The global commercial drone market size was valued at USD 6.51 billion in 2021. The market is projected to grow from USD 8.15 billion in 2022 to USD 47.38 billion by 2029, exhibiting a CAGR of 28.58% during the forecast period. This information is presented by Fortune Business Insights, in its report titled, “Commercial Drone Market, 2022-2029.”
COVID-19 Pandemic Led to Growing Demand for Commercial Drones for Healthcare Applications
The COVID-19 pandemic has been a global catastrophe, with government agencies making strenuous efforts to improve health facilities, hospital infrastructure, and basic medical facilities around the world. Recently, many industries around the world have started using drones to perform important operations successfully. Major companies are involved in designing and development of lightweight drones for various commercial applications in different fields.
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25Kg-150Kg Segment to Grow at a Higher CAGR Backed by Increasing Development of eVTOL Aircraft
Based on weight, the market is segmented into <2Kg, 2Kg – 25Kg, and 25Kg – 150Kg. The <2Kg segment is estimated to hold highest market share in 2021 owing to increasing adoption of small drones for various applications such as filming, photography, mapping, surveying, inspection, and others.
Fully Autonomous Segment to Grow at Higher CAGR Owing to Increasing Demand for AI-enabled Drones
In terms of technology, the market is segmented into fully autonomous, semi-autonomous, and remote operated.
The fully autonomous segment is predicted to showcase higher growth during the forecast period. Increasing demand for drones, which have the ability to fly Beyond Visual Line of Sight (BVLOS) is predicted to fuel the growth of the fully autonomous segment.
Hardware Segment to Hold a Significant Share Due to Increased Demand for UAVs
In terms of system, the market is segmented into hardware and software. The hardware segment is further sub-divided into the airframe, propulsion system, payloads, and others. The hardware segment is estimated to hold the largest market share in 2021.
Delivery and Logistics Segment to Grow at Higher Rate Due to Increased Demand for Delivery Drones
Based on application, the market is segmented into horticulture and agriculture, filming & photography, mapping and surveying, inspection and maintenance, delivery and logistics, surveillance & monitoring, and others. The filming & photography application segment is estimated to hold largest market share in 2021.
Based on region, the global market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
The report offers a detailed study of the market and a keen examination of the major segments. It provides an in-depth analysis of key players and their insightful strategies to spur the market growth for monetary gains. The regional dynamics and how they shape the market in an upward curve are presented in the report. Moreover, COVID-19 impacts have been added for additional information and how it is expected to affect the demand in the near future.
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Drivers and Restraints:
Increasing Demand for Small Drones in Commercial Applications to Propel Market Growth
Growing adoption of small unmanned aerial vehicles used for various commercial applications, such as aerial photography, film making, precision, agriculture, law & enforcement, wildlife monitoring, entertainment, disaster management, relief & rescue operation, research & development, logistics & transportation, and construction, is expected to fuel the market growth.
The challenges faced by the drone industry are lack of infrastructure for air traffic control, which is responsible for safe flight operations in controlled airspaces.
North America stood at USD 2.42 billion in 2021 and is expected to dominate the global commercial drone market share during the forecast period. The augmentation in implementation of commercial drone is predicted to drive the market growth in North America.
Surging usage of drones for several commercial applications throughout Germany, France, and the U.K. is anticipated to aid the commercial drone market growth in Europe during forecast period.
The market in Asia Pacific is predicted to display sudden growth, owing to increasing drone production and operation corporations across the region.
Prime Players Sign Substantial Deals to Make Significant Modifications in Market
The players functioning in the market often employ several stratagems that will assist the market growth and product demand. Among abundant strategies available, one such remarkable notion to expand the business prospect is signing multimillion bonds with government establishments and safeguarding a profitable revenue for their own company.
Key Industry Development:
February 2022: Saudi Arabia and a prime regional telecoms business declared a contract to develop drone technology. The King Abdulaziz City for Science and Technology and Zain Saudi Arabia signed a memorandum of contract. As per the Saudi Press Agency, the two are set to partner on drone research and development.
List of Key Players Mentioned in the Report:
- 3D Robotics, Inc. (U.S.)
- Aeronavics Ltd. (New Zealand)
- AeroVironment Inc. (U.S.)
- Autel Robotics (China)
- Ehang Holdings Limited (China)
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