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Commercial Drone Market to Register 28.58% CAGR during 2022-2029; Paras Aerospace Engages in Contract with FIXAR to Develop Innovative Solutions

May 16, 2022 | Aerospace & Defense

The global commercial drone market size was valued at USD 6.51 billion in 2021. The market is projected to grow from USD 8.15 billion in 2022 to USD 47.38 billion by 2029, exhibiting a CAGR of 28.58% during the forecast period.


This information is presented by Fortune Business Insights, in its report, titled, Commercial Drone Market Size, Share & COVID-19 Impact Analysis, By Weight (<2 Kg, 2 Kg – 25 Kg, and 25 Kg – 150 Kg), By System (Hardware (Airframe, Propulsion System, Payloads, and Others) and Software), By Technology (Fully Autonomous, Semi-autonomous, and Remote Operated), By Application (Filming & Photography, Horticulture and Agriculture, Inspection and Maintenance, Mapping and Surveying, Surveillance & Monitoring, Delivery and Logistics, and Others), and Regional Forecast, 2022-2029.”


Surging Drone Demand for Healthcare Applications amid Pandemic


The COVID-19 pandemic has been a global disaster with government organizations making active efforts to refine health amenities, hospital infrastructure, and basic medical services across the globe. Lately, numerous industries across the world have commenced utilizing drones to perform significant operations efficaciously. Chief companies are engaged in designing and developing lightweight drones for numerous commercial applications in numerous fields.


Paras Aerospace India Engages in Special Contract with ParaZero Israel


Paras Aerospace India, a subsidiary of Paras Defense and Space Technologies Limited declared a collaborative deal with ParaZero Israel, a global expert of drone security systems. Numerous systems have previously gained agreement from International Body ASTM as per Standard Specification for Small Unmanned Aircraft System (sUAS) Parachutes. This globally adequate certification empowers the system to expand unparalleled security.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/commercial-drone-market-102171


Upsurge in Advancement of Remote Sensing and Innovative ADS-B Transponder Technologies to Boost Growth


Drones are suitable for quasi-static locating of advanced sensors in 3D space with great accuracy. Even in windy situations, drones empower accurate flight control and operations in disorderly environments owing to their maneuverability and capacity to fly at any decreased speed. There is a surging interest in positioning drone for forest inspecting, photogrammetric examination, and infrastructure monitoring. These applications are grounded on remote sensing assignments.


The difficulties experienced by the drone industry are owing to the absence of infrastructure for air traffic control that is accountable for secure flight functioning in the monitored airspaces. The presence of constant air traffic management can produce drone-related safety as well as diminish the operative risks.


Prime Players Sign Important Contracts to Make Noticeable Changes in the Market


The players working in the market often employ various tactics that will assist the commercial drone market growth and trigger product demand. Among the many strategies available, one such remarkable strategy is to extend the business opportunities by signing multimillion agreements with government establishment and safeguarding a profitable revenue for their respective company.


Notable Industry Development:



  • October 2021: Paras Aerospace, a subsidiary of Paras Defense and Space Technologies Limited, which is a top Indian technology development business, has signed an exclusivity clause with FIXAR, an EU-based commercial drone design and software developer for the sale of FIXAR unmanned solutions in India.


List of Key Players Mentioned in the Report:



  • 3D Robotics, Inc. (U.S.)

  • Aeronavics Ltd. (New Zealand)

  • AeroVironment Inc. (U.S.)

  • Autel Robotics (China)

  • Ehang Holdings Limited (China)

  • FLIR Systems, Inc. (U.S.)

  • Teal Drones (U.S.)

  • Holy Stone (China)

  • Intel Corporation (U.S.)

  • AgEagle Aerial Systems Inc. (U.S.)

  • Parrot Group (France)

  • PrecisionHawk, Inc. (U.S.) 

  • Skydio, Inc. (U.S.)

  • SZ DJI Technology Co., Ltd. (China)

  • Yuneec Holding Ltd (China)


Further Report Findings:


Based on weight, the market is segmented into <2Kg, 2Kg – 25Kg, and 25Kg – 150Kg. The <2Kg segment held the highest market share in 2021, owing to increasing adoption of small drones for various applications such as filming, photography, mapping, surveying, inspection, and others.


North American stood at USD 2.42 billion in 2021 and is expected to dominate the global commercial drone market share during the forecast period. The rise in adoption of commercial drone is anticipated to fuel the market growth in North America.


Table of Segmentation:






















































  ATTRIBUTE



  DETAILS



Study Period



2018-2029



Base Year



2021



Estimated Year



2022



Forecast Period



2022-2028



Historical Period



2018-2020



Unit



Value (USD Billion)



Segmentation



By Weight, Technology, System, Application, and Geography



By Weight



  • <2 Kg

  • 2 Kg – 25 Kg

  • 25 Kg – 150 Kg



By Technology



  • Fully Autonomous

  • Semi-autonomous

  • Remote Operated



By System



  • Hardware

    • Airframe

    • Propulsion System

    • Payload

    • Others





  • Software



By Application



  • Filming & Photography

  • Horticulture and Agriculture

  • Inspection and Maintenance

  • Mapping and Surveying

  • Surveillance & Monitoring

  • Delivery and Logistics

  • Others



 



By Geography



  • North America (By Weight, Technology, System, Application, and Country)

    • U.S. (By Application)

    • Canada (By Application)



  • Europe (By Weight, Technology, System, Application, and Country)

    • U.K. (By Application)

    • Germany (By Application)

    • France (By Application)

    • Italy (By Application)

    • Spain (By Application)

    • Rest of Europe (By Application)



  • Asia Pacific (By Weight, Technology, System, Application, and Country)

    • China (By Application)

    • India (By Application)

    • Japan (By Application)

    • Australia (By Application)

    • Rest of Asia Pacific (By Application)



  • Rest of the World (By Weight, Technology, System, Application, and Sub-Region)

    • Middle East & Africa (By Application)

    • Latin America (By Application)




Commercial Drone Market
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  • 2021
  • 2018-2020
  • 234

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