Commercial Drone Market To Expand At A CAGR Of 57.5% From 2021 To 2028

Posted on 2022-06-16 by researchinsights in Industrial, Technology // 0 Comments

San Francisco, Calif., USA, June 16, 2022 — /EPR Network/ —

Commercial Drone Industry Overview

The global commercial drone market size was valued at USD 13.44 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 57.5% from 2021 to 2028.

In terms of volume, the demand was recorded at 689.4 thousand units in 2020. Drones are used for multiple applications ranging from filmmaking to emergency response. Additionally, these devices are witnessing a high demand in the real estate and construction sector owing to their ability to survey lands, provide continuous and precise project notifications, improve safety, and prevent dangerous incidents on construction sites. Business use cases for drones have witnessed considerable growth over the past few years. Market participants such as drone manufacturers and software solution providers are constantly engaged in designing, testing, and improving solutions for various markets.

Gather more insights about the market drivers, restraints, and growth of the Global Commercial Drone market

On the other hand, traditional use cases, including security, surveillance, and monitoring, are expected to grow primarily in sectors where labor costs and crime rates are high. Drones are widely used at dangerous and inaccessible places for mapping out elevated infrastructure that may have damaged power lines and unstable roofs as well as for search and rescue activities.

In the wake of the COVID-19 outbreak across the globe, there has been a considerable increase in the utilization of drone technology across various scenarios, with drones proving to be of immense assistance in such situations. Drones are being widely adopted in the healthcare sector for lab sample pickup and delivery as well as transportation of medical supplies for reducing transportation turnaround time and curtailing the exposure to infection. As per the UNICEF, so far, more than eighteen countries have deployed drones for delivery and transportation purposes during the pandemic.

The integration of advanced technologies such as Artificial Intelligence (AI) and Machine Learning (ML) in drones offers significant growth prospects to the market. Drones integrated with AI technology can better understand their surroundings; map areas accurately, track and monitor the movement of specific objects, as well as offer precise analytical feedback. Additionally, they offer real-time, data-driven decision-making ability to their users by ensuring rapid capturing, processing, and transferring of data. AI-powered drones also enable users to collaborate and access feed captured by other drones and trace drone flight patterns in real-time. AI and ML, coupled with predictive learning models, facilitate faster data analysis to offer actionable insights.

The advent of the 5G delivery model and integration of cloud computing technology with the drone development process is anticipated to provide lucrative growth opportunities to the commercial drone market. The availability of high-speed internet in drones enables users to communicate in high demanding environments to perform operations such as media sharing, command and control, and autonomous flying. The provision to practice efficient 5G network sharing enables service providers to offer seamless mobile broadband connectivity, ultra-low latency communications, and massive Machine-to-Machine (M2M) type communications deployment. This facilitates service providers to offer Drone-as-a-Service (DaaS) model to their users, thus ensuring continual business expansion and generation of new revenue streams.

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Drone Analytics Market – The global drone analytics market size was valued at USD 7.20 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 22.8% from 2021 to 2028.

Agriculture Drone Market – The global agriculture drone market was valued at USD 193.4 million in 2015. The increasing investments rendered to the manufacturers, by the venture firms, are expected to drive the market over the forecast period.

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