NEW YORK, Nov. 13, 2023 /PRNewswire/ — The commercial drone market size is estimated to grow by USD 44.85 billion from 2022 to 2027, growing at a CAGR of 38.97%. North America is estimated to contribute 44% to the commercial drone market growth during the forecast period. In North America, there is a high investment in the R&D of advanced electronics and sensors for military UAVs by the US DoD and the National Aeronautics and Space Administration (NASA). As a result, this will replace the existing avionics systems. For example, in May 2021, the US Army awarded a contract of USD 15.4 million to FLIR for its FLIR Black Hornet 3 personal reconnaissance systems. Furthermore, governing bodies are becoming more reliant on drones because of the success of drone strikes, which are likely to increase their demand and drive the growth of the commercial drone market in the region during the forecast period. For Comprehensive details on the market size of the historic period(2017 to 2021) and forecast period (2023-2027) – View the Sample report
Vendor Landscape
The commercial drone market is fragmented; the vendors are competing with competitors and are trying to get a greater market share. The market is growing, and the chances of new entrants cannot be overlooked. The major vendors have well-established economies of scale and market presence and generally rely on positioning technological advances and the price of the products –The report provides a full list of key vendors, their strategies, and the latest developments. Buy Now
Commercial Drone Market – Market Dynamics
Major Drivers & Challenges
The rising applications of drones will drive the commercial drone market growth during the forecast period. Technological advancements have led to the use of drones in various fields, including agriculture, construction, mapping, logistics, and surveillance. Moreover, numerous logistics companies are conducting tests and trials for drone-based deliveries. For Instance, the partnership between Zipline International Inc. and Walmart Inc. in September 2020, where commercial drone delivery services were introduced in the US. In addition, drones offer the advantage of enabling faster delivery of goods compared to traditional road transport. Hence, these advancements are expected to drive the growth of the commercial drone market during the forecast period.
Cybersecurity threats will challenge the commercial drone market growth during the forecast period. UAVs use several technologies for effective communication. Furthermore, they depend on onboard sensors to determine flight parameters such as speed and altitude. Any external interference can affect one or more flight parameters. The onboard flight computer handles the pre-programmed flight paths which are used by Modern UAVs. This creates an easy chance for hackers to introduce malware into the computer. They can reprogram the flight computer or steal data from the computer. Hence, these challenges have led to mistrust toward the adoption of UAVs, which will restrict the adoption of commercial drones during the forecast period.
Key Trends
The development of lithium-metal batteries is a key trend influencing the commercial drone market growth. As they employ a non-flammable electrolyte, lithium-metal batteries are a viable alternative to lithium-ion batteries. They also have a high energy density, allowing drones to fly for extended periods. Furthermore, these batteries are more compact than lithium-ion batteries. The expanding range of drone flights is driving the use of drones by e-commerce enterprises, logistics organizations, and the construction and industrial sectors. Hence these factors will provide profitable opportunities for the growth of the commercial drone market during the forecast period.
Technavio has identified key trends, drivers, and challenges in the market, which will help clients improve their strategies to stay ahead of their competitors. – View Sample Report
Company Profiles
The commercial drones market report includes information on the product launches, sustainability, and prospects of leading vendors including 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., Guangzhou EHang Intelligent Technology Co. Ltd, iFlight Innovation Technology Ltd., Intel Corp., Parrot Drones SAS, Red Cat Holdings Inc., Skydio Inc., Teledyne Technologies Inc., The Boeing Co., and Yuneec International Co. Ltd.
Competitive Analysis
The report includes competitive analysis, a proprietary tool to analyze and evaluate the position of companies based on their industry position score and market performance score. The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, and growth in market share, among others.
Market Segmentation
This commercial drone market research report extensively covers market segmentation by 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).
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The software and services segment held the largest share of the market in 2022 and is expected to dominate the market during the forecast period. The increasing demand for software in drones is a key factor driving the growth of this segment. Software solutions help companies validate and analyze drone data. The high cost associated with manufacturing commercial drones has forced many other vendors to stop manufacturing drones and shift to offering technical platforms and software solutions that are suitable for the drones available in the market. Hence all these above-mentioned factors will increase the segment growth during the forecast period.
What are the Key Data Covered in this Commercial Drones Market Research Report?
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CAGR of the commercial drone market during the forecast period
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Detailed information on factors that will drive the growth of the commercial drones market between 2023 and 2027
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Precise estimation of the commercial drones market and its contribution to the parent market
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Accurate predictions about upcoming trends and changes in consumer behavior
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Growth of the market across North America, Europe, APAC, Middle East and Africa, and South America
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A thorough analysis of the market’s competitive landscape and detailed information about vendors
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Comprehensive analysis of factors that will challenge the growth of commercial drones market vendors
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Table of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-User
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide 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.
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