Commercial Drone Market size was estimated at USD 27.5 billion in 2021 and is expected to touch USD 56 billion by 2029, expanding at a CAGR of 9.3% over the forecast period 2022-2029.
Key Commercial Drone Market Drivers
Major factors driving commercial drone market are growing demand for small drones in commercial applications, developments in remote sensing technologies and fall in the prices of manufacturing drones. Unmanned Ariel Vehicles (UAVs) or drones are widely used in commercial sectors owing to its capability to perform hazardous tasks like inspecting utility pipelines with high efficiency. Moreover, government regulations supporting commercial drones, growing application of commercial drones in food delivery and increase in the number of UAV venture funding, are some of the factors supplementing the commercial drone market growth. Food delivery business has grown rapidly in the recent years. As per recent estimate, market size of global online food delivery market was valued to be more than 720 billion in 2021, this figure is expected to double in coming 6-7 years. Application of commercial drones is still in nascent stage. Some of the major tech companies are experimenting deliveries for food and grocery. For instance, revealed the design of its delivery drones, which comes with increased temperature and expanded temperature tolerance features. After receiving regulatory certificate to begin its drone delivery testing in 2020, company will finally launch its commercial drone services for food delivery in 2024. As countries are supporting the concept of delivery of products through commercial drones, its application is expected to increase in food delivery market in the coming years.
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Advancements in the field of modern computing, cameras and microcontrollers have increased the adoption of drones coupled with incorporation of advanced technologies like Artificial Intelligence (AI) and Machine Learning (ML) with commercial drones, are supplementing the growth of drone industry growth. However, lack of infrastructure for managing air traffic and skilled trained pilots, are restricting the commercial drone market growth.
As per commercial drone market forecast, Rotary blade segment is forecast to lead the market.
Rotary blades finds is application primarily in filmmaking, photography and monitoring. Additionally rotary blades are easy to control as compared with fixed-wing and hybrid blades and are increasingly used in inspection activities, which are accelerating the segment's growth.
Based on Application, filming & photography segment is estimated to hold the largest commercial drone market share.
Commercial drones are widely used for producing movies and recording various films and events. Various news outlets are increasingly using drones to cover news in hard-to-reach areas, which is propelling the segment's growth.
According to drone market forecast, North American region is projected to lead the market.
North America commercial drone market is propelled by developments in the field of drone technology and favourable government regulations. Europe commercial drone market is driven by growing adoption of drones by companies for commercial activities coupled with advancements in the field of electronics.
Top Drone Companies in the world
Some of leading players operating in the commercial drone market are TRACE Intelligent Systems, DJI, SZ Dajiang Innovations Technology Co. Ltd, PrecisionHawk USA Inc., BAE Systems PLC, AeroVironment Inc., 3D Robotics Inc., Ascending Technologies GmbH, Parrot S.A., and Textron Inc., among others.
- In April 2020, AeroVironment Inc., a major developer of unmanned aircraft systems announced that it has received contract worth USD 10.7 million for providing its Puma 3 drones to United States Navy and Marine Corps. These drones have a wingspan of around 9.2 feet, and it weighs 15 pounds.
- In November 2018, PrecisionHawk USA Inc., completed the acquisition of Uplift Data Partners. With this acquisition, company plans to expand its industry expertise and relationship in drone-based services.
Market SegmentationSegmentation by Product Typeo Fixed-Wingo Rotary Bladeo Hybri
Segmentation by End-Use
o Agricultureo Delivery & Logisticso Energyo Media & Entertainmento Real Estate & Constructiono Security & Law Enforcemento Others
Segmentation by Applicationo Filming & Photographyo Inspection & Maintenanceo Mapping & Surveyingo Precision Agricultureo Surveillance & Monitoringo Others
Segmentation by Region• Asia Pacifico China o Japano Indiao Rest of APAC• North Americao United States of Americao Canada• Europeo United Kingdomo Germanyo Franceo Spaino Rest of Europe• RoWo Brazilo South Africao Saudi Arabiao UAE
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Tags: Commercial Drone Market, Commercial Drone Market Size, Commercial Drone Market Growth, Drone industry growth
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