NEW YORK, Sept. 26, 2024 -- 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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Forecast period | 2024-2028 |
Base Year | 2023 |
Historic Data | 2018 - 2022 |
Segment Covered | Product (Software and services and Hardware), End-user (Infrastructure, Media and entertainment, Public safety, Agriculture, and Others), and Geography (North America, Europe, APAC, Middle East and Africa, and South America) |
Region Covered | North America, Europe, APAC, Middle East and Africa, and South America |
Key companies profiled | 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. |
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
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