Commercial Drone Market to Reach USD 34.5 Trillion by 2028 at a CAGR of 32.0% | Appreciate the reports

BANGALORE, India, July 21, 2022 /PRNewswire/ — Commercial Drone Market Segmented by Type (Fixed-wing, Rotary-wing, Nano, Hybrid), by Application (Agriculture, Energy, Government, Media & Entertainment): Opportunity Analysis and Forecast industry, 2022-2028. It is published in Valuates Reports in the Drones & RC Aircraft category.

The commercial drone market is estimated to be worth $6,510.8 million in 2022 and is expected to reach a readjusted size of $34,500 million by 2028 with a CAGR of 32.0% over the review period.

Key Factors Driving the Growth of the Commercial Drones Market

The huge demand for commercial drones can be attributed to the growing use in several end-user industry verticals like media and entertainment, energy, agriculture, and government.

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TRENDS AFFECTING THE COMMERCIAL DRONE MARKET

Motion Capture revolutionized the entertainment industry. However, these technologies have made movie sets all the more expensive. Drones have made aerial photography much more accessible and affordable. Drone pilots are able to capture dramatic, cinematic views in areas inaccessible to ground camera personnel. Almost every production set should have a drone photographer on hand. This is expected to drive the growth of the commercial drone market over the forecast period.

The need to increase crop productivity and yield has led to the use of drones for data collection in the agricultural sector. They have a range of uses in precision agriculture. Drones help with soil analysis, predict plant health, and determine how much water or nutrients the crop needs. They feature imaging technologies such as hyperspectral, multispectral, and thermal support to provide farmers with temporal and site-specific information regarding fungal infections, pest activity, and more. These factors will expand the commercial drone market in the coming years.

Inspection and monitoring is necessary for energy sectors such as solar, wind, oil and gas. However, the process can be long and expensive. Using drones, operators can fly anywhere on a turbine to assess its performance, functionality and damage. Drones eliminate the need for large equipment and manpower, providing accurate, real-time details regarding maintenance. A drone can also monitor the operational status of smokestacks, storage tanks, refineries and production units avoiding the need for human intervention in hazardous environments. This will drive the global commercial drone market in the coming years.

The commercial drone market will be positively impacted by the growing use in the government sector. Various public sector authorities and federal agencies use drones to conduct scientific research, forecast weather conditions and coordinate humanitarian aid. Moreover, they serve their purpose in collecting military and intelligence data.

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COMMERCIAL DRONES MARKET SHARE ANALYSIS

Based on the type, the rotary blades segment is expected to be the most lucrative during the forecast period. They are easier to control and have the ability to hover and view a single target for a long time. This makes them ideal for use for inspection, filming, photography and surveillance purposes.

Based on the application, the media and entertainment segment is expected to dominate the commercial drone market share as filmmakers widely use drones to capture accurate footage in a less expensive way. The demand for aerial photography is expected to increase rapidly due to large-scale applications in public places, amusement parks, hotels, resorts and tourist sites.

Based on the region, North America will witness tremendous growth due to favorable government initiatives, growing demand from multiple end-user industry verticals, and advancements in drone technology.

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Key companies:

  • Air transfer
  • BAE systems
  • DJI
  • Dragonfly
  • Elbit systems
  • General atomics
  • Israeli Aerospace Industries
  • Lockheed Martin
  • Northrop Grumman
  • Parrot
  • textron
  • The Boeing

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SIMILAR REPORTS:

  • The size of the global drone parcel delivery market will be $241.53 million in 2020 and is expected to reach $3694.38 million by the end of 2027 growing at a compound annual growth rate (CAGR) of 57.55% over the forecast period 2021-2027.
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  • Military drones market size is estimated at $11770 million in 2022 and should have a readjusted size of $17,270 million by 2028 with a CAGR of 6.6% over the review period.
  • The global small drone market size was $4,350.3 million in 2020 and is expected to reach $5726.2 million by the end of 2027 growing at a CAGR of 3.9% over the period 2021-2027.
  • The global drone market size was $4350.27 million in 2020 and is expected to reach $5437 million by the end of 2027 growing at a CAGR of 3.94% over the period 2021-2027.
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