The global market for Commercial Drones is projected to reach US$14.3 billion by 2024, driven by the emerging era of automation as countries across the world get ready to integrate automation, artificial intelligence, and robotics into their economies. Benefits offered by commercial drones include superior 3D mapping and image capture capabilities; productivity enhancements for businesses; and reduced need for manned high risk missions.
Few of the broad market forces influencing growth include:
- focus on farm productivity, increased interest in precision farming and use of drones in agriculture;
- continuous technology developments, falling costs, improved performance and efficiency supported by smarter sensors, software algorithms, improvements in computing speeds and data processing capabilities;
- growing prominence of drones-as-a-service;
- strong demand for multirotor drones in surveillance and photography;
- ubiquity of smartphones and the resulting interest in smartphone controlled drones.
Increased integration of safety features such as geofencing to prevent drones from flying off their designated flight area/path and development of obstacle avoidance systems that mitigates risks of collision with other aircraft will continue to benefit adoption rates across end-use markets. Few of the emerging application areas with lucrative potential for future growth include scouting drones for land surveying for environmental planning and commercial real estate; use in infrastructure inspection and maintenance; safety drones that monitor construction and mining operations and processes at utilities; warehousing and inventory drones; and last mile delivery drones in urban logistics. Despite the opportunities for growth, the market is yet to overcome regulatory, safety, privacy violation issues and cyberterrorism concerns. The United States represents the largest market worldwide. Asia-Pacific is poised to grow at the fastest CAGR of 29.1% over the analysis period, led by expanding applications in agriculture, law enforcement, and smart grids for maintenance inspections.
Company and Industry News & Stories
- AgEagle to Acquire Agricultural Analytics Company Agribotix, a Drone-Enabled Software Company that Provides Advanced Imaging & Data Analysis
- Dejero Forms Technology Partnership with Draganfly Innovations in a Move to Reach New Industries & Applications
- EHang and Yonghui Collaborate for Aerial Drone Food Delivery in a Move to Create Better Drone Delivery Services & Experiences
- Delair and Sphere Drones Partner to Offer Commercial Drone Solutions in a Move to Make Sphere Drone the First Delair UX11 Reseller in Australia
- DJI and Microsoft Partner to Introduce Advanced AI to DJI Drones in a Move to Deliver Unparalleled Intelligent Cloud & Azure IoT Capabilities to Devices on the Edge
Product Definition & Scope
- A commercial drone refers to any unmanned aerial vehicle, which is used only for commercial purposes and not for recreational or military uses. Commercialization of drones occurs when their use is monetized. This can be achieved in several ways, for example through sale of photographs taken using UAVs. Drones are used in a variety of business areas, with applications continuing to grow rapidly.
Timeline for Analysis
- Market Estimates and Forecasts for 2015-2024
Geographic Markets Analyzed
- US, Canada, Japan, Europe (France, Germany, Italy, UK, Russia and Rest of Europe), Asia-Pacific (China and Rest of Asia-Pacific), and Rest of World
- Draganfly Innovations Inc.
- EHang, Inc.
- Lockheed Martin Corporation
- Parrot SA
- Prioria Robotics, Inc.
- Skycatch, Inc.
- SZ DJI Technology Co., Ltd.
- XAIRCRAFT Technology Co., Ltd.
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