Newark, June 19, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the commercial drones market will grow from USD 31.84 billion in 2022 to USD 142.90 billion by 2032. Drones rely heavily on advanced technologies, but the majority of them are still in under-development currently. The introduction of autonomous flying technology is projected to impact market growth in the upcoming years positively. The advancement of dynamic routing handoffs between machine and human controllers and system-failure reactions is expected to boost the demand for commercial drones. With improved autonomous control, the organizations will pursue the elusive utilization of commercial drones in the areas, including repetitive surveillance of construction projects, pipelines, and mines. Because of these attributes, the commercial sector is seeing a surge in demand for drones, which improves productivity by lowering total costs and boosting the visualization of projects. Additionally, the utilization of UAVs in determining accuracy, especially in the construction industry, is anticipated to provide lucrative growth opportunities in the upcoming years.
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Key Insight of the Commercial Drones Market
Asia-Pacific region is expected to grow at the highest CAGR during the forecast period.
Asia-Pacific is expected to grow at the highest CAGR during the forecast period in the global commercial drones market. The Asia-Pacific region would significantly expand. The region is experiencing strong demand of the commercial drones because of the developing economies such as South Korea, Japan, India and China. Additionally, China is becoming a major hub for the drone technology in recent years. Various start-up companies are deeply investing their research and development activities in order to improve the drone safety and innovate new commercial drone applications. These factors are augmenting the regional market growth and development.
The hybrid segment is expected to grow at the highest CAGR during the forecast period.
The type segment is divided into fixed-wing, hybrid and rotary blade. The hybrid segment is expected to grow at the highest CAGR during the forecast period. The hybrid commercial drones enhance and optimize power and efficiency by integrating fuel with the battery. Also, these commercial drones have a higher payload capacity and can fly for extended periods in severe weather conditions.
The surveillance & monitoring segment is expected to grow at the highest CAGR during the forecast period.
The application segment is divided into mapping & surveying, filming & photography, surveillance & monitoring, inspection & maintenance and others. The surveillance & monitoring segment is expected to register the highest growth during the projected timeline. The segment’s growth is mainly attributed to the increasing demand for commercial drones across the agriculture industry, mainly for crop protection and monitoring application.
The delivery & logistics segment is expected to grow at the highest CAGR during the forecast period.
The industry segment is divided into real estate & construction, agriculture, media & entertainment and others. The delivery & logistics segment is projected to grow at the highest CAGR in the upcoming years. Drones are expected to revolutionize the delivery & logistics industry across the globe as the e-commerce sector is growing exponentially. Due to increased demand for quick delivery, drones are increasingly employed in e-commerce warehouses for product warehousing and delivery. Warehouses around the world are investing heavily to increase the level of automation. UAVs are found to be helpful in operations which require more human intervention. This, in turn, is predicted to fuel the segment's growth.
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Advancement in market
• In November 2020: The AGRAS T20 drone by DJI was introduced into the market. The DJI AGRAS T20 is designed to work in the most challenging scenarios and agricultural fields, thanks to its precise autonomous flight planning and terrain-sensing radar, as well as its extended flight length, high payload capacity, and off-the-grid charging possibilities.
• In January 2022: Azur Drones announced new funding of about USD 9 million to boost its expansion in 2022, following a year of considerable development, especially globally. Furthermore, a private French investor has invested in the organisation, bringing the total amount raised since 2016 to roughly USD 40.16 million. It should help the French SME maintain its market leadership in drone-in-a-box solutions.
Market Dynamics
Driver: Growth of Advanced UAVs
The advancements in UAV technology have transformed and revolutionized efficient airborne surveillance and monitoring. This has enabled more efficient and accurate operations. The end-user industry verticals are increasingly using drone technology for forestry, infrastructure inspection, animal conservation, and search & rescue operations. Their increased capabilities and accuracy distinguish advanced UAVs compared to ordinary drones. High-precision GPS, multi-sensor imaging systems, obstacle avoidance sensors, and advanced computer processing systems are among the features of advanced UAVs. It enables them to measure, identify, and track things precisely. Furthermore, advanced UAVs include software programs allowing users to customize the drone's functioning and setup to meet their specific demands.
Restraint: High Cost Associated
The main issue in the market for commercial drones is the high price associated with the commercial drons. The high cost of commercial drones is a restraining factor for organizations seeking to capitalize on the technology's potential to boost efficiency, improve cost effectivity, and create new job opportunities. The commercial drones exist in various sizes and capacities and can be utilized for various applications across end-user industries. While the utilization of drones has a wide range of possible applications, the expensive cost of the technology itself makes the investment challenging for the organizations. The cost of a commercial drone is determined by its size, characteristics, and intended usage/application. The organizations must also consider the cost of sensors, cameras, batteries, chargers, and other accessories. Additional charges incur depending on the application of the drone. This factor is restraining the market growth and development.
Opportunity: Increasing Use of Drones for Security and Surveillance
In recent years, the demand for commercial drones has risen substantially for security and surveillance purposes. The UAVs can be operated with the help of remote access or can fly autonomously and are outfitted with cameras, sensors, and communication systems. Commercial drones provide end-user industries with an economical approach to monitoring vast areas/regions and can be employed in various surveillance and security applications. Commercial drones are also utilized in patrolling procedures. Commercial drones are being used to patrol the perimeters of significant infrastructure installations such as dams, airports and power plants. Drones can be deployed to identify intrusions, patrol the perimeter, and report to the specific control centre. Drones can also be used for thermal imaging, detecting heat signatures that may reveal the presence of animals or humans.
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Some of the major players operating in the commercial drones market are:
• DJI
• AeroVironment Inc.
• Autel Robotics
• Aeronavics Ltd.
• EHang Inc.
• Intel Corporation
• YUNEEC
• Parrot Drones SAS
• PrecisionHawk Inc.
• Draganfly Innovations Inc.
Key Segments Cover in the Market:
By Type:
• Fixed-wing
• Hybrid
• Rotary Blade
By Application:
• Mapping & Surveying
• Filming & Photography,
• Surveillance & Monitoring
• Inspection & Maintenance
• Others
By Industry:
• Real Estate & Construction
• Agriculture
• Media & Entertainment
• Delivery & Logistics
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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