The global commercial drone market was valued at approximately USD 8.77 billion in 2022 and is anticipated to grow significantly, reaching USD 54.81 billion by 2030. This growth represents a compound annual growth rate (CAGR) of 25.82% from 2023 to 2030. Drones, or unmanned aerial vehicles (UAVs), are flying devices equipped with cameras and sensors, and various industries are increasingly recognizing their benefits for commercial applications. Many companies are also investing in startups to expand their drone capabilities, including air taxis, surveying, logistics, monitoring, and mapping.
Informational Source:
https://www.fortunebusinessinsights.com/commercial-drone-market-102171
Key Players in the Market
Notable companies in the commercial drone sector include:
- 3D Robotics, Inc. (U.S.)
- Aeronavics Ltd. (New Zealand)
- AeroVironment Inc. (U.S.)
- Autel Robotics (China)
- Ehang Holdings Limited (China)
- FLIR Systems, Inc. (U.S.)
- Teal Drones (U.S.)
- Holy Stone (China)
- Intel Corporation (U.S.)
- AgEagle Aerial Systems Inc. (U.S.)
- Parrot Group (France)
- PrecisionHawk, Inc. (U.S.)
- Skydio, Inc. (U.S.)
- SZ DJI Technology Co., Ltd. (China)
- Yuneec Holding Ltd (China)
Market Segmentation
-
Weight Classification: The market is divided into three segments:
-
2 kg: This segment held the largest market share in 2022, primarily due to the growing use of small drones for photography, filming, mapping, inspection, and surveying. 2 kg – 25 kg 25 kg – 150 kg
-
Technology: The market is categorized into fully autonomous, semi-autonomous, and remote-operated drones. The remote-operated segment led the market in 2022, favored for its ease of use and lower costs compared to other types.
-
System Type: The market is split into hardware and software. The hardware segment, which includes components like propulsion systems and airframes, dominated in 2022, driven by increased demand for medical drones during the COVID-19 pandemic.
-
Application: The primary applications for drones include filming and photography, mapping and surveying, horticulture and agriculture, inspection and maintenance, delivery and logistics, and surveillance and monitoring. The filming and photography segment captured the largest market share in 2022, bolstered by the easy availability of high-quality drones.
Market Drivers and Challenges
The growth of the commercial drone market is supported by advancements in technology, particularly in electronics and artificial intelligence. These innovations enable companies to develop in-house tools for data analysis, enhancing the capabilities of drones. However, challenges such as a shortage of skilled drone pilots, inadequate infrastructure, and inconsistent regulations across countries could hinder market growth.
Regional Insights
North America held the largest share of the commercial drone market in 2022, thanks to the presence of major manufacturers and widespread adoption of drones. The European market is also expected to grow significantly, particularly in countries like France, the U.K., and Germany. In the Asia-Pacific region, increasing investments in drone technology by both manufacturers and governments are likely to drive substantial growth.
Competitive Landscape
To maintain significant market share, leading companies are forming strategic partnerships and collaborations. For instance, in October 2021, FIXAR, a commercial drone design firm, signed an agreement with Paras Aerospace to distribute its drones in India, aiming to enhance market access.
Recent Developments
In February 2022, Zain Group, a telecommunications provider in Kuwait, partnered with Saudi Arabia to develop drone technologies, aiming to diversify the Saudi economy beyond its reliance on oil and gas.
The commercial drone market is set for rapid growth, driven by technological advancements and increasing awareness of drone applications across various industries.