Drones are aircraft that a pilot may control remotely from the ground or fly independently with the help of inbuilt software. Unmanne aircraft use for commercial purposes include commercial drones. Risk mitigation, resource management, research and excavation, farming, urban planning, management, the tourism industry, cargo management, engineering, LiDAR applications, weather forecasting, traffic control, and green mapping are some of these uses.
The commercial drone market in 2022 was USD 8.15 billion and will reach USD 47.38 billion by 2030 at a 28.58% CAGR during 2022-2030.
Due to technical advancements such as sophisticate motion and temperature sensors in cameras, unmanne aerial vehicles, 3D mapping software, and others, there are numerous opportunities for market expansion. However, it is project that severe government regulations relating to national security and using satellite imagery as a replacement option will obstruct industry growth. Drones that use cutting-edge technology like artificial intelligence (AI) and machine learning (ML) have substantial market growth potential.
Drones that have AI technology embedded into them can better understand their surroundings, map out regions with accuracy, track and monitor the movement of particular objects, and provide accurate analytical input. By assuring quick data capture, processing, and transfer, they also give their consumers the capacity to make decisions in real-time based on data. Users of AI-powered drones can also work together, get feed from other drones, and track drone flying patterns in real-time. Predictive learning models and AI and ML make it possible to analyse data more quickly and provide useful insights.
Market Dynamics
Drivers
The increase in drone applications is one of the main drivers fueling growth in the commercial drone market. Drones were initially use by the military and defense sectors. However, because of technical advancements, drones are now use for various purposes, including surveillance, mapping, agriculture, and construction. The drone uses in the logistics industry are growing. Numerous logistics firms have test or are testing drone deliveries.
Restraints
- Lack of expertise in UAV operation: At the moment, there is a severe lack of qualify UAV controllers for usage in professional videography, land mapping, and other niche applications.
- Risks of being taken over or manipulate: UAVs can easily be taken over by giving them phony GPS data, a technique that hackers have already use to deceive location-based services on mobile devices.
Opportunity
The introduction of the 5G delivery model and the incorporation of various cloud computing techniques into the development process will positively affect the commercial drone market. Drones with high-speed internet enable users to interact in difficult circumstances to carry out tasks like command and control, autonomous flight, and media sharing. Service providers can supply ultra-low latency communications, enhance mobile broadband access, and significant Machine-to-Machine (M2M) type communications thanks to the ability to put effective 5G network sharing into practice. This allows service providers to offer the Drone-as-a-Service (DaaS) model to their consumers, ensuring continual business expansions and the production of new revenue streams, responding to broad market expansion prospects in the future.
Market Segmentation
By Product, The rotary blade category held the biggest volume share of about 80.0% in 2020. Because they can hover and make quick maneuvers while maintaining a long-range view on a single target, rotary blade drones are project to become more popular for inspection tasks.
By Application, with a respectable share of over 32.35% in 2021, the Filming & Photography segment significantly rule the entire market. Drones and unmanne aerial systems (UAS) are cutting-edge technology that many photographers and filmmakers use. Drones are fundamentally altering the market picture for commercial, broadcast, and real estate photography, opening up countless opportunities to capture stunning images and videos rapidly.
By End-user, with a market share of over 29.28% in 2021, the media and entertainment segment led the market. Drones have a variety of uses in media and entertainment. Filmmakers have begun to use professional drones to capture exact frames in the most cost-effective manner. The growing need from clients and owners for aerial photography to advertise resorts, hotels, tourist attractions, public spaces, and amusement parks is expect to drive the segment’s expansion.
Regional Insights
North America was the biggest regional market in 2021, with 40.07% of the revenue share. Favorable government policies, advancements in drone technology, and rising demand from businesses across a range of industries fuel the market expansion in this region. Additionally, the Federal Aviation Administration (FAA) in the US has publish new rules to create more logical and uniform guidelines for the safe and legal use of UAVs in business settings. These regulations will reduce entry barriers and increase product adoption in this area.
The market in Asia Pacific will expand quickly as a result of expanding drone manufacturing and operating firms in the region.
Key Players
- Autel Robotics
- AeroVironment Inc.
- Aeronavics Ltd.
- 3D Robotics, Inc.
- Holy Stone
- Teal Drones
- AgEagle Aerial Systems
- FLIR Systems
- Ehang Holdings
- Intel Corporation
- Skydio, Inc.
- PrecisionHawk, Inc.
- Parrot Group
- SZ DJI Technology
- Yuneec Holding
The commercial drone market in 2022 was USD 8.15 billion and will reach USD 47.38 billion by 2030 at a 28.58% CAGR during 2022-2030. Due to the rising demand for commercial drones across various industries, including agriculture, construction, and surveillance, the market for commercial drones is expanding globally. Drones are being utilize more frequently in the construction sector to help with effective data collecting, driving the market growth. The sector is expanding thanks to the creation of drones that adhere to legal safety requirements to reduce accidents.
