The commercial drone market is expected to witness robust growth by 2027 due to soaring product demand in varied applications across the globe. Moreover, increasing focus of manufacturers on product development is projected to support market growth through the forecast period.
Recently, industry players have been adopting lucrative strategies to extend their consumer reach, which has positively impacted the global business landscape. For instance, in July 2021, General Electric (GE) fortified its presence in the commercial drone sector through a partnership with Microdrones, a German aircraft manufacturer.
With this partnership, GE gained access to Microdrones' existing technology portfolio. Along with the announcement, GE also launched its new long-range LiDAR drone dubbed mdLiDAR1000LR. which would be manufactured at Microdrones' facility in Siegen, Germany, as part of the GE drone line.
Moreover, escalating consumer demand has bolstered market penetration, thereby propelling business expansion in key regions. To cite an instance, in July 2021, Robotic Skies, a commercial drone maintenance and repair services company, announced its plans to build its new headquarters in Salt Lake City, Utah. The new facility was intended to centralize company operations and improve service capabilities, such as training, onboarding, and logistics support for partners.
The commercial drone market has been segmented in terms of type, mode of operation, application, and region. From the application perspective, the market has been divided into aerial photography, emergency management, agriculture, remote sensing & mapping, inspection & monitoring, and wildlife research & preservation.
The emergency management sub-segment is anticipated to grow at a CAGR of approximately 15.0% over the assessment timeframe to garner a sizable revenue by the end of 2027. Growing product adoption for monitoring disaster-affected areas and surveying places is set to boost segmental growth over the following years.
In 2020, the inspection & monitoring sub-segment held a considerable revenue share in the commercial drone market and is estimated to progress at over 17.0% CAGR through the forecast period. Increasing use of commercial drones for monitoring and inspecting locations is expected to contribute to segmental demand in the coming years.
The wildlife research & preservation sub-segment is projected to expand at a significant pace to reach a considerable valuation by the end of 2027. Favorable government initiatives and frameworks governing the use of commercial drones are likely to propel segmental expansion in the future.
In the regional landscape, the Latin America commercial drone market is calculated to grow at a CAGR of more than 22% over the analysis timeline. Surging popularity and penetration of commercial drone delivery services in Latin America are slated to foster regional market outlook through 2027.
In 2020, Middle East & Africa contributed substantially to the overall market revenue and is expected to see steady growth over 2021-2027. Regional market growth is speculated to be driven by the mounting adoption of advanced drone systems for defense operations across MEA in the forthcoming years.