Commercial Drone Market to Reach USD 34500 Million by 2028 with a CAGR of 32.0%| Valuates Reports

BANGALORE, India, July 21, 2022 /PRNewswire/ -- Commercial Drone Market is segmented by Type(Fixed Wing, Rotary Blad, Nano, Hybrid), by Application (Agriculture, Energy, Government, Media & Entertainment) : Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Drones & RC Aircraft Category.

Commercial Drone Market is estimated to be worth USD 6510.8 Million in 2022 and is forecast to a readjusted size of USD 34500 Million by 2028 with a CAGR of 32.0% during the review period.

Major Factors Driving the Growth of the Commercial Drone Market

The huge demand for commercial drones can be attributed to the increasing use in several end-user industry verticals like media and entertainment, energy, agriculture, and government.

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TRENDS INFLUENCING COMMERCIAL DRONE MARKET

Motion Capture has revolutionized the entertainment industry. However, these technologies have made movie sets all the more expensive. Drones have made aerial photography much more accessible and affordable. Drone pilots are able to capture dramatic and cinematic views in areas inaccessible to on-ground camera staff. Almost all production sets are bound to have a drone photographer handy. This is expected to surge the growth of the commercial drone market during the forecast period.

The need for increased productivity and crop yield has led to the use of drones for data gathering in the agricultural sector. They have a range of uses in precision-based farming. Drones help in soil analysis, predicting the health status of plants and determining the amount of water or nutrients required by the crop. They come with imaging technologies like hyperspectral, multispectral, and thermal support for providing time and site-specific information to farmers regarding fungal infection, pest activity, etc. These factors will expand the commercial drone market in the coming years.

Inspection and surveillance are necessary for energy sectors such as solar, wind, oil, and gas. However, the process can be time-consuming, and expensive. Using drones operators can fly anywhere on a turbine to assess its performance, functionality, and damage. Drones eliminate the need for extensive equipment and manpower thereby providing accurate and real-time details regarding maintenance. A drone can also monitor the working condition of chimneys, storage tanks, refineries, and production units avoiding the need for human intervention in hazardous environments. This will drive the global commercial drone market in the forthcoming years.

The commercial drone market will be positively impacted by the growing use in the government sector. Various public sector authorities and federal agencies use drones to conduct scientific research, predict weather patterns, and coordinate humanitarian aid. Additionally, they serve their purpose in military and intelligence data gathering.

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COMMERCIAL DRONE MARKET SHARE ANALYSIS

Based on type, the rotary blade segment is expected to be the most lucrative during the forecast period. They are easier to control and have the capability to hover around and visualize a single target for a long time. This makes them ideal for use in inspection, filming, photography, and monitoring purposes.

Based on application, the media, and entertainment segment is expected to dominate in the commercial drone market share as filmmakers extensively use drones to capture precise frames in cheaper ways. The demand for aerial photography is set to increase rapidly owing to wide scale applications in public places, amusement parks, hotels, resorts, and tourist spots.

Based on region, North America will witness considerable growth owing to favorable government initiatives, rising demand from several end-user industry verticals, and advancements in drone technology.

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Key Companies:

• Aerovironment
• BAE Systems
• DJI
• Draganfly
• Elbit Systems
• General Atomics
• Israel Aerospace Industries
• Lockheed Martin
• Northrop Grumman
• Parrot
• Textron
• The Boeing

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SIMILAR REPORTS:

• The global Drone Package Delivery market size will be USD 241.53 Million in 2020 and it is expected to reach USD 3694.38 Million by the end of 2027, with a Compound Annual Growth Rate (CAGR) of 57.55% during the forecast period 2021-2027.
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• The global Drone Defense System market size was USD 1825.6 million in 2020 and it is expected to reach USD 16460 million by the end of 2027, with a CAGR of 36.7% during 2021-2027.
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• Due to the COVID-19 pandemic, the global Unmanned Aerial Vehicle market size is estimated to be worth USD 32350 million in 2022 and is forecast to be a readjusted size of USD 72320 million by 2028 with a CAGR of 14.4% during the review period.
• The global Medical Drones market size is estimated to be worth USD 96900 million in 2022 and is forecast to a readjusted size of USD 212700 million by 2028 with a CAGR of 14.0% during the review period.
• Multirotor Drones market size is estimated to be worth US$ 1773.1 million in 2022 and is forecast to be a readjusted size of US$ 3613.8 million by 2028 with a CAGR of 12.6% during the review period.
• The global Drone Logistics and Transportation market size is projected to reach USD 12180 million by 2028, from USD 5752.2 million in 2021, at a CAGR of 10.8% during 2022-2028.
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• Drone Simulator market size is estimated to be worth USD 166.5 million in 2022 and is forecast to be a readjusted size of USd 276.2 million by 2028 with a CAGR of 8.8% during the review period.
• Military Drone market size is estimated to be worth USD 11770 million in 2022 and is forecast to be a readjusted size of USD 17270 million by 2028 with a CAGR of 6.6% during the review period.
• The global Small UAV market size was USD 4350.3 Million in 2020 and it is expected to reach USD 5726.2 Million by the end of 2027, with a CAGR of 3.9% during 2021-2027.
• The global Drones market size was USD 4350.27 million in 2020 and it is expected to reach USD 5437 million by the end of 2027, with a CAGR of 3.94% during 2021-2027.
• Global Drone Accessories Market Insights, Forecast to 2028
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