Pune, India, June 14, 2021 (GLOBE NEWSWIRE) -- 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.
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.
List of the Top Companies Operating in the Global Commercial Drone 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)
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Market 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.
What does the Report Provide?
The global market report provides a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth. Moreover, the research analyst has adopted several research methodologies such as PORTER’s Five Point Analysis and PESTEL to obtain information about the current trends and industry developments that will drive the market growth in the forthcoming years.
DRIVING FACTORS
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.
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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.
COMPETITIVE LANDSCAPE
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 Industry Development:
- February 2021 - AeroVironment Inc. announced the acquisition of Arcturus UAV, Inc., a leading manufacturer of high-performing UAVs. The acquisition is likely to expand the company’s business horizon and strengthen its position in the global marketplace.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments –Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Qualitative Insights
- Impact of COVID-19 on the Commercial Drone Market
- Steps Taken by the Industry/Government/Companies to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities due to COVID-19 Outbreak
- Global Commercial Drone Market Analysis, Insights and Forecast, 2017-2028
- Segmental Definitions
- Market Analysis, Insights and Forecast – By Product
- Fixed Wing
- Rotary Wing
- Hybrid Multirotor
- Market Analysis, Insights and Forecast – By Technology
- Fully Autonomous
- Semi-autonomous
- Remote Operated
- Market Analysis, Insights and Forecast – By System
- Hardware
- Airframe
- Propulsion System
- Payload
- Others
- Software
- Hardware
- Market Analysis, Insights and Forecast – By Application
- Filming & Photography
- Horticulture and Agriculture
- Inspection and Maintenance
- Mapping and Surveying
- Surveillance & Monitoring
- Delivery and logistic
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia-Pacific
- Rest of the world
TOC Continued…!
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