Commercial Drone Market To Witness Enhanced Demand For Agriculture, Media & Entertainment And Delivery & Logistics Applications Till 2028 | Grand View Research, Inc.

May 12 07:38 2022
Commercial Drone Market To Witness Enhanced Demand For Agriculture, Media & Entertainment And Delivery & Logistics Applications Till 2028 | Grand View Research, Inc.
Grand View Research, Inc. – Market Research And Consulting.
According to a new report published by Grand View Research, the rising demand for commercial drones can be attributed to the growing application base across a wide range of end-use verticals, including real estate and construction, media and entertainment, and agriculture.

Commercial Drone Industry Overview

The global commercial drone market size was valued at USD 13.44 billion in 2020 and is anticipated to reach USD 501.4 billion by 2028, registering a 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, restrains 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.

North America commercial drone market demand, by product, 2018 - 2028 (Thousand Units)

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.

Commercial Drone Market Segmentation

Based on the Product Insights, the market is segmented into Fixed-wing, Rotary Blade and Hybrid.

  • The rotary blade segment accounted for the largest share of almost 80.0% in terms of volume in 2020 and is expected to continue dominating the market over the forecast period.
  • The hybrid segment is expected to register the fastest CAGR of about 64.0% from 2021 to 2028 in terms of volume. Hybrid commercial drones use the advantages of batteries and fuel combined to maximize their power and efficiency.

Based on the Application Insights, the market is segmented into Filming & Photography, Inspection & Maintenance, Mapping & Surveying, Precision Agriculture, Surveillance & Monitoring and Others.

  • The filming and photography segment accounted for the largest revenue share of approximately 31.0% in 2020 and is expected to continue dominating the market over the forecast period.
  • The precision agriculture segment is anticipated to register the highest CAGR of over 60.0% from 2021 to 2028, as drones have become one of the critical aspects for managing vital operations of farms.

Based on End-use Insights, the market is segmented into Agriculture, Delivery & Logistics, Energy, Media & Entertainment, Real Estate & Construction, Security & Law Enforcement and Others.

  • The media and entertainment segment accounted for the largest market share of almost 27.0% in 2020 and is expected to continue dominating the market over the forecast period.
  • The delivery and logistics segment is anticipated to exhibit the highest CAGR of over 60.0% from 2021 to 2028. Drones are set to transform the delivery and logistics sector worldwide due to the emergence of the e-commerce industry.

Based on the Commercial Drone Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA)

  • North America accounted for the largest market share of around 37.0% in terms of volume in 2020 and is anticipated to witness significant growth over the next seven years owing to favorable government initiatives, advancements in drone technology, and the growing demand from businesses across various industries.
  • Asia Pacific is expected to exhibit the fastest growth in terms of volume, registering a CAGR of 63.1% from 2021 to 2028. The regional demand for commercial drones is anticipated to exceed 9 million units by 2028, surpassing North America. 

Market Share Insights:

  • August 2020: Shell Oil Company signed a partnership agreement with DJI to create, test & deploy DJI drone technology at its Deer Park Manufacturing Complex.
  • March 2021: the leading drone manufacturer DJI introduced its novel first-person view (FPV) drone for entertainment and media end-use applications.

Key Companies Profile:

The market is consolidated with a few market participants accounting for significant market shares. Drone manufacturers and providers worldwide are developing custom-made industry-specific solutions to effectively address the business needs of their customers.

Some prominent players in the global commercial drone market include

  • DJI
  • Parrot Drones SAS
  • 3D Robotics

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of the Commercial Drone Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.


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