Commercial Drone Market Worth $501.4 Billion By 2028 | CAGR: 57.5%

 Commercial Drone Industry Overview

The global commercial drone market size is anticipated to reach USD 501.4 billion by 2028, registering a CAGR of 57.5% from 2021 to 2028, according to a new report by Grand View Research, Inc. The rising demand for commercial drones can be attributed to the growing application base across a wide range of end-use verticals, including real estate and construction, media and entertainment, and agriculture. Majority of the end-use verticals that involve a high proportion of operational processes are expected to experience substantial productivity gains from drone usage owing to the automation of business operations.

 

UAVs or drones are reinventing old businesses and even creating new prospects. In 2016, the Federal Aviation Administration (FAA) released regulations related to the usage of commercial drones that clarified the legal landscape for businesses and workers. Since then, the industrial applications of commercial drones have significantly increased. Drones are expected to emerge as versatile tools, which can transform the existing business operations and help to establish new startups.

Commercial Drone Market Segmentation

Grand View Research has segmented the global commercial drone market based on product, application, end-use, and region:

Based on the Product Insights, the market is segmented into Fixed-wing, Rotary Blade, and Hybrid.

• The rotary blade segment accounted for the largest share of almost 80.0% in terms of volume in 2020 and is expected to continue dominating the market over the forecast period. The demand for rotary blade drones is expected to increase for inspection activities due to their ability to maintain a visual on a single target for a long time and to hover and perform agile maneuvering.
• The hybrid segment is expected to register the fastest CAGR of about 64.0% from 2021 to 2028 in terms of volume. Hybrid commercial drones use the advantages of batteries and fuel combined to maximize their power and efficiency. Additionally, these drones fly for a longer duration with higher payloads even in adverse weather conditions.

Based on the Application Insights, the market is segmented into Filming & Photography, Inspection & Maintenance, Mapping & Surveying, Precision Agriculture, Surveillance & Monitoring, and Others.

• The filming and photography segment accounted for the largest revenue share of approximately 31.0% in 2020 and is expected to continue dominating the market over the forecast period. Drones are becoming an essential part of professional photography and are increasingly being accepted by photographers to gain a competitive edge.
• The precision agriculture segment is anticipated to register the highest CAGR of over 60.0% from 2021 to 2028, as drones have become one of the critical aspects for managing vital operations of farms. Farmers across the globe are trying to reduce agriculture costs and expand yields. With the help of drones, farmers and agriculture workers can gather farm data, automate redundant processes, