to accommodate different types of drones, varying usage patterns, and specific operational requirements, providing a tailored solution to mitigate risks associated with damage, liabilities, theft, and other unforeseen incidents.

 

Drone Insurance Market News

New India Assurance launches drone insurance, pioneering as the public sector's first participant, offering coverage for unmanned aircraft systems, including large aircraft and solo flying gliders.

Tata AIG General Insurance launches RPAS insurance and collaborates with deep tech startup TropoGo for distribution.

 

Drone Insurance Market Segmentation

By Coverage Type

• Liability Coverage
• Hull Damage
• Theft Coverage
• Loss or Flyaway Coverage
• Payload Coverage
• Personal Injury Coverage
• Ground Equipment Coverage
• Other Coverage Types

By Pricing

• Hourly
• Monthly
• Annually

By Application

• Commercial
• Personal
• Other Applications

By Region

• North America (United States, Canada, Mexico)
• Europe (Germany, France, United Kingdom, Spain, Italy, Others)
• Asia Pacific (China, India, Japan, South Korea, Australia, Others)
• Latin America (Brazil, Argentina, Others)
• Middle East and Africa (Saudi Arabia, UAE, Kuwait, Other Middle East, South Africa, Nigeria, Other Africa)

 

Drone Insurance Market Companies

 

*List not exhaustive

Drone Insurance Market Outlook 2023

1 Market Overview

1.1 Introduction to the Drone Insurance Market

1.2 Scope of the Study

1.3 Research Objective

1.3.1 Key Market Scope and Segments

1.3.2 Players Covered

1.3.3 Years Considered

 

2 Executive Summary

2.1 2023 Drone Insurance Industry- Market Statistics

3 Market Dynamics

3.1 Market Drivers

3.2 Market Challenges

3.3 Market Opportunities

3.4 Market Trends

 

4 Market Factor Analysis

4.1 Porter’s Five Forces

4.2 Market Entropy

4.2.1 Global Drone Insurance Market Companies with Area Served

4.2.2 Products Offerings Global Drone Insurance Market

 

5 COVID-19 Impact Analysis and Outlook Scenarios

5.1.1 Covid-19 Impact Analysis

5.1.2 post-COVID-19 Scenario- Low Growth Case

5.1.3 post-COVID-19 Scenario- Reference Growth Case

5.1.4 post-COVID-19 Scenario- Low Growth Case

 

6 Global Drone Insurance Market Trends

6.1 Global Drone Insurance Revenue (USD Million) and CAGR (%) by Type (2018-2030)

6.2 Global Drone Insurance Revenue (USD Million) and CAGR (%) by Applications (2018-2030)

6.3 Global Drone Insurance Revenue (USD Million) and CAGR (%) by regions (2018-2030)

 

7 Global Drone Insurance Market Revenue (USD Million) by Type, and Applications (2018-2022)

7.1 Global Drone Insurance Revenue (USD Million) by Type (2018-2022)

7.1.1 Global Drone Insurance Revenue (USD Million), Market Share (%) by Type (2018-2022)

7.2 Global Drone Insurance Revenue (USD Million) by Applications (2018-2022)

7.2.1 Global Drone Insurance Revenue (USD Million), Market Share (%) by Applications (2018-2022)

 

8 Global Drone Insurance Development Regional Status and Outlook

8.1 Global Drone Insurance Revenue (USD Million) By Regions (2018-2022)

8.2 North America Drone Insurance Revenue (USD Million) by Type, and Application (2018-2022)

8.2.1 North America Drone Insurance Revenue (USD Million) by Country (2018-2022)

8.2.2 North America Drone Insurance Revenue (USD Million) by Type (2018-2022)

8.2.3 North America Drone Insurance Revenue (USD Million) by Applications (2018-2022)

8.3 Europe Drone Insurance Revenue (USD Million), by Type, and Applications (USD Million) (2018-2022)

8.3.1 Europe Drone Insurance Revenue (USD Million), by Country (2018-2022)

8.3.2 Europe Drone Insurance Revenue (USD Million) by Type (2018-2022)

8.3.3 Europe Drone Insurance Revenue (USD Million) by Applications (2018-2022)

8.4 Asia Pacific Drone Insurance Revenue (USD Million), and Revenue (USD Million) by Type, and Applications (2018-2022)

8.4.1 Asia Pacific Drone Insurance Revenue (USD Million) by Country (2018-2022)

8.4.2 Asia Pacific Drone Insurance Revenue (USD Million) by Type (2018-2022)

8.4.3 Asia Pacific Drone Insurance Revenue (USD Million) by Applications (2018-2022)

8.5 South America Drone Insurance Revenue (USD Million), by Type, and Applications (2018-2022)

8.5.1 South America Drone Insurance Revenue (USD Million), by Country (2018-2022)

8.5.2 South America Drone Insurance Revenue (USD Million) by Type (2018-2022)

8.5.3 South America Drone Insurance Revenue (USD Million) by Applications (2018-2022)

8.6 Middle East and Africa Drone Insurance Revenue (USD Million), by Type, Technology, Application, Thickness (2018-2022)

8.6.1 Middle East and Africa Drone Insurance Revenue (USD Million) by Country (2018-2022)

8.6.2 Middle East and Africa Drone Insurance Revenue (USD Million) by Type (2018-2022)

8.6.3 Middle East and Africa Drone Insurance Revenue (USD Million) by Applications (2018-2022)

 

9 Company Profiles

 

10 Global Drone Insurance Market Revenue (USD Million), by Type, and Applications (2023-2030)

10.1 Global Drone Insurance Revenue (USD Million) and Market Share (%) by Type (2023-2030)

10.1.1 Global Drone Insurance Revenue (USD Million), and Market Share (%) by Type (2023-2030)

10.2 Global Drone Insurance Revenue (USD Million) and Market Share (%) by Applications (2023-2030)

10.2.1 Global Drone Insurance Revenue (USD Million), and Market Share (%) by Applications (2023-2030)

 

11 Global Drone Insurance Development Regional Status and Outlook Forecast

11.1 Global Drone Insurance Revenue (USD Million) By Regions (2023-2030)

11.2 North America Drone Insurance Revenue (USD Million) by Type, and Applications (2023-2030)

11.2.1 North America Drone Insurance Revenue (USD) Million by Country (2023-2030)

11.2.2 North America Drone Insurance Revenue (USD Million), by Type (2023-2030)

11.2.3 North America Drone Insurance Revenue (USD Million), Market Share (%) by Applications (2023-2030)

11.3 Europe Drone Insurance Revenue (USD Million), by Type, and Applications (2023-2030)

11.3.1 Europe Drone Insurance Revenue (USD Million), by Country (2023-2030)

11.3.2 Europe Drone Insurance Revenue (USD Million), by Type (2023-2030)

11.3.3 Europe Drone Insurance Revenue (USD Million), by Applications (2023-2030)

11.4 Asia Pacific Drone Insurance Revenue (USD Million) by Type, and Applications (2023-2030)

11.4.1 Asia Pacific Drone Insurance Revenue (USD Million), by Country (2023-2030)

11.4.2 Asia Pacific Drone Insurance Revenue (USD Million), by Type (2023-2030)

11.4.3 Asia Pacific Drone Insurance Revenue (USD Million), by Applications (2023-2030)

11.5 South America Drone Insurance Revenue (USD Million), by Type, and Applications (2023-2030)

11.5.1 South America Drone Insurance Revenue (USD Million), by Country (2023-2030)

11.5.2 South America Drone Insurance Revenue (USD Million), by Type (2023-2030)

11.5.3 South America Drone Insurance Revenue (USD Million), by Applications (2023-2030)

11.6 Middle East and Africa Drone Insurance Revenue (USD Million), by Type, and Applications (2023-2030)

11.6.1 Middle East and Africa Drone Insurance Revenue (USD Million), by region (2023-2030)

11.6.2 Middle East and Africa Drone Insurance Revenue (USD Million), by Type (2023-2030)

11.6.3 Middle East and Africa Drone Insurance Revenue (USD Million), by Applications (2023-2030)

 

12 Methodology and Data Sources

12.1 Methodology/Research Approach

12.1.1 Research Programs/Design

12.1.2 Market Size Estimation

12.1.3 Market Breakdown and Data Triangulation

12.2 Data Sources

12.2.1 Secondary Sources

12.2.2 Primary Sources

12.3 Disclaimer

 

List of Tables

Table 1 Market Segmentation Analysis

Table 2 Global Drone Insurance Market Companies with Areas Served

Table 3 Products Offerings Global Drone Insurance Market

Table 4 Low Growth Scenario Forecasts

Table 5 Reference Case Growth Scenario

Table 6 High Growth Case Scenario

Table 7 Global Drone Insurance Revenue (USD Million) And CAGR (%) By Type (2018-2030)

Table 8 Global Drone Insurance Revenue (USD Million) And CAGR (%) By Applications (2018-2030)

Table 9 Global Drone Insurance Revenue (USD Million) And CAGR (%) By Regions (2018-2030)

