Technology advancements and sensor developments are expected to fuel market growth. Regulatory and military services are expected to dominate the market in the near future.
Wilmington, Delaware, United States, Oct. 09, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The commercial drones market is projected to reach US$ 11.30 billion by 2031. Market revenues are expected to rise at a CAGR of 12.5% from 2021 to 2031.
Electromagnetic interference resistance is now becoming increasingly important with commercial drone technology evolving at a significant pace. Small aerial vehicles are becoming prominent in military operations, making electromagnetic countermeasures a priority.
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Depending on their features and capabilities, drones are used in a wide variety of industries. These industries include agriculture, military, construction, videography, mapping, public safety, and many others.
Innovators and start-ups offering commercial drone operations are expected to benefit from the implementation of drone-friendly regulations by governments around the world.
Drone manufacturers implement advanced autonomous flight capabilities which allow their operations to become simple and more efficient. Drones are being identified and tracked using remote identification systems in real-time to enhance safety and integrate better into existing airspace.
Global Commercial Drones Market: Key Players
Increasing geographical reach is a key strategy for companies to remain competitive and to serve a large customer base. The global market is becoming increasingly competitive as so many manufacturers are acquiring or collaborating with small companies. Some of the prominent players working in the market are
- Parrot S.A.
- Aurora Flight
- Denel SOC Ltd.
- DJI Innovations
- Draganfly
- Northrop Grumman Corporation
- Lockheed Martin Corporation
- Elbit Systems Ltd.
- Yuneec International
- General Dynamics Corporation
Key Developments
- In October 2023, ParaZero Technologies Ltd., and OVRL, a drone operator and trainer, announced that for the first time in Australian history, drones can now operate in above-populated areas using ParaZero safety systems. These have been approved by the Civil Aviation Safety Agency (CASA).
- In October 2023, DARPA searched for technology solutions that would enable autonomous commercial drones. The company introduced the Rapid Experimental Missionized Autonomy (REMA) program. REMA’s mission is to enable drones to continue executing predetermined missions even if operator connectivity is lost.
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Key Findings of Market Report
- Multirotor drones are set to gain momentum in the commercial drone industry.
- Inspection and monitoring applications are likely to dominate the market with an increase in public safety and rescue operations.
- Agricultural surveillance is expected to grow in Latin America, driving demand for commercial drones in the market.
- Commercial drone demand is expected to grow as military operations and regulations rise in the United States.
- Increasing technological advancements and demand for advanced sensors are expected to fuel the market’s growth.
Global Commercial Drones Market: Key Trends
There is a rising demand for aerial images and videos that are used to capture high-quality images for, real estate, filmmaking, and other visual media purposes.
Drones are widely used in the creation of detailed maps, virtual reality models, and detailed aerial surveys of landscapes, and construction sites. These drones are expected to be in high demand due to a growing military security and surveillance infrastructure.
Drones make it possible to inspect hard-to-reach areas like power lines, infrastructure, buildings, pipelines, and power lines in a safe and efficient manner. In contrast to manual inspections, the instruments can quickly detect defects, damage, and maintenance needs.
Videos are becoming increasingly important at various events, which will drive the demand for commercial drones in the market.
Artificial intelligence integration and technological advancement are expected to drive market growth. As 5G technology and high-speed internet demand grow, commercial drones are estimated to be in huge demand.
It is expected that the market is estimated to be driven by a rising number of social media influencers and the production of videos that represent diverse travel experiences to grow the market.
Search and rescue missions can be greatly enhanced by the use of drones equipped with thermal imaging cameras and sensor equipment. These enable aerial views of disaster-affected areas and locate missing people as well.
Global Commercial Drones Market: Regional Landscape
North America is expected to dominate the commercial drone market by 2023. With growing military sectors in the United States, commercial drones are likely to be in high demand.
To integrate drones into the national airspace, the United States created a Drone Advisory Committee comprised of industry stakeholders and regulators. Creating such committees would remove many of the obstacles to the growth of commercial drones.
Drones are among the most popular products in the United Kingdom, with a significant potential for growth. With a leading economy and an international presence, the country is well-positioned to manufacture drones.
Global Commercial Drones Market Segmentation
By Type
- Multi-rotor Drones
- Single Rotor Drones
- Fixed Winged Drones
- Hybrid Drones
- Others
By Application
- Surveillance & Monitoring
- Filming & Photography
- Inspection & Maintenance
- Mapping & Surveying
- Precision Agriculture
- Others
By Region
- North America
- Europe
- Asia Pacific
- The Middle East & Africa
- South America
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