Global commercial drones market is all set to take off with ample opportunities on the horizon. The report would offer a panoramic insightful view of how the progress of the market will unfold over the next few years and what key factors will influence the same
Growing Demand for Drones in Commercial Applications Instrumental in Steering Commercial Drones Market
Rising adoption of unmanned aerial vehicles (UAVs) for several commercial applications such as filmmaking, aerial photography, precision agriculture, surveillance and mapping of terrains has influenced demand for commercial drones. In addition, use of UAVs in relief and rescue operations during natural disasters, logistics and transportation, and wildlife monitoring remains instrumental in driving the growth of the commercial drones market. Besides, use of commercial drones in inspection is another crucial factor impacting demand. Moreover, several companies are adopting commercial drones for different projects and purposes. Moreover, they are leveraging drone technology to create novel delivery platforms in the e-commerce space. For instance, in 2020, the Federal Aerial Administration approved Amazon’s new drone delivery platform – Prime Air. This is in wake of company’s vision to expand its unmanned package delivery using commercial drones which will significantly reduce delivery time thus enhancing customer experience. In this backdrop, rising applications of drones in the commercial space is expected to bode well for the market.
Fully Autonomous Commercial Drones to Gain Steam in Commercial Drones Market
Fully autonomous commercial drones are expected to gain high traction in the years to follow and are likely to account for a significant revenue share in the commercial drones market. Moreover, with integration of technology such as artificial intelligence, the demand for drones that can fly Beyond Visual Line of Sight (BVLOS) are expected to further propel the use of autonomous commercial drones, in turn augmenting growth of the market. In view of this factor, companies are involved in developing advanced fully autonomous commercial drones. For instance, in 2021, a new fully automatic commercial drone – the Skydio X2E – was introduced by Skydio Inc. for various applications such as inspection of power plants, bridges, railroads, and power stations. Such developments have complemented the use of fully autonomous drones, consecutively providing ample opportunities for the growth of commercial drones market.
North America Continues to Leverage the First Mover Advantage in Commercial Drones Market, Asian Markets Reflect High Potential
Developed countries in North America are expected to reflect dominance in the commercial drones market in the forthcoming years. This can be attributed towards increasing adoption of commercial drones across various industrial applications coupled with favourable government efforts and advances in commercial drone technology. For instance, in 2021, as per FAA (Federal Aviation Administration), registration of nearly 872,694 drones was observed in United States alone. In addition, strong technology infrastructure, growing economic strength and rising inclination towards adoption of novel technologically advanced products have attracted several key players operating in the commercial drones market. Moreover, Federal Aviation Administration has enforced new regulations in a bid to provide consistent and more coherent guidelines with regards to safe and legal operation of unmanned aerial vehicles in commercial spaces. This factor is also expected to increase the attractiveness of the region for commercial drones market.
On the contrary, Asia Pacific is likely to showcase significant growth apropos to adoption of commercial drones. This is owing to increasing investments in the technology sector, giving an impetus to the research and development of drone technology. Moreover, economies such as China, and Japan have shown high resilience and consistency in adopting new technology to develop advanced products. This aspect remains pivotal in steering the growth of the commercial drones market in Asia Pacific.
Commercial Drones Market: Competitive Landscape
Development of new products and collaborations has been witnessed in the commercial drones market. For instance, in September 2021, a project agreement was signed between US Department of Defence and India’s Ministry of Defence for ALUAV (Air Launched Unmanned Aerial Vehicle) under the DTTI (Defence Technology and Trade Initiative). Same year in January, Drone Fund invested US$90 Mn in Wingcopter. Likewise, Pentagon invested US$13.4 Mn to give a boost to drone start-ups in United States. In 2022, Azur Drones raised a new funding of around US$9 Mn to support its expansion in a bid to strengthen its position as a leader in providing drone-in-a-box solutions. Same year in February, Zain Saudi Arabia and King Abdulaziz City for Science and Technology signed an MoA (Memorandum of Agreement) for the development of drone technology and research.
A few of the major players in global commercial drones market include 3D Robotics Inc., Autel Robotics, Teal Drones, Aeronavics Ltd., Ehang Holdings Limited, Intel Corporation, Skydio Inc., Holy Stone, FLIR Systems, and Parrot Group.
Global Commercial Drones Market is Segmented as Below:
Key Elements Included In The Study: Global Commercial Drones Market
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