Table 10 Global Drone Insurance Revenue (USD Million) By Type (2018-2022)

Table 11 Global Drone Insurance Revenue Market Share (%) By Type (2018-2022)

Table 12 Global Drone Insurance Revenue (USD Million) By Applications (2018-2022)

Table 13 Global Drone Insurance Revenue Market Share (%) By Applications (2018-2022)

Table 14 Global Drone Insurance Market Revenue (USD Million) By Regions (2018-2022)

Table 15 Global Drone Insurance Market Share (%) By Regions (2018-2022)

Table 16 North America Drone Insurance Revenue (USD Million) By Country (2018-2022)

Table 17 North America Drone Insurance Revenue (USD Million) By Type (2018-2022)

Table 18 North America Drone Insurance Revenue (USD Million) By Applications (2018-2022)

Table 19 Europe Drone Insurance Revenue (USD Million) By Country (2018-2022)

Table 20 Europe Drone Insurance Revenue (USD Million) By Type (2018-2022)

Table 21 Europe Drone Insurance Revenue (USD Million) By Applications (2018-2022)

Table 22 Asia Pacific Drone Insurance Revenue (USD Million) By Country (2018-2022)

Table 23 Asia Pacific Drone Insurance Revenue (USD Million) By Type (2018-2022)

Table 24 Asia Pacific Drone Insurance Revenue (USD Million) By Applications (2018-2022)

Table 25 South America Drone Insurance Revenue (USD Million) By Country (2018-2022)

Table 26 South America Drone Insurance Revenue (USD Million) By Type (2018-2022)

Table 27 South America Drone Insurance Revenue (USD Million) By Applications (2018-2022)

Table 28 Middle East and Africa Drone Insurance Revenue (USD Million) By Region (2018-2022)

Table 29 Middle East and Africa Drone Insurance Revenue (USD Million) By Type (2018-2022)

Table 30 Middle East and Africa Drone Insurance Revenue (USD Million) By Applications (2018-2022)

Table 31 Financial Analysis

Table 32 Global Drone Insurance Revenue (USD Million) By Type (2023-2030)

Table 33 Global Drone Insurance Revenue Market Share (%) By Type (2023-2030)

Table 34 Global Drone Insurance Revenue (USD Million) By Applications (2023-2030)

Table 35 Global Drone Insurance Revenue Market Share (%) By Applications (2023-2030)

Table 36 Global Drone Insurance Market Revenue (USD Million), And Revenue (USD Million) By Regions (2023-2030)

Table 37 North America Drone Insurance Revenue (USD)By Country (2023-2030)

Table 38 North America Drone Insurance Revenue (USD Million) By Type (2023-2030)

Table 39 North America Drone Insurance Revenue (USD Million) By Applications (2023-2030)

Table 40 Europe Drone Insurance Revenue (USD Million) By Country (2023-2030)

Table 41 Europe Drone Insurance Revenue (USD Million) By Type (2023-2030)

Table 42 Europe Drone Insurance Revenue (USD Million) By Applications (2023-2030)

Table 43 Asia Pacific Drone Insurance Revenue (USD Million) By Country (2023-2030)

Table 44 Asia Pacific Drone Insurance Revenue (USD Million) By Type (2023-2030)

Table 45 Asia Pacific Drone Insurance Revenue (USD Million) By Applications (2023-2030)

Table 46 South America Drone Insurance Revenue (USD Million) By Country (2023-2030)

Table 47 South America Drone Insurance Revenue (USD Million) By Type (2023-2030)

Table 48 South America Drone Insurance Revenue (USD Million) By Applications (2023-2030)

Table 49 Middle East and Africa Drone Insurance Revenue (USD Million) By Region (2023-2030)

Table 50 Middle East and Africa Drone Insurance Revenue (USD Million) By Region (2023-2030)

Table 51 Middle East and Africa Drone Insurance Revenue (USD Million) By Type (2023-2030)

Table 52 Middle East and Africa Drone Insurance Revenue (USD Million) By Applications (2023-2030)

Table 53 Research Programs/Design for This Report

Table 54 Key Data Information from Secondary Sources

Table 55 Key Data Information from Primary Sources

 

List of Figures

Figure 1 Market Scope

Figure 2 Porter’s Five Forces

Figure 3 Global Drone Insurance Revenue (USD Million) By Type (2018-2022)

Figure 4 Global Drone Insurance Revenue Market Share (%) By Type (2022)

Figure 5 Global Drone Insurance Revenue (USD Million) By Applications (2018-2022)

Figure 6 Global Drone Insurance Revenue Market Share (%) By Applications (2022)

Figure 7 Global Drone Insurance Market Revenue (USD Million) By Regions (2018-2022)

Figure 8 Global Drone Insurance Market Share (%) By Regions (2022)

Figure 9 North America Drone Insurance Revenue (USD Million) By Country (2018-2022)

Figure 10 North America Drone Insurance Revenue (USD Million) By Type (2018-2022)

Figure 11 North America Drone Insurance Revenue (USD Million) By Applications (2018-2022)

Figure 12 Europe Drone Insurance Revenue (USD Million) By Country (2018-2022)

Figure 13 Europe Drone Insurance Revenue (USD Million) By Type (2018-2022)

Figure 14 Europe Drone Insurance Revenue (USD Million) By Applications (2018-2022)

Figure 15 Asia Pacific Drone Insurance Revenue (USD Million) By Country (2018-2022)

Figure 16 Asia Pacific Drone Insurance Revenue (USD Million) By Type (2018-2022)

Figure 17 Asia Pacific Drone Insurance Revenue (USD Million) By Applications (2018-2022)

Figure 18 South America Drone Insurance Revenue (USD Million) By Country (2018-2022)

Figure 19 South America Drone Insurance Revenue (USD Million) By Type (2018-2022)

Figure 20 South America Drone Insurance Revenue (USD Million) By Applications (2018-2022)

Figure 21 Middle East and Africa Drone Insurance Revenue (USD Million) By Region (2018-2022)

Figure 22 Middle East and Africa Drone Insurance Revenue (USD Million) By Type (2018-2022)

Figure 23 Middle East and Africa Drone Insurance Revenue (USD Million) By Applications (2018-2022)

Figure 24 Global Drone Insurance Revenue (USD Million) By Type (2023-2030)

Figure 25 Global Drone Insurance Revenue Market Share (%) By Type (2030)

Figure 26 Global Drone Insurance Revenue (USD Million) By Applications (2023-2030)

Figure 27 Global Drone Insurance Revenue Market Share (%) By Applications (2030)

Figure 28 Global Drone Insurance Market Revenue (USD Million) By Regions (2023-2030)

Figure 29 North America Drone Insurance Revenue (USD Million) By Country (2023-2030)

Figure 30 North America Drone Insurance Revenue (USD Million) By Type (2023-2030)

Figure 31 North America Drone Insurance Revenue (USD Million) By Applications (2023-2030)

Figure 32 Europe Drone Insurance Revenue (USD Million) By Country (2023-2030)

Figure 33 Europe Drone Insurance Revenue (USD Million) By Type (2023-2030)

Figure 34 Europe Drone Insurance Revenue (USD Million) By Applications (2023-2030)

Figure 35 Asia Pacific Drone Insurance Revenue (USD Million) By Country (2023-2030)

Figure 36 Asia Pacific Drone Insurance Revenue (USD Million) By Type (2023-2030)

Figure 37 Asia Pacific Drone Insurance Revenue (USD Million) By Applications (2023-2030)

Figure 38 South America Drone Insurance Revenue (USD Million) By Country (2023-2030)

Figure 39 South America Drone Insurance Revenue (USD Million) By Type (2023-2030)

Figure 40 South America Drone Insurance Revenue (USD Million) By Applications (2023-2030)

Figure 41 Middle East and Africa Drone Insurance Revenue (USD Million) By Region (2023-2030)

Figure 42 Middle East and Africa Drone Insurance Revenue (USD Million) By Region (2023-2030)

Figure 43 Middle East and Africa Drone Insurance Revenue (USD Million) By Type (2023-2030)

Figure 44 Middle East and Africa Drone Insurance Revenue (USD Million) By Applications (2023-2030)

Figure 45 Bottom-Up and Top-Down Approaches for This Report

Figure 46 Data Triangulation

 

By Coverage Type

• Liability Coverage
• Hull Damage
• Theft Coverage
• Loss or Flyaway Coverage
• Payload Coverage
• Personal Injury Coverage
• Ground Equipment Coverage
• Other Coverage Types

By Pricing

• Hourly
• Monthly
• Annually

By Application

• Commercial
• Personal
• Other Applications

By Region

• North America (United States, Canada, Mexico)
• Europe (Germany, France, United Kingdom, Spain, Italy, Others)
• Asia Pacific (China, India, Japan, South Korea, Australia, Others)
• Latin America (Brazil, Argentina, Others)
• Middle East and Africa (Saudi Arabia, UAE, Kuwait, Other Middle East, South Africa, Nigeria, Other Africa)