Commercial Drone Market

Market Synopsis:

The Global Commercial Drone Market was valued USD 14,829.5 Million in 2021 and is anticipated to reach a value of USD 21,7043.6 Million by 2028. The Global Market is forecasted to grow to exhibit a Compound Annual Growth Rate (CAGR) of 56.4% over the forecast period.

A Commercial Drone is generally defined as a quadcopter, octocopter, hexacopter, or multi-rotor vehicle utilized strictly for commercial purposes. These machines usually are not used for recreational or personal purposes, but strictly for professional perusal. High-definition thermal cameras on these drones allow users to view what the drone sees in real-time. Small businesses that lack the funding to engage a professional aerial photographer or videographer have a great alternative to Commercial Drones. Companies may use these drones to capture high-quality aerial videos and photos for less money than paying specialists. Increasing technical breakthroughs in Commercial Drones and rising demand for Commercial Drones in the agriculture, construction, and logistics industries are the main factors propelling market revenue growth over the forecast period.

Modern innovations like Machine Learning (MI) and Artificial Intelligence (AI) are being integrated to expand the Commercial Drone sector significantly. Furthermore, the market is anticipated to grow as a result of the growing use of small uncrewed aerial vehicles for a variety of commercial purposes, precision agriculture, law & order, wildlife monitoring, including aerial photography, filmmaking, entertainment, disaster management, research & development, logistics & transportation, relief & rescue operations, and construction. In addition, demand for autonomous systems in the energy, oil & gas, and power production sectors is projected to drive market expansion.

On the contrary, in recent years, Commercial Drone technology has offered a substantial risk to the general public and government organizations. Hence, the growing trend of employing drones for armed attacks, surveillance, and espionage is cause for considerable concern. Furthermore, governments from several nations have put strict guidelines and standards in place for using Commercial Drones in their countries. Therefore, concerns about the safety and security of drones are a factor that will limit market revenue growth over the forecast period.

Market Segmentation:

The Commercial Drone Market is segmented based on Product, Applications, End Users, and Region. Based on the Product, the market is further segmented into Fixed Wing, Rotary Blade, and Hybrid. Furthermore, based on the Applications, the market is further bifurcated into Filming & Photography, Inspection & Maintenance, Mapping & Surveying, Precision Agriculture, Surveillance & Monitoring, and Other Applications. in addition, based on the End Users, the market is further divided into Agriculture, Delivery & Logistics, Energy, Media & Entertainment, Real Estate & Construction, Security & Law Enforcement, and Other End Users.

Based on Product:

The Rotary Blade category dominated the market in 2021. During the forecast period too, the Rotary Blade segment is anticipated to account for a more significant revenue share in the global market. This share is because this sector is used more frequently for commercial purposes like monitoring, surveillance, and photography. Drones with Rotary Blades are capable of quick movements and long-term fixation on a single target. Due to the growing use of these Hybrid Drones in Military & Defense applications, the Hybrid Commercial Drone sector is anticipated to proliferate in the worldwide market over the forecast period.

Based on Application:

The Filming & Photography category dominated the market in 2021 and is expected to continue its dominance in the projected period. Due to professional photographers' growing usage of drone cameras, the Filming & Photography category accounted for the most significant revenue share. In recent days, Commercial Drone are found to be a crucial component of the photographic industry. Furthermore, for motion pictures, sweeping shots, behind-the-scenes footage, high-and-wide shots, and live streaming, Commercial Drone are turning out to be quite helpful. In addition, during the projected period, the global market for the Precision Agriculture segment is anticipated to grow at a very rapid rate. As a result, Commercial Drone are used more frequently in this industry to collect business data, monitor and analyze fields, plan crop plantations, and do other things.

Asia Pacific is projected to grow at the highest CAGR during the forecast period

The Asia Pacific is anticipated to expand at a considerably high Compound Annual Growth Rate (CAGR) during the forecast period. This expansion results from growing drone technology adoption and investment among significant companies worldwide, particularly in China, Japan, and India. The second-largest drone market in the world is China. Governments are also attempting to create favorable drone rules, which are anticipated to promote market revenue growth in this area. In addition, numerous start-up businesses are experimenting with new Commercial Drone uses and trying to make the devices safer.

Recent Development:

• In January 2022, Following a year of significant development, particularly globally, Azur Drones announced new funding of around USD 9.06 million to support its expansion in 2022. In addition, a private French investor has invested in the organization taking the total money raised since 2016 to nearly USD 40.16 million. It should aid the French SME in solidifying its position as the market leader in drone-in-a-box solutions.
• In September 2021, A Project Agreement (PA) for Air-Launched Unmanned Aerial Vehicle (AL UAV) was signed between the Defense Technology and Trade Initiative's Joint Working Group Air Systems and the Indian Ministry of Defense (DTTI).

Competitive Landscape:

The key players in the Global Commercial Drone Market include- Aeronavics Ltd., AeroVironment Inc., Autel Robotics, DJI, Draganfly Innovations Inc., EHang Inc., Intel Corporation, Parrot Drones SAS, PrecisionHawk Inc., Yuneec and others.

Segmentation of the Global Commercial Drone Market: