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Commercial Drone Market to Grow at 25.82% CAGR During 2023-2030; Surging Demand for Smaller Drones from Power Generation, Logistics, and Oil and Gas Sectors to Aid Market Growth

May 08, 2023 | Aerospace & Defense

The global commercial drone market size was valued at USD 8.77 billion in 2022. 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, Payload, 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, 2023– 2030” observes that the market is projected to grow from USD 10.98 billion in 2023 to USD 54.81 billion by 2030, exhibiting a CAGR of 25.82% during the forecast period. Drones are ideal for the quasi-static positioning of advanced sensors in 3D space with high precision. Moreover, they enable precise flight control and operations even in poor weather conditions owing to their maneuverability and ability to fly at a low speed. As a result, there is a growing interest in drone deployment for infrastructure inspection, photogrammetric surveys, and forest monitoring based on remote sensing facility. These factors are responsible for market proliferation in the coming years.


U.S. Department of Defense and Indian Ministry of Defense Signed an Agreement to Co-Develop Air-Launched Drones 


In September 2021, the U.S. Department of Defense and the Indian Ministry of Defense signed a Project Agreement (PA) for Air-Launched Unmanned Aerial Vehicle (ALUAV) under the Joint Working Group Air Systems in the Defense Technology and Trade Initiative (DTTI). This agreement will help strengthen defense technology collaborations between the two countries. The primary aim of DTTI is to promote a collaborative technology exchange and create opportunities for co-development and co-production of future technologies for Indian and U.S. military forces. The agreement also outlines the collaboration between Indian Air Force, Air Force Research Laboratory, and DRDO to focus on the development, design, demonstration, and evaluation of systems to co-develop an ALUAV Prototype.


Increasing Usage of Drones in Various Applications Boosted Market Expansion Amid the Pandemic


The demand for commercial drones escalated substantially during the COVID-19 pandemic. The spread of the virus encouraged government agencies to make efforts to enhance basic medical facilities, hospital infrastructure, and health facilities worldwide. Moreover, social distancing norms and lockdowns were imposed to prevent the spread of the virus. Recently, several industries worldwide have started using drones to perform important operations successfully. Leading players are designing and developing lightweight drones for various commercial applications such as inspection & maintenance, medical emergency transportation, filming & photography, surveillance & monitoring, mapping & surveying, and precision agriculture. The rising usage of drones in different sectors aided market expansion during the outbreak


Surging Demand for Smaller Drones from Power Generation, Logistics, and Oil and Gas Sectors to Aid Market Growth


The rising adoption of small UAVs for different applications such as relief & rescue operation, filmmaking, law & enforcement, logistics & transportation, agriculture, wildlife monitoring, disaster management, aerial photography, research & development, entertainment, and construction will boost the commercial drone market growth.


Several companies are extensively adopting small drones for numerous commercial projects. Few key commercial applications of drones include inspection, in-depth project maintenance, and oil pipeline & transmission cable inspection. The rising demand for small drones in the energy, oil & gas, and power generation sector will aid market expansion in the upcoming years. Moreover, small drones are also increasingly used by logistics and delivery service providers such as DHL, UPS, and FedEx for home delivery services, thus contributing to market progression.


On the other hand, the lack of uniform air traffic management, skilled operators, and adequate infrastructure will hinder market augmentation in the forthcoming years.


Product Launches by Industry Players to Propel Market Progression


Renowned players are focused on integration of advanced technologies, product launches, mergers and acquisitions, and partnerships to strengthen their foothold in the forthcoming years. For instance, in September 2022, DJI introduced the DJI Mavic 3 Enterprise, a versatile and lightweight entry-level enterprise drone designed for commercial use. The company also gave a first look of the same in collaboration with Drone Nerds at the latter’s Commercial UAV Roadshow, held North Miami.


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


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


Notable Industry Development



  • September 2022: Drone Fund, Japan-based world’s largest venture capitalists in the UAVs domain, announced plans to invest USD 40 million in Indian companies working in drone manufacturing. The company has also partnered with Aerodyne India Group and will invest in its manufacturing facilities. The venture capitalists aim to fund and develop a whole drone ecosystem in India to source drone components from India in the future.


List of Key Companies Profiled 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



  • As per weight, the <2Kg segment dominated the market in 2022 stoked by the growing adoption of small drones for various applications such as photography, filming, mapping, inspection, and surveying.

  • Based on technology, the remote operated segment captured the largest market share in 2022. The lower cost of remote-operated drones as compared to other alternatives and its ease of use have attributed to the segment’s growth.

  • Regionally, North America held a significant commercial drone market share in 2022 owing to the presence of leading drone manufacturers in the U.S. and growing adoption of these drones. As per the Federal Aviation Administration FAA, 872,694 drones were registered in the U.S. in May 2021.


Table of Segmentation























































  ATTRIBUTE



  DETAILS



Study Period



2020-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 25.82% from 2023 to 2030



Unit



Value (USD Billion)



Segmentation



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, Country)

    • U.S. (By Application)

    • Canada (By Application)



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

    • China (By Application)

    • Japan (By Application)

    • India (By Application)

    • Australia (By Application)

    • Rest of Asia Pacific (By Application)



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

    • Middle East & Africa (By Application)

    • Latin America (By Application)




Commercial Drone Market
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  • 2019-2021
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