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Commercial Drones Market

Commercial Drones Market

Commercial Drones Market Analysis by Type (Multi-Rotor, Single Rotor, Fixed-Wing, Hybrid Commercial Drones), by Application (Precision Agriculture, Aerial Photography, Surveillance), by Region - Global Forecast 2022-2032

Commercial Drones Market
FACT7235MR
  • Apr-2022
  • List of Tables : 17
  • List of Figures : 58
  • 170 Pages
  • Technology

Commercial Drones Market Outlook (2022-2032)

The global commercial drones industry was valued at US$ 5.2 Billion in 2021, and is scheduled to register a Y-o-Y growth rate of 13.5% in 2022, being valued at US$ 5.9 Billion. From 2022-2032, the industry is projected to flourish at a 9.2% value CAGR, expected to reach a market value of US$ 14.2 Billion. Overall, a dollar opportunity worth US$ 8.3 Billion is projected throughout the period of assessment.

Market Size Value in 2022

US$ 5.9 Billion

Projected Market Forecast Value by 2032

US$ 14.2 Billion

Global Growth Rate (2022 to 2032)

9.2% CAGR

Market Share of China

11%

Mini commercial drones are expected to make significant advances.  Due to their high endurance and low operational costs, drones are becoming more widely used in both commercial and civil applications. It is also expected that the integration of new technologies into drone services, such as artificial intelligence, the internet of things, and cloud computing, will help them reach greater levels of demand in various sectors. Smart technologies are being incorporated into the manufacturing of batteries and remote operations, which are likely to have a significant impact on the adoption of commercial drones.

2015-2021 Revenue Analysis of Commercial Drones Market vs. Future Outlook 2022-2032

According to Fact.MR, the global commercial drones market was valued at US$ 5.2 Billion in 2021, and is expected to exhibit incremental growth over the coming years. Manufacturers have recognized the application potential, and are introducing a variety of innovative product lines, offering highly customized solutions to meet specific industry needs.

In spite of a COVID-19-induced deceleration, the market performed significantly well throughout 2020, attributed to extensive uptake across the healthcare industry. With key stakeholders, including doctors, nurses, administrative staff, and clinicians experiencing elongated work hours, exoskeleton deployment helped reduce physical stress levels to a very large extent.

In 2021, with the intensity of the pandemic gradually declining, growth prospects improved as end-use industries deployed drones to deliver medicines to remote parts of the world and track the disasters caused during the time of the covid-19 epidemic. As a result of technological advances such as artificial intelligence, battery developments, and greater integration of the internet, the market is also expected to grow at an impressive CAGR of 9.2% through 2032.

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What is the Impact of Various Industry Verticals on Market Growth for Commercial Drones?

Globally, commercial drones are experiencing a growing demand in the agriculture industry, which drives the growth of the market. One of the key factors driving the global market for commercial drones can be attributed to the rising trend of using commercial drones for capturing high-quality images and videos in various business and personal events worldwide. There are also chances of the market in the upcoming years to expand as a result of the increasing number of manufacturers that are operating in the commercial drone market across the globe.

In the near future, technological advances such as artificial intelligence and machine learning will play an increasingly important role in the development of commercial drones in the market. By integrating AI technology with drones, they can learn more about their surrounding areas, better map the local area, identify specific objects, and provide a deeper level of analytical data is offered.

As soon as there are a number of 5G delivery systems deployed and as soon as cloud computing technology is integrated into the development process of commercial drones, there will be the prospect of a lucrative growth market for commercial drone manufacturers. Drones can communicate in high-demand environments to carry out tasks like multimedia sharing, teleoperation, and autonomous flying with the assistance of high-speed internet.

The commercial use of drones is widely expanding into on-demand deliveries, high altitude mapping, and search and rescue operations among other applications. Unlike large delivery vehicles which require a lot of energy to operate, drones are easy to control with a remote controller and use much less energy. In addition to the applications of commercial drones for rescue missions and media coverage of disasters, the commercial drone market is also thriving in the market. Also, increasing government expenditures in the sector of infrastructure together with rapid growth of the commercialization of commercial drones are expected to significantly impact the commercial drones market during the forecast period.

Country-wise Analysis

How do China’s and Japan's Growth Prospects for Commercial Drones Compare with the Rest of the World?

