Commercial Drone Market

Commercial Drone Industry worth $9.3 Billion by 2029

The report "Commercial Drone Market by Point Of Sale (OEM, Aftermarket), Systems (Platform, Payload, Datalink, Ground Control Station, Launch & Recovery Systems), Platform (Micro, Small, Medium, Large), Function (Passenger Drones, Inspection & Monitoring Drones, Surveying & Mapping Drones, Spraying & Seeding Drones, Cargo Air Vehicles, Others), End-Use (Agriculture, Insurance, Energy, Mining & Quarrying, Oil & Gas, Tranport, Logistics & Warehousing, Journalism & Media, Arts, Entertainment & Recreation, Healthcare & Social Assistance), MTOW (<25 Kg, 25-170 Kg, >170Kg), Range (Visual Line Of Sight, Extended Visual Line Of Sight, Beyond Visual Line Of Sight) & Region - Global Forecast to 2029" The Commercial Drone market is projected to grow from USD 5.3 billion in 2022 to USD 9.3 Billion by 2029, at a CAGR of 11.2% from 2024 to 2029. The market growth can be attributed to growing increased adoption of UAS in commercial applications worldwide.The acceptance of UAVs or drones has steadily been increasing across the world for use in commercial applications. Commerical drones are witnessing increased demand owing to their cost-effectiveness and advancements in them over the last couple of years.

 

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As drone technology advances, regulatory bodies globally are proactively shaping clearer and more supportive regulations to facilitate drone operations. This strategic initiative aims to lower operational barriers and enhance safety, thereby accelerating the adoption of drones across various sectors. Enhanced regulatory frameworks are anticipated to unlock significant business opportunities and drive innovation in commercial drone applications.

Based on End Use, the Transport, Logistics and Warehousing segment is anticipated to record the highest growth rate during the forecast period.

By End Use, the Commercial Drone market has been segmented into logistics & transportation, agriculture, energy & power, construction & mining, media & entertainment, insurance, wildlife & forestry, academics & research. Logistics & Transportation segment is estimated to record the highest CAGR during the forecast period with the significant growth of the global e-commerce sector, postal companies are opting for new methods to modify their traditional delivery business models. With several countries focusing on the use of commercial drones for postal deliveries, the commercial drone market will witness growth. The US Postal Service is exploring the possibility of introducing commercial drones into its vehicle fleets to advance mail delivery operations and support its collection of geospatial, sensor, image, and other data. Companies such as DJI (China) are actively developing solutions for Drone-based package delivery. Amazon (US) has already developed these services. Lower cost, density of urban environments, and the rising demand for reduced delivery times are contributing to the growth of this segment.

Based on Function, the Passenger Drone segment is estimated to register large share in the base year.

Based on function, the Commercial Drone market has been segmented into passenger drones, inspection & monitoring drones, surveying & mapping drones, spraying & seeding drones, cargo air vehicles, and others. Passenger Drone segment is projected to record the highest growth during the forecast period with emergence of dronee taxis as convienent means of aerial transportation of passsenger at high speed.

Based on Operational Mode, the Fully Autonomous segment is estimated to register highest CAGR during the forecast period.

Based on operational mode, the commercial drone market has been classified into remotely piloted, optionally piloted, and fully autonomous. The remotely piloted segment is projected to grow at a significant rate during the forecast period, driven by the cost-effective usage of remotely piloted UAVs in several applications ranging from defense operations to surveys. Fully autonomous drones significantly enhance operational efficiency and reduce costs across various end use such as  agriculture, transport, logistics & warehousing, and Oil & Gas.

The Asia Pacific region is projected to be high growth potential markets for the Commerical Drone market during the forecast period.

Rising number of drone manufacturers in China and India and increased procurement of military drones in Asia Pacific is the lea. China held the leading share in the Asia Pacific Commercial Drone Market during 2023. China is one of the prime manufacturers of drones globally. Surge in E-Commerce, which demand faster delivery times and innovative logistics solutions have boosted the demand for the drones which offers a rapid delivery service.

Major players in the Commercial Drone market are DJI (China), Parrot Drone SAS (France), EHANG Holdings Limited (China), Aerovironment, Inc. (US), The Boeing Company (US)

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Commercial Drone Market Size,  Share & Growth Report
Report Code
UC 6489
PR Published ON
3/8/2024
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