Commercial Drone Market on Course to Reach Nearly 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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