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Commercial Drone Market to Reach US$ 14.2 Billion at a CAGR of 9.2% by 2032

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The global commercial drone market size 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 commercial drone 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. 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

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Key Drivers:

Several factors have contributed to the rapid expansion of the commercial drone market:

  1. Cost-Efficiency: Drones offer a cost-effective alternative to traditional methods in various industries. They can significantly reduce operational costs and manpower requirements.
  2. Technological Advancements: Continued advancements in drone technology have led to improved performance, longer flight times, and enhanced capabilities, making them more appealing to a broader range of applications.
  3. Regulatory Support: Governments worldwide are recognizing the potential of drones and have introduced regulations that allow for their safe and legal use in various sectors.
  4. Diverse Applications: The versatility of drones is a significant driving force. They can be employed in agriculture, construction, infrastructure inspection, delivery services, filmmaking, and more, making them indispensable tools for many businesses.
  5. Data Collection and Analytics: Drones equipped with advanced sensors can capture vast amounts of data, which can then be analyzed to make informed decisions. This capability is particularly valuable in agriculture, surveying, and environmental monitoring.

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:

  • By Type
  • Multi-Rotor Commercial Drones
  • Single Rotor
  • Fixed-Wing
  • Hybrid
  • Other
  • By Application
  • Precision Agriculture
  • Aerial Photography
  • Surveillance
  • Survey Mapping
  • Energy
  • Other Applications
  • By Region
  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • Latin America

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Questionnaire answered in the Market outlook Report of Commercial Drone include:

  • What is the key strategy deployed by large players to maximize Commercial Drone Market growth?
  • What are the main challenges faced by players in the Commercial Drone market Demand?
  • With the advent of technological advancement, how will the Commercial Drone market landscape change over the forecast period?
  • What does player bring to the table which is unique as a strategy, and is easy to emulate for new investors in the Commercial Drone market size?

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