Commercial Drones Market expected to grow by USD 126.87 billion from 2024-2028, driven by rising applications, with AI-powered market insights - Technavio

NEW YORK, Sept. 26, 2024 /PRNewswire/ -- Report on how AI is driving market transformation- The global commercial drones market size is estimated to grow by USD 126.87 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 57.74% during the forecast period. Rising applications of drones is driving market growth, with a trend towards new developments and launches of commercial drones. However, restrictive laws and regulations governing uav use poses a challenge. Key market players include Aeronavics, AeroTargets International LLC, AeroVironment Inc., Anadrone Systems Pvt. Ltd., Arc Sky LLC, Autel Robotics Co. Ltd., DELAIR SAS, Denel SOC Ltd., Draganfly Inc., Field Group AS, Geotech Environmental Equipment Inc., EHang Holdings Ltd., iFlight Innovation Technology Ltd., Intel Corp., Parrot Drones SAS, Red Cat Holdings, Skydio Inc., Teledyne Technologies Inc., The Boeing Co., and Yuneec International Co. Ltd..

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Key Market Trends Fueling Growth

The commercial drones market is experiencing significant growth due to the continuous introduction of new drones, components, and software solutions by vendors. Companies across various industries are integrating drones into their operations for managing assets, monitoring sites, inspecting facilities, and capturing real-time data. In January 2023, Autel Robotics launched the EVO Max 4T drone, featuring advanced autonomous flight technology and Artificial Intelligence, ensuring safe and stable flight in challenging environments. Such innovations increase the availability of advanced drone products and software solutions, fueling the adoption of commercial drones in the forecast period.

The Commercial Drone Market is experiencing significant growth, particularly in sectors like Defense and Agriculture. Drones equipped with high-quality Cameras are trending, with VAPOR Helicopter leading the way. Artificial Intelligence and Machine Learning are revolutionizing Decisionmaking in industries, from Inspection activities to Farm management. Hybrid drones, combining features of Quadcopters, Octocopters, and Hexacopters, are gaining popularity. In Agriculture, drones help reduce costs, increase Yield, and monitor crops using services like Raptor Maps. Filmmakers and Ecommerce sectors also benefit from aerial photography and warehouse management. However, legislations and Obstacles pose challenges. Autel Robotics offers advanced Flying platforms. Drones are being explored for Defense, Public Transportation, and even as Flying assistants. Future innovations include Hydrogenpowered and Selfcharging drones.

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Market Challenges

• The commercial drones market faces regulatory challenges that restrict the scope of drone operations and hinder their mass adoption. Governments and commercial bodies utilize drones, also known as Unmanned Aerial Systems (UAS) and Unmanned Aerial Vehicles (UAV), for various applications. However, the application scope is dependent on laws and regulations enacted by different governments worldwide. For instance, the Federal Aviation Administration (FAA) has imposed regulations that impact the global commercial drones market. In the EU, new standardized drone regulations were set for release in June 2020 but were postponed to the end of 2020. These regulations classify drones into three categories - open, specified, and certified - based on their technical qualities, and hold manufacturers responsible for ensuring drone compliance. However, regulatory differences between countries, such as insurance requirements and weight restrictions, create confusion and hinder drone deployment. These regulatory hurdles may prevent the mass adoption of UAVs and negatively impact the demand for commercial drones during the forecast period.
• The Commercial Drone Market is experiencing significant growth as Quadcopters, Octocopters, and Hexacopters find increasing applications in various sectors. Challenges in flight control, firmware, middleware, computer vision, and environmental awareness are being addressed through technological advances in electronics, computing, microcontrollers, and processors. Hydrogen-powered and self-charging drones are emerging trends, with potential applications in self-driving taxis, public transportation, and drone waitstaff. IIT Hyderabad and the Energy sector are exploring drones for 5G delivery, cloud computing, and pipeline inspection in the Oil and Gas industry. Drones are transforming industries like Construction, Property, and Photography with project alerts, safety, and monitoring solutions. However, ensuring safety and addressing accidents at construction sites and monitoring surveillance and security remain key challenges. Product demand is high for applications like 3D mapping, pipeline inspection, oil tank monitoring, and elevated infrastructure inspection, including electrical cables. The Commercial Drone Market is poised for growth, driven by technological advances and diverse applications.

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Segment Overview

This commercial drones market report extensively covers market segmentation by

1. Product
• 1.1 Software and services
• 1.2 Hardware
2. End-user
• 2.1 Infrastructure
• 2.2 Media and entertainment
• 2.3 Public safety
• 2.4 Agriculture
• 2.5 Others
3. Geography
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Software and services- The commercial drone market is experiencing significant growth due to increasing demand from various industries such as construction, agriculture, and media. Drones offer benefits like cost savings, improved efficiency, and enhanced safety for businesses. Key players in this market include DJI, Parrot, and 3DRobotics. Market size is projected to reach USD12.3 billion by 2025, driven by technological advancements and regulatory approvals.

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Research Analysis

The commercial drone market is experiencing rapid growth, driven by the increasing use of Unmanned Aerial Vehicles (UAVs) for various commercial purposes. Quadcopters, Octocopters, and Hexacopters are popular choices for commercial applications due to their flight stability and maneuverability. Flight control, firmware, middleware, computer vision, and environmental awareness are essential components of commercial drone technology. Hydrogen-powered and self-charging drones are emerging trends, offering longer flight times and reduced environmental impact. The use of drones in self-driving taxis, public transportation, and as flying assistants is being explored for the future. IIT Hyderabad, among other institutions, is at the forefront of drone technology research, focusing on energy sector applications, 5G delivery, and computing. The market is also witnessing advancements in microcontrollers, processors, mobile hardware, cameras, and VAPOR Helicopter technology. The defense sector is another significant market for drones, with artificial intelligence and machine learning enabling decision-making capabilities. Drone technology is also being used in industries such as photography, pipeline inspection, oil tank monitoring, and 3D mapping. Cloud computing is an essential infrastructure for managing and analyzing drone data.

Market Research Overview

The commercial drone market is experiencing significant growth as Quadcopters, Octocopters, and Hexacopters find increasing applications in various industries for commercial purposes. Flight control, firmware, middleware, computer vision, and environmental awareness are key technologies driving this market. Technological advances in hydrogen-powered and self-charging drones are also gaining attention. Drones are being explored for innovative uses such as self-driving taxis in public transportation, drone waitstaff, and flying assistants. IIT Hyderabad and other research institutions are contributing to the energy sector with drone applications in 5G delivery and cloud computing. The construction sector benefits from drones for property monitoring, project alerts, safety, and accident prevention at unstable roofs, inaccessible positions, and elevated infrastructure. The oil and gas industry uses drones for pipeline inspection and oil tank monitoring, while 3D mapping and photography are popular in various sectors. The market demand is driven by the need for efficient inspections, reduced costs, and enhanced safety. However, legislations and obstacles in commercial spaces pose challenges. Companies in the hybrid segment offer solutions for farm management, agriculture costs, yield optimization, and inspection activities using drones. Filmmakers and the ecommerce sector leverage drones for aerial photography and warehouse management. The defense sector and artificial intelligence are also exploring decision-making capabilities in drone technology. Test samples, medical supplies, and hybrid drones are the future trends in this market. Companies like Autel Robotics offer advanced flying platforms.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Software And Services
• Hardware
• End-user
• Infrastructure
• Media And Entertainment
• Public Safety
• Agriculture
• Others
• Geography
• North America
• Europe
• APAC
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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