Commercial Drone Market to Hit $125 Bn By 2032, Says Global Market Insights Inc.
Major commercial drone market participants include 3D Robotics, Airobotics Ltd., Prime Air (Amazon.com, Inc.), BAE Systems, Cyberhawk, Delair, DJI, Guangzhou Jifei Technology Co., Ltd., Hoverfly Technologies, Inc., Intel Corporation, Kespry, and Parrot SA.
Selbyville, Delaware,, Nov. 17, 2022 (GLOBE NEWSWIRE) —
The commercial drone market valuation is estimated to cross USD 125 billion by 2032, as reported in a research study by Global Market Insights Inc.
Advancements in aircraft hardware and AI technology will become key factors driving demand for the drone business. AI continues to transform businesses through automation and is emerging as a source of durable competitive advantages. In the drone industry, AI-powered algorithms are leveraged to detect faults, leaks, and failures, thereby minimizing downtime. With the growing awareness about the role of AI in complex robot development, the reliance on commercial UAVs will rise. Likewise, investment in medical drone delivery has been rising, enabling businesses to expand their footprints.
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Research efforts by educational institutions boost semi-autonomous drone development
The semi-autonomous commercial drone market shipments are expected to surpass 13 million units by 2032. This is a result of rapid product development efforts from educational institutions and private technology enterprises. However, semi-autonomous drone inspections are associated with high costs as compared to fully autonomous counterparts, which may hinder business progress to some extent.
Efficiency in long-range flights to proliferate fixed-wing commercial drone use in ISR service delivery
The fixed-wing drone segment is primed to progress at nearly 10.5% growth rate between 2023 and 2032, due to its simple structure and ability to offer more efficiency in long flight durations at high speeds. The demand for commercial drone systems from diverse industry verticals including the Airforce has also increased.
Commercial drone technology to emerge as prominent tool for agricultural research
The agriculture segment captured above 21% share of the commercial drone market in 2022, on account of the technology’s capability to deliver decision-making insights to farmers through big data analytics. The capitalization of multispectral, hyperspectral, and thermal sensors has also allowed farmers to understand crop conditions and take appropriate and timely measures to nurture them. Additionally, the significant increase in grants for agricultural research will support the growth of commercial drone manufacturers.
Strong presence of UAV manufacturers to stimulate adoption of commercial drone in the APAC region
The Asia Pacific commercial drone market size will witness 17.5% CAGR through 2032, given the strong presence of established enterprises including Autel Robotics and SZ DJI Technology Co., Ltd., among others The use of UAVs has also surged in China, Japan, and other APAC countries, owing to the awareness of civilian drone applications among organizations. Construction engineering companies have also been securing orders in countries such as India, which may amplify the production of commercial drones to capture data on building sites.
Product launch initiatives from industry players to define competitive landscape
3D Robotics, Airobotics Ltd., Prime Air (Amazon.com, Inc.), BAE Systems, Cyberhawk, Delair, DJI, Guangzhou Jifei Technology Co., Ltd., Hoverfly Technologies, Inc., Intel Corporation, Kespry, and Parrot SA are some of the key players operating in the commercial drone market. These participants are focusing on product range and business expansions, among other strategies, to strengthen their footprint across the globe.
For instance, in June 2021, Parrot SA launched its ANAFI Ai drone for professionals, designed to use 4G as the main data link between operators and drones. With this product launch, the company intended to increase drone cybersecurity and code customization via Software Development Kit (SDK), thus establishing a strong presence in the industry.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Commercial drones industry 3600 synopsis, 2018 – 2032
2.2 Business trends
2.2.1 TAM trends, 2023 – 2032
2.3 Regional trends
2.4 Type trends
2.5 Mode of operation trends
2.6 Application trends
Chapter 3 Commercial Drone Industry Insights
3.1 Introduction
3.2 Impact of COVID-19
3.3 Impact of Russia Ukraine war
3.4 Industry ecosystem analysis
3.5 Technology & innovation landscape
3.6 Commercial drone market evolution
3.7 Commercial drone use cases
3.8 Key news
3.9 Regulatory landscape
3.10 Patent landscape
3.11 Industry impact forces
3.11.1 Growth drivers
3.11.2 Industry pitfalls and challenges
3.12 Growth potential analysis
3.13 Porter’s Analysis
3.14 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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