Pune, India, Oct. 10, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Commercial Drone Market Forecast to 2030 – Global Analysis – Type (Fixed Wing, Rotary, and Hybrid), By Weight (<2 Kg, 2 Kg – 25 Kg, 25 Kg – 150 Kg), By Component (Hardware, and Software), By Application (Filming & Photography, Horticulture & Agriculture, Inspection and Maintenance, Mapping & Surveying, Surveillance & Monitoring, Delivery & Logistics, Others) and Geography,” the market size is expected to grow from US$ 8.86 billion in 2022 to US$ 53.66 billion by 2030; it is estimated to grow at a CAGR of 25.3% from 2022 to 2030. The increased demand for logistics operations and the growing popularity of unmanned aerial vehicles. However, strict government rules and regulations are expected to hinder the growth of the market.
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The adoption of commercial drones is high in North America and European countries such as the US, Canada, Germany, France, the UK, Spain and Italy. Several countries' governments are offering incentives and funding for the production of drones in the country. The Indian government announced the production-linked incentive scheme with a funding of around US$ 16.0 million for boosting the manufacturing of commercial drones in the country. As per the Indian Government Drone Policy 2021, drone manufacturing is crucial for airspace mapping in military applications. Also, the Indian government planned to invest around US$ 670 million in drone manufacturing in the next three years. Also, several enterprises are offering various drone-related services such as mapping, surveying and surveillance.
Stakeholders, government officials, drone companies, regulators, and corporate companies are investing a considerable amount in the adoption of drone technologies. The drone is evolving at a rapid pace with government support and incentives for drone development. The US Department of Defense continued investment with around 40% of the overall drone market in 2020. In July 2020, the US government signed a measure that permits the sale of armed US commercial drones that fly below 800 kilometers per hour.
Commercial Drone Market Analysis: Competitive Landscape and Key Developments
SKYDIO, DJI Technology Co., Ltd., Yuneec International Co. Ltd., AeroVironment, Inc., Aeryon Labs Inc., Parrot SA, PrecisionHawk Inc., Delair, Insitu Inc., and Leptron Unmanned Aircraft Systems, Inc. are a few of the key companies operating in the commercial drone market. The major players are adopting several strategies, including new product developments, expansion and diversification, and acquisition strategies to remain competitive in the market. For instance,
In September 2022, DJI, a commercial drone manufacturer, launched the Mavic 3 Enterprise, a versatile and lightweight entry-level commercial drone. The company collaborated with Drone Nerds, which helps organizations offer drone platforms for commercial operations without any high-end features.
Increased Demand for Drones for Logistics Delivery Services with the emergence of e-commerce Companies is Expected to Create Lucrative Opportunities for Market Growth:
Commercial drones offer several advantages for the logistics and transportation industry. It shortens the delivery times, lowers the transportation costs, increases accuracy and efficiency, and improves the customer experience. Commercial drones assist businesses in delivering the logistics to distant areas with severe hazardous areas. Drones in the logistics and transportation industry are used for last-mile deliveries, inventory management, and logistics supply chain monitoring. Drones are rapidly used for delivering items efficiently to customers at metropolitan locations, reducing delivery times and overall transportation costs. Drones are used to track the movement of commercial goods, monitor inventory levels and supply chain management in warehouses. Several organizations successfully used commercial drones in the logistics and transportation industry. For example, Amazon.com Inc. has delivered more than 100 deliveries using commercial drones through its Prime Air’s drone delivery service. Businesses use drones for delivering products to their customers with less time to revolutionize the delivery sector. For instance, Zipline is a company that uses commercial drones to deliver medical supplies to remote locations in Africa. The company collaborated with several country's governments to provide life-saving medicines to remote locations via standard transportation.
Several countries around the globe are offering permission to increase the use of commercial drones for military and civil applications. The commercial drone market witnessed significant demand for developed countries, including the US, China and France, which are the leaders in the production of commercial and consumer drones. The commercial drone manufacturers consist of several leading players, including DJI, SenseFly / Parrot SA, Yuneec and 3D Robotics. The largest purchases of commercial drones are made by China, the US, the UK, Russia, France, Australia, India, Saudi Arabia, and South Korea. The rising use of drones in medicine delivery, logistics and transportation is driving the overall commercial drone market growth. Logistic companies are adopting drones to drastically reduce logistics and transportation expenses such as truck capital costs, maintenance costs, high fuel costs, insurance, and among others. The commercial drone market reduces logistics and shipping costs by around 83%, according to Amazon.com, Inc. The rising adoption of advanced technologies such as machine learning, artificial intelligence and IoT devices for improving the drone’s capability is expected to create ample opportunity for the market growth. These advanced technologies enable drones to fly independently, enhance efficiency and minimize the requirement for human involvement.
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Several leading companies have successfully integrated AI and machine learning technology to minimize the additional efforts required for logistics and transportation. As technology advancement in drone technology is expected to create ample opportunity for the commercial drone market.
Commercial Drone Market: Segmental Overview
Based on type, the market is segmented into rotary, fixed and hybrid. The rotary is expected to have the largest share of the market in 2022, and hybrid is anticipated to register the highest CAGR in the market during the forecast period. Based on components, the commercial drone market is bifurcated into hardware and software. Hardware is further segmented into airframe, propulsion system, payload, and others. Based on the weight, the market is divided into <2 Kg, 2 Kg – 25 Kg, and 25 Kg – 150 Kg. Among these, 2 Kg – 25 Kg is expected to grow at the highest CAGR during the forecast period. Based on application, the market is divided into filming & photography, horticulture & agriculture, inspection and maintenance, mapping & surveying, surveillance & monitoring, delivery & logistics, and others. Among these, mapping & surveying is expected to have the largest share in 2022, and delivery & logistics is growing at the highest CAGR owing to rising adoption by e-commerce companies.
Go through further research published by The Insight Partners:
Smart Commercial Drone Market - Global Analysis and Forecast to 2030
Military Drone Market - Global Analysis and Forecast to 2028
Civil Drone Market - Global Analysis and Forecast to 2027
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