The commercial drones market is forecasted to grow at a high rate owing to the accelerating demand from various application areas such as media and entertainment.
The Global Commercial Drones Market was valued at USD 24.5 Bn in 2020 and is expected to reach USD 68.3 Bn by 2027, with a growing CAGR of 16.50% during the forecast period.
The global commercial drones market is estimated to witness significant growth throughout the forecast period owing to the varied usage of drone technology in several industries. Drones are used for multiple applications ranging from emergency response to filmmaking. Furthermore, commercial drones are witnessing huge demand from the real estate and construction sector owing to their capability for providing continuous and precise project notifications, surveying lands, preventing accidents on construction sites, and improving overall safety.
The rising demand from the construction industry is encouraging manufacturers of drones to produce more drones specifically for the construction and real estate sector. For instance, in October 2018, SZ DJI Technology Co., Ltd. a China-based technology company launched a drone specified for surveying and mapping named a Phantom 4 RTK drone at the European Drone Summit in Frankfurt, Germany. The drone is specifically designed for efficient mapping, surveying, and inspection. Additionally, in April 2018, DroneDeploy Inc., the US-based technology company launched drone-based construction solutions which involved drones to capture corner images automatically, plan photo flights, create a visual timeline, and also generate a replicable weekly progress report.
According to the UNICEF report 2020, more than eighteen countries have adopted drones for delivery and transportation purposes during the pandemic. Therefore, during the outbreak of the covid-19 pandemic, the usage of drones has been observed to increase specifically in the healthcare sector for the pickup and delivery of the test samples mainly to avoid contact with the infected person, manage lockdown, and reduce transportation time.
Global Commercial Drones Market by Region Outlook (Revenue, USD Billion, 2021-2027)
In terms of geography, the North American region held the largest market share of 37.2% in the year 2020. The dominance is anticipated to continue throughout the forecast period majorly owing to the favorable government initiatives in the region. For instance, in April 2021, the Federal Aviation Administration (FAA), a US government transport agency to regulate all aspects of civil aviation in the country announced a new drone rule which allows small drone operators to fly over people and at night under certain conditions. Such government rules and regulations reduce entry barriers and accelerate product adoption in the region.
Asia Pacific region is anticipated to grow at the fastest compound annual growth rate during the forecast period. The prominent reason for the growth is accelerated demand from various end-use industries. Several companies are experimenting with drones to utilize them for commercial purposes. For instance, in February 2018, Airbus, a European multinational aerospace corporation had launched commercial drone services named “Airbus Aerial” at the Singapore Airshow 2018. Launch of such services benefits the overall development of drones in the commercial sector and also motivates the start-ups to experiment with drones for commercial usage.
The Global Commercial Drones Market Segmentation:
Global Commercial Drones Market by Types Outlook (Revenue, USD Billion, 2021-2027)
Global Commercial Drones Market by Application Outlook (Revenue, USD Billion, 2021-2027)
Global Commercial Drones Market by End-Use Industry Outlook (Revenue, USD Billion, 2021-2027)
Company Profiles and Competitive Intelligence:
The key players operating in the commercial drones market are: