Commercial Drones Market Set to Soar to US$ 14.2 Billion By 2032
In 2021, the global commercial drone market boasted a valuation of US$ 5.2 billion, and in 2022, it continued its growth trajectory with a year-on-year (Y-o-Y) increase of 13.5%, reaching a value of US$ 5.9 billion.
Looking ahead from 2022 to 2032, the commercial
drone industry is anticipated to experience substantial growth, with a
projected compound annual growth rate (CAGR) of 9.2%. By 2032, it is expected
to reach a robust market value of US$ 14.2 billion, presenting an overall
dollar opportunity estimated at US$ 8.3 billion over this assessment period.
One notable trend in this evolving landscape is the significant advancements in
mini commercial drones. These compact drones are gaining prominence due to
their impressive endurance and cost-effective operational capabilities. As a
result, they are finding increased utility in various commercial and civil
applications. Furthermore, the integration of cutting-edge technologies into
drone services is poised to drive even greater demand across diverse sectors.
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Key Drivers
of the Commercial Drone Market:
- Technological
Advancements: Advances
in drone technology have played a pivotal role in expanding the
capabilities of commercial drones. Improvements in battery life, flight
stability, and obstacle avoidance systems have made drones more reliable
and accessible.
- Cost-Effectiveness: The cost of drone technology has
significantly decreased in recent years, making it more affordable for
businesses to integrate drones into their operations. This
cost-effectiveness has opened up new opportunities for small and
medium-sized enterprises.
- Diverse
Applications: The
versatility of commercial drones is a key driver of market growth. Drones
are now employed across various sectors, including agriculture,
construction, logistics, environmental monitoring, and public safety,
among others.
- Data and
Insights: Drones
equipped with high-resolution cameras and sensors provide valuable data
and insights that were previously challenging to obtain. This data-driven
decision-making is driving adoption across industries.
Competitive landscape:
An increase in
product functionality is a key reason behind the increasing demand for
commercial drones. Therefore, market players are increasing their R&D
spending in order to launch new products in the market. Furthermore, both
acquisitions & mergers, collaborations, and regulatory approvals are also
crucial components of effective growth.
- In June
2021, air cargo company SpiceXpress partnered
with e-commerce logistics company Delhivery to develop drone delivery
capabilities in the country. Both companies signed a memorandum of
understanding (MoU) in this regard. DGCA has selected SpiceXpress, the
cargo division of Spicejet, as one of the key consortiums to conduct
trials in India using drones beyond visual line of sight (BVLOS). This
collaboration is a development of their long-standing relationship with
Spicejet.
- In December
2021, FlyBase announced a partnership with drone
manufacturer and service provider DroneBase to create scalable commercial
drone-in-a-box (DiaB) solutions for autonomous public safety, security,
and monitoring. The DBase application was designed to reduce the burden of
using, setting up, and charging drones manually as drones continue to
become more powerful and permeate many industries. FlytNow makes it easier
and more scalable to conduct BVLOS flights for data collection through
mission management and remote device control.
Key Segments Covered in the Commercial Drones
Industry Survey:
- By Type
o
Multi-Rotor
Commercial Drones
o
Single Rotor
o
Fixed-Wing
o
Hybrid
o
Other
- By Application
o
Precision
Agriculture
o
Aerial Photography
o
Surveillance
o
Survey Mapping
o
Energy
o
Other Applications
- By Region
o
North America
o
Europe
o
Asia Pacific
o
Middle East &
Africa
o
Latin America
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Future
Outlook:
The
future of the commercial drone market is promising, with several exciting
developments on the horizon:
- Autonomous
Drones: The
evolution of autonomous drones will enable more efficient and precise
operations. These drones will be capable of complex tasks with minimal human
intervention.
- AI and
Machine Learning:
Integration of artificial intelligence and machine learning algorithms
will enhance the capabilities of drones, enabling advanced data analysis
and decision-making.
- Urban Air
Mobility (UAM): Drones and
electric vertical takeoff and landing (eVTOL) aircraft are being developed
for urban transportation, potentially revolutionizing urban mobility.
- Beyond
Visual Line of Sight (BVLOS):
Regulatory advancements are expected to enable BVLOS operations, expanding
the range of drone applications, particularly in delivery and long-range
surveillance.
- Environmental
Initiatives: Drones
will play a critical role in environmental conservation and monitoring,
aiding efforts to combat climate change and protect ecosystems.
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