With a projected CAGR of 11%, the Chinese market for commercial drones will hold the largest share of the market during the forecast period. In the forecast period, the market is expected to reach a value of US$ 1.4 Billion. As commercial drones have gained in popularity throughout the region, the growth in operation and production companies has contributed to a corresponding increase in market demand.

Additionally, growth is predicted to continue at a rapid pace due to a large number of potential customers and firms in the region. A growing number of R&D projects as well as public, government, and private initiatives for the development of these drones are expected to increase at a higher rate in the development of these drones in the market.

According to the research, Japan is projected to grow at a CAGR of 10.2% over the forecast period. Despite the favorable regulatory environment, especially in developed nations, the market growth is expected to be influenced by a favorable business climate. As part of the various initiatives geared towards the commercial use of drones, several governments are often working on drafting new regulations for commercial drones in the market. Furthermore, to increase the safety of the use of drones, a number of start-up companies are testing new uses of drones for commercial purposes and working to ensure that drones are operating safely in different verticals.

What Makes the U.K. a Highly Opportunistic Market for Commercial Drones?

U.K.'s commercial drone market is projected to reach a value of US$ 598.5 Million during the forecast period. The market is anticipated to grow at a CAGR of 10.1% during the forecast period. As the market for commercial drones continues to grow, the immediate need for mini drones, as well as the presence of prominent manufacturers and distributors in the region, is expected to drive a demand for drones for sale.

An increasing number of logistics companies are expanding their business operations throughout the country. In the meantime, growth opportunities will be evident in the UK commercial drone market which is strongly affected by the growing investments in the aerospace and defense industry. All these factors are propelling market demand for commercial drones in the market.

How is the U.S. Market Leveraging Commercial Drones in the Market?

Commercial drones from the U.S. are expected to gain a significant share of the global market, especially in the military sector. For the past few years, the United States Army has investigated commercial drone technologies for possible military applications, mainly to track criminal activities around the border areas.

The commercial drone market is expected to grow at a CAGR of 9.4% during the forecast period for drones in the U.S. This market is expected to generate revenues of US$ 2.8 Billion by the end of the forecast period. It has been found that the presence of key players in this region has prompted demand for commercial drones in this region to grow significantly. However, the Federal Aviation Administration (FAA) restricts the use of commercial drones to lines of sight, hindering the growth of the industry.

Due to positive government initiatives, advances in drone technology, increased demand from businesses across all industries, and favorable government initiatives all these factors have propelled market demand for commercial drones in the market. UAVs are now allowed to operate in commercial spaces as government regulators (FAA) have released new regulations to provide clearer and more comprehensive guidelines. By introducing new rules and regulations, it is anticipated that entry barriers will be reduced and regional product adoption will increase in the market.

How are Start-ups Heightening Growth Prospects for South Korea?

South Korea has achieved a market value of 10.6% CAGR in its commercial drone market during the forecast period, with an increase of US$ 539.5 Million in absolute dollar terms.  The Korean government has had a great deal of influence in pushing the development of robotics and drone technology.

Consumers intent on using drones for commercial purposes are required to register with the Ministry of Land, Infrastructure, and Transport. At present, drones are used for many various purposes such as emergency relief, repairs, agricultural productivity, and logistics. Furthermore, there is a growing interest in the use of personal drones for recreational purposes in Korea, where they are becoming more popular in the market.

Korea's online retailers are considering using drone delivery systems to carry out home deliveries as fast as possible as they have done with the current system. Korea is already setting up drone routes that are programmed by the Ministry of Land and Transportation (MOLIT). In order to keep the drones away from the general public, these routes have been critical to keeping them out of sight. The drones continue to spend more time traveling along these mapped routes, allowing better data to be collected about the number of spaces and obstacles that exist in an area.

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Category-wise Insights

Multiple-Rotor Drones to Witness Maximum Traction

By Type, the commercial drone is segmented into Multi-Rotor, Single Rotor, Fixed Wing, Hybrid, and Others. A multirotor drone is a popular choice amongst security forces because it allows them to have a steady watch on accidents and incidents at a safe distance while remaining on high alert for a long time. Drones with multirotor are becoming increasingly popular because they are better at getting into confined spaces, such as under bridges, are able to hover above a certain area to gather more information, and require less space when landing and taking off.

