The global commercial drone market size is expected to experience exponential growth by reaching USD 11,295.1 million by 2028 while exhibiting a CAGR of 25.39% between 2021 and 2028. This information is published by Fortune Business Insights in its report, titled “Commercial Drone Market, 2021-2028.” The report further mentions that the market stood at USD 1,915.0 million in 2020. The increasing adoption of autonomous systems and the growing demand for drones across several industrial applications is likely to propel the demand for the product during the foreseeable future.
Prominent Companies Focus on Merger and Acquisition to Intensify Industry Competition
The market is consolidated by eminent companies such as 3D Robotics, Inc., FLIR Systems, Inc., and SZ DJI Technology Co., Ltd., among others that are focusing on maintaining their stronghold. These companies are focusing on acquiring other small companies to further expand their commercial drone portfolio. Furthermore, other key players are adopting organic and inorganic strategies to gain a competitive edge over their rivals that will boost the growth of the market during the forecast period.
Key Considerations for Market Forecast:
- Impact of Pandemic, supply chain disruptions, demand destruction, and change in customer behavior
- Optimistic, probable, and pessimistic scenarios for all markets as the impact of pandemic unfolds
- Pre- as well as post-COVID-19 market estimates
- Quarterly impact analysis and updates on market estimates
List of the Companies Operating in the Global Market-
3D Robotics, Inc. (The U.S.) , Aeronavics Ltd. (New Zealand), AeroVironment Inc. (The U.S.), Autel Robotics (China), Draganfly Innovations Inc. (Canada), Ehang (China), FLIR Systems, Inc. (The U.S.), GoPro, Inc. (The U.S.), Holy Stone (China), Intel Corporation (The U.S.), Kespry Inc. (The U.S.), Parrot Drones SAS (France), PrecisionHawk, Inc. (The U.S.) , SenseFly SA (Switzerland), Skydio, Inc. (The U.S.), SZ DJI Technology Co., Ltd. (China), Yuneec Holding Ltd (China)
Industry Segmentation
On the basis of product, the market is trifurcated into fixed-wing, rotary-wing and hybrid multi-rotor. Based on product, the fixed-wing segment held a global commercial drone market share of about 16.47% in 2020 and is anticipated to experience considerable growth during the forecast period. This is owing to the increasing demand for components such as lightweight payloads, hi-tech cameras, and avionics worldwide.
Based on technology, the market is classified into remote-operated, semi-autonomous, and fully-autonomous. In addition to this, based on the system, the market is segregated into hardware and software. On the basis of application, the market is segmented into filming & photography, horticulture and agriculture, inspection and maintenance, mapping and surveying, surveillance & monitoring, delivery and logistic, and others. Finally, based on region, the market is categorized into North America, Europe, the Middle East and Africa, Asia-Pacific, and Latin America.
Market Exhibited a Stellar Growth Rate of 20.37% in 2020 amid COVID-19
In April 2020, the UK government announced its plan to deliver medicines, food, and other essentials through advanced drones. The government further plans to adopt petrol-fueled fixed-wing drones having a capacity of over 100 kg with a 1000 km range. The pandemic has surged the demand for drones across healthcare, food & beverage, and other industries. The growing focus in reducing the spread of the disease has led to the deployment of advanced drones to limit human-to human contact. This has led to the surging demand for the product enabling the market to exhibit an exceptional growth rate of 20.37% in 2020.
Increasing Demand for Drones across Several Industrial Applications to Aid Growth
In April 2021, Aeronyde Corporation, a leading autonomous aerial systems provider, announced the utilization of drones manufactured by Skydio. The company aims to adopt drones to perform efficient volumetric stockpile analysis on complex sites. Companies such as Aeronyde are focusing on adopting advanced drones for several commercial purposes. These drones are equipped with modern tools such as micro-controllers, advanced processors, and mobile hardware. Moreover, they adopt modern technologies such as machine learning to automate the overall functioning. This is therefore expected to bode well for the global commercial drone market growth in the forthcoming years.
REGIONAL INSIGHTS
North America – The region stood at USD 730.0 million in 2020 and is expected to dominate the market during the forecast period. The dominance is attributable to the presence of established companies such as Autel Robotics, 3D Robotics, Inc., and others that are focusing on the development of advanced commercial drones in the region.
Europe – The market in the region is expected to gain momentum backed by the growing demand for mini and small drones across several industrial applications between 2021 and 2028.
The study Commercial Drone Market offers data-driven insights and guidance of several aspects. Some of the more notable questions are:
- What are the major recent trends Commercial Drone Market that can influence the product life cycle and the RoI?
- Which regulatory trends shape corporate-level, business-level, and functional-level strategies?
- Which micro Market initiatives of leading players will bring in investments in Commercial Drone Market?
- What can be the best Commercial Drone Market framework and tools for PESTLE analysis?
- Which regions will witness rise in Commercial Drone Market new opportunities?
- Which are the game-changing technologies being used to capture new revenue streams in the near future Commercial Drone Market?
- Which operational and tactical frameworks are being adopted by various players in Commercial Drone Market gaining customer loyalty?
- What is the Commercial Drone Market current and expected intensity of competition the Market in the near future?