Commercial Drone Market Size to Expand USD 504.5 Billion By 2030

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Table of Content

The global commercial drone market size accounted for USD 16.7 billion in 2021 and is expected to expand around USD 504.5 billion by 2030, growing at a CAGR of 46.04% during the forecast period from 2022 to 2030.

Drones are aircraft with the capacity to fly independently with the aid of embedded software or that a pilot can control remotely from the ground. Commercial drones are unmanned aircraft that are intended to be used for business purposes. These purposes include risk reduction, resource management, research and excavation, farming, urban planning, management, tourist industry, aerial imaging, cargo management, engineering,  LiDAR applications, weather forecasting, traffic control, and green mapping. Many industries, including agriculture, the environment, media and entertainment, energy, government, and others use these apps as business solutions.

It is anticipated that the market for location-based services, including e-commerce businesses, food delivery services, shopping applications, travel websites, social networking services, and others, would expand. But strict government rules pertaining to national security and satellite imagery as a replacement option are anticipated to impede industry expansion. There are several potentials for market expansion thanks to technological developments such as sophisticated motion and temperature sensors in cameras, unmanned aerial vehicles, 3D mapping software, and others.

Due to the widespread installation of rigorous lockdown procedures, the quick proliferation of COVID-19 has had a substantial influence on the worldwide market for commercial drones. The COVID-19 epidemic created a number of difficulties for the commercial drone sector, including disruptions in the raw material supply chain and logistical issues. On the other hand, in order to resist the fall in revenue and operating performance of various enterprises, commercial drone technology makers had to cut down on growth and R&D spending. Throughout the year, difficulties were seen in the acquisition of commercial drones for a variety of business purposes; however, these difficulties are predicted to disappear in a few years.

Scope of the Report

What are the Key Highlights of the Commercial Drone Market?

• Due to its improved data collection efficiency, cheaper cost, and accessibility of drone services globally, the platform sector is predicted to experience the highest CAGR over the projected period.
• The end-to-end solution category would have the highest increase over the course of the projected period because to the growing need for complete package solutions that encompass everything from testing & operation, data processing, and data analysis.
• The COVID-19 pandemic has increased the need for expedient package delivery services in the healthcare industry, and it is projected that the transportation & delivery application category will dominate the market with the highest CAGR over the course of the projection period.
• In 2021, North America is anticipated to hold the largest market share for drone services.
• As a result of their ability to be controlled for extended periods of time remotely by human workers or autonomously by onboard computers, drone services are quickly replacing uses of legacy services in the commercial world, such as aerial surveys, filmmaking, and search and rescue.

Regional Snapshots

The commercial drone market share in North America, which was valued at USD 2.39 billion in 2021, is anticipated to be the largest throughout the forecast period. The expansion of commercial drone use is anticipated to fuel market expansion in North America. increasing use of Drone for various business purposes in Germany, France, and the UK is expected to support the expansion of the commercial drone market in Europe over the projected period.

Due to rising drone manufacturing and operation businesses in the area, the market in Asia Pacific is expected to see quick rise.

Market Dynamics

Drivers

Extended potential uses for mapping services, LiDAR, GIS, and other technologies. Increased demand for GIS, LiDAR, and mapping services from sectors including construction, agriculture, infrastructure, and inventory management is driving the market's growth. Applications that gain from commercial Drone' ability to quickly and affordably collect localized visual data are now being significantly impacted. Additionally, thanks to the utilization of LiDAR, GIS (Geographical Information System), and other mapping technologies, the agriculture industry is witnessing notable advances in soil quality, crop health management, and yield output. The engineering and real estate sectors are advancing in their use of cutting-edge technology including dimensional modeling, architectural design, and project monitoring.

Drone-based solutions are also utilized for a variety of tasks, such as research and exploration, archaeological surveys, mining, freight management, telecom network management, oil and gas resource management, and others, and they save time and improve workflow. Additionally, the expansion of application sectors fuels demand for sophisticated drone systems and is anticipated to accelerate market growth throughout the course of the research period.

Restraints

Due to its extremely effective technology for a variety of aerial applications, commercial drones are widely employed across sectors. However, the majority of businesses are concerned about the lack of air traffic management by aviation authorities in various countries. In many countries, flying drone is outright forbidden near airports and the areas around them. Most countries are facing criticism for utilizing drones in ways that hinder economic growth and violate people's privacy and personal space.

Additionally, there have reportedly been instances where improper handling and battery failure have put drone operations at risk. These circumstances emphasize how important it is to operate remote-control devices with knowledge and experience. Incorrect handling of the damages is causing a substantial financial loss, which has an immediate impact on local safety and security problems. Throughout the projection period, these factors are expected to impede future growth.

Opportunities

Drone have greatly increased the accessibility and affordability of aerial photography. Drone operators may record stunning, cinematic images in places that are unavailable to on-ground camera personnel. There are almost always drone photographers on hand on film shoots. During the forecast period, this is anticipated to accelerate the expansion of the commercial drone market.

Drones are now being used for data collection in the agriculture industry as a result of the requirement for higher crop output and productivity. They may be used in a variety of ways for precision farming. Drones are useful for analyzing soil, forecasting plant health, and figuring out how much water or nutrients a crop will need. They are equipped with imaging technologies including thermal, multispectral, and hyperspectral assistance to give farmers site- and time-specific information on insect activity, fungal infection, and other issues. The commercial drone industry will grow as a result of these reasons in the upcoming years.

Challenges

The development of the commercial drone sector is being hampered by the absence of a risk management framework and insurance coverage for aerial delivery drones. Due to a lack of insurance coverage, service providers and manufacturers of aerial delivery drones run the danger of losing packages or delivery drone. To guarantee that aerial delivery drones are utilized safely, service providers and manufacturers must collaborate closely with regulatory agencies. Users of Drone are required by law in several nations to carry insurance to protect their liability in the event of an accident.

The danger of property damage and bodily harm associated with drone or the harm they may inflict is the main focus of current drone insurance. However, there are no similar rules in place for aerial delivery drones. Before operations begin, a contract must be signed between the delivery drone service provider and the customer. Although the party using the service has a modest chance of harm or loss, an accident might have catastrophic repercussions.

Recent Developments

• In September 2021, the Departments of Defense of the United States and India agreed on a Project Structure for an Air-Launched Unmanned Aerial Vehicle under Trade Initiative's Joint Working Group Air Systems and Defense Technology.
• Draganfly and Airworx Unmanned Solutions teamed together in May 2022 for the 2022 SC public safety unmanned systems summit.
• April 2022: Aero Vironment successfully demonstrated software for sensor fusion, computer vision, and multi-domain unmanned systems.

Key Players

• Yuneec Holding Ltd
• Skydio, Inc.
• Parrot Group
• Intel Corporation
• Teal Drones
• Ehang Holdings Limited
• AeroVironment Inc.
• 3D Robotics, Inc.

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