With the advent of multirotor drones, the competition with fixed-wing drones has been expanded to include super-long range, multi-rotor drones in the market. In addition, the ability of multirotor drones to be able to take-off and land vertically has stimulated the market growth of these commercial drones in the market. With this technology, the user can operate with a smaller landing/takeoff area and less runway required in the market. According to forecasts made by the industry, the multi-rotor market is expected to grow at a CAGR of 10% during the forecast period.

Which Application Type is likely to grow in the Market Over the Next Few Years?

Aerial photography is expected to grow at a CAGR of 9.9% over the forecast period. A growing interest in aerial photography in the upcoming media, entertainment, and advertising industries that have seen a growth in aerial photography will have an important impact on the market. The increasing popularity of social media platforms worldwide is expected to drive industry expansion in the coming years in the market.

Aerial photography is projected to gain traction with the increasing interest shown by businesses in attracting visitors to resorts, hotels, public places, tourist spots, events, and amusement parks through aerial photography, which in turn is expected to increase the segment's growth. The growing technological advances, as well as the development of drones that are able to hold large cameras, have contributed to the increasing market demand for aerial photography in the market.

Competitive Landscape

An increase in product functionality is a key reason behind the increasing demand for commercial drones. Therefore, market players are increasing their R&D spending in order to launch new products in the market. Furthermore, both acquisitions & mergers, collaborations, and regulatory approvals are also crucial components of effective growth.

  • In June 2021, air cargo company SpiceXpress partnered with e-commerce logistics company Delhivery to develop drone delivery capabilities in the country. Both companies signed a memorandum of understanding (MoU) in this regard. DGCA has selected SpiceXpress, the cargo division of Spicejet, as one of the key consortiums to conduct trials in India using drones beyond visual line of sight (BVLOS). This collaboration is a development of their long-standing relationship with Spicejet.
  • In December 2021, FlyBase announced a partnership with drone manufacturer and service provider DroneBase to create scalable commercial drone-in-a-box (DiaB) solutions for autonomous public safety, security, and monitoring. The DBase application was designed to reduce the burden of using, setting up, and charging drones manually as drones continue to become more powerful and permeate many industries. FlytNow makes it easier and more scalable to conduct BVLOS flights for data collection through mission management and remote device control.

Key Segments Covered in the Commercial Drones Industry Survey

  • Commercial Drones by Type

    • Multi-Rotor Commercial Drones
    • Single Rotor Commercial Drones
    • Fixed-Wing Commercial Drones
    • Hybrid Commercial Drones
    • Other Commercial Drones
  • Commercial Drones by Application

    • Commercial Drones for Precision Agriculture
    • Commercial Drones for Aerial Photography
    • Commercial Drones for Surveillance
    • Commercial Drones for Survey Mapping
    • Commercial Drones for Energy
    • Commercial Drones for Other Applications
  • Commercial Drones by Region

    • North America Commercial Drones Market
    • Europe Commercial Drones Market
    • Asia Pacific Commercial Drones Market
    • Middle East & Africa Commercial Drones Market
    • Latin America Commercial Drones Market

- FAQs -

The global commercial drone market size is expected to be worth US$ 5.9 Billion in 2022
It is expected to reach a CAGR of 9.2% by 2032 in the global commercial drones markets.
The commercial drones market is expected to reach nearly US$ 14.2 Billion by 2032.
As investments in surveillance activities for the purpose of security continue to increase, the sale of drones is predicted to rise in the global commercial drone market.
Increasing application of UAVs across the different verticals, as well as the establishment of new regulations that accommodate the use of drones by several governments worldwide, are driving the global commercial drones market.
Major market players include Parrot S.A., Aurora Flight, Denel SOC Ltd., DJI Innovations, and Draganfly.
U.S., UK, China, Japan, and South Korea are the top 5 countries driving demand for commercial drones in the market.
Commercial drones demand is expected to rise by 11% CAGR in China through 2032.
Among commercial drone types, the multi-rotor drone type continues to dominate with 10% revenue during the forecast period.
With a CAGR of 9.9%, aerial photography applications are predicted to become a promising area of commercial drone applications.

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