February 29, 2024

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Commercial drone market will expand at 28.58% CAGR 2022-2030

Unmanned aerial vehicles (UAVs), commonly called commercial drones, are aircraft flown without a human pilot present. Commercial drones can access places that are challenging or hazardous for people to access, like high-rise buildings, bridges, and industrial facilities. They can also be employed to carry out activities that would be too tiresome or time-consuming for people to complete, such as inspecting pipelines or monitoring vast expanses of land. The market for commercial drone in 2022 was USD 8.15 billion, and by 2030 it will be worth USD 47.38 billion, growing at a 28.58% CAGR during the forecast period. The market will expand due to factors such as rising investment in UAV start-ups and rising commercial applications, such as 3D mapping. However, obstacles like a shortage of experienced pilots, worries about security and privacy, and traffic management will impede industry expansion.

Market Dynamics

Drivers

Due to the rising demand for commercial drones across a range of industries, including agriculture, construction, and surveillance, the market for commercial drones is expanding globally. Drones are increasingly being employed in the construction industry to aid in efficient data collection, which supports market growth. The market is expanding due to growing recognition of the value of qualified persons operating drones on construction sites. The use of commercial drones is expanding as demand for cutting-edge and reliable designs rises. The potential usage of drones in the entertainment and healthcare sectors will fuel market growth in the upcoming years.

Restraints

Commercial drones are widely used in various businesses, but aviation authorities’ failure to manage air traffic worldwide is causing concern. Furthermore, they are expected to intrude on people’s privacy and personal space. Furthermore, the sector is dealing with drone safety concerns due to improper handling and battery malfunction in various occurrences, which may impact the growth of the global commercial drone market.

Opportunity 

The FAA is promoting innovation and cooperation with corporate, state, local, and tribal governments in order to reap the benefits of UAV drones and define future laws and regulations. The national airspace system’s ability to accommodate civil and public UAV drone flights was tested and evaluated as part of the UAS Integration Pilot Program (IPP). Furthermore, according to Volpe Centre, by 2035, human aircraft operations will be outnumbered by unmanned aerial vehicle (UAV) operations in terms of annual operations. Additionally, by 2035, the commercial drone market in the United States will be worth $5 billion, opening up a wide range of options for market exploration.

Market Segmentation

By Application

In 2022, the filing and photography segment led the entire market with a revenue share of more than 30.0%. Drones are gradually becoming an important part of professional photography as photographers eagerly adopt them to gain a competitive edge. Companies like DJI are developing small drone cameras that can take high-quality photographs for professional photographers.

By Product

The rotary blade segment was the market leader in 2022, with the largest revenue share of 73%. The ability of rotary blade drones to hover and perform agile maneuvers while maintaining a visual on a specific target for extended periods will increase demand for inspection activities. These drones are frequently viewed as a good substitute for various commercial uses, including surveillance, filming, photography, and monitoring.

By End-Use

In 2022, the media and entertainment industry held the biggest position in the market, with a revenue share of more than 25%. Drones are widely utilized in the media and entertainment industry. The growing demand from consumers and business owners for aerial photography to promote theme parks, public spaces, tourist attractions, hotels, and resorts will fuel the category’s expansion.

Regional Analysis 

North America ruled the market with 32.0% of the revenue share in 2022. It is due to advancements in drone technology, supportive governmental initiatives, and rising demand from businesses across many industries. Additionally, the US Federal Aviation Administration (FAA) has published new rules to establish more logical and uniform guidelines for the safe and legal operation of UAVs in business settings. It is predicted that these laws and regulations will lower entry barriers and increase the use of local products. Asia Pacific will experience the fastest growth rate with a CAGR of almost 40.0% from 2023 to 2030. A favorable regulatory environment will promote market expansion, particularly in developed nations.

Key Players 

  • AeroVironment Inc.
  • 3D Robotics, Inc.
  • Ehang Holdings
  • Aeronavics Ltd.
  • Intel Corporation
  • Autel Robotics
  • Teal Drones
  • FLIR Systems
  • Holy Stone
  • Parrot Group
  • AgEagle Aerial Systems
  • Skydio, Inc.
  • PrecisionHawk, Inc.
  • SZ DJI Technology
  • Yuneec Holding
The market for commercial drones in 2022 was USD 8.15 billion, and by 2030 it will be worth USD 47.38 billion, growing at a 28.58% CAGR during the forecast period. Introducing the 5G delivery model and incorporating cloud computing technologies into the drone manufacturing process will offer significant growth opportunities in the market.

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