Summary

South Korea is a dynamic and technologically advanced country with a well-deserved reputation for advancement and innovation. As the world's attention shifts to this flourishing East Asian country, it's critical to investigate the complicated tapestry of South Korea's commercial structure. South Korea's economy is a monument to the combination of tradition and cutting-edge technology, from its bustling metropolises to its tranquil landscapes. The South Korean government supports the research and commercialization of drones. The government released a drone strategy in 2020 that outlines its aims to promote the industry's growth. The approach includes initiatives such as creating industry-friendly policies, investing in R&D, and promoting the use of drones in enterprises and government institutions. South Korea's drone sector is distinguished by a distinct combination of technological innovation, strategic development, and a profound awareness of the potential of unmanned aerial vehicles (UAVs). A mix of elements that intersect to produce a thriving and forward-thinking environment distinguishes South Korea's drone sector as a specialization in its own right. South Korea's drone sector benefits from the country's strong technology infrastructure and innovative culture. South Korean businesses have been at the forefront of drone technology, manufacturing innovative UAVs that cater to a wide range of applications with a strong emphasis on research and development. These drones include cutting-edge capabilities, including precision navigation, obstacle avoidance systems, and high-resolution cameras, demonstrating South Korea's dedication to technological innovation.

According to the research report "South Korea Drone Market Overview, 2028," published by Bonafide Research, the South Korea Drone market is expected to grow at 41.23% CAGR from 2023 to 2028. The South Korean drone market is notable for its emphasis on urban air mobility (UAM) and smart city solutions. The heavily populated cities of South Korea, such as Seoul, have given rise to novel drone applications targeted at addressing urban difficulties. Drones are being investigated for use in urban traffic control, surveillance, and possibly medical deliveries. South Korea is positioned as a pioneer in the burgeoning field of urban drone integration, distinguishing it as a leader in smart city development. Another distinguishing feature of the South Korean drone market is the close cooperation between the government and private sectors. Government initiatives and investments have played a vital role in propelling the drone sector forward. South Korea has launched pilot programs and testbeds for drone applications in various sectors, including agriculture, logistics, and public safety. These initiatives foster an environment of collaboration and innovation, ensuring that the drone market continues to flourish. A solid regulatory framework that promotes safety while encouraging innovation shapes South Korea's drone sector. Drone rules are overseen by the Ministry of Land, Infrastructure, and Transport (MOLIT), which ensures that drone activities are performed responsibly and safely. This regulatory certainty gives businesses and users confidence, creating a favourable climate for the drone industry's growth.

Based on product type market is divided into commercial drone, military drone, consumer drone. Commercial drone is expected to lead the market of South Korea and is also grow at the fastest rate during the forecast period as well. The South Korean drone market largely serves a variety of commercial applications. Drones provide diverse solutions to a wide range of industries, from agriculture and construction to surveying, infrastructure inspection, and environmental monitoring. This broad range of uses has contributed to commercial drones' supremacy. Agriculture is a major driver of the South Korean commercial drone sector. Drones outfitted with modern sensors and cameras allow farmers to precisely monitor crop health, regulate irrigation, and assess soil conditions. This technologically-based strategy has resulted in greater agricultural output and resource efficiency. Drones are in high demand due to South Korea's rapid infrastructure development, which includes the construction of highways, railways, and buildings. Commercial drones are being used for site surveys, progress tracking, and structural inspections, which is increasing project efficiency and safety. The growing understanding of the advantages of commercial drones and their various applications has aided in their acceptance. Businesses and organizations are more likely to integrate drone technology into their operations as they understand its usefulness.

Based on type market is bifurcated into fixed wing, rotary wing and hybrid. Hybrid type drone are in significant demand in South Korea and is growing at significant rate as well. Fixed-wing and multirotor drone characteristics are combined in hybrid drones. They can take off and land vertically (similar to multirotors) and transition to efficient forward flight (similar to fixed-wing aircraft). Because of their adaptability, they can undertake a wide range of activities, from quick aerial inspections to long-range missions. When compared to exclusively multirotor drones, hybrid drones have longer flight endurance. This efficiency is critical in South Korea, where long-term tasks like monitoring huge agricultural fields, checking infrastructure, and conducting search and rescue operations in distant places are prevalent. Based on payload market include, upto 25 Kg, drones from 25Kg – 150Kg and drones more than 150 Kg. Drones with payload of 25 Kg leads the market of South Korea with significant market share. Drones with a payload capacity of 25 kg strike a happy medium between payload capacity and maneuverability. They are adaptable enough to work in a variety of industries, including agriculture, construction, infrastructure inspection, and environmental monitoring. Precision agriculture is a major driving force behind drone usage in South Korea. Drones with a payload capacity of 25 kg are ideal for transporting sensors and equipment required for crop monitoring, pesticide spraying, and soil analysis, resulting in higher agricultural productivity. Drone technology advancements, such as more efficient propulsion systems, longer flight periods, and increased stability, have enabled drones with a payload capacity of 25 kg to fly effectively and efficiently.

Considered in this report:
• Geography: South Korea
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report:
• South Korea Drone market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Product Type:
• Commercial Drone
• Military Drone
• Consumer Drone

By Type:
• Fixed Wing
• Rotary Wing
• Hybrid

By Payload:
• Drones Upto 25 Kg
• Drones from 25 Kg - 150 Kg
• Drones More than 150 Kg

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources.

Intended audience:
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Drone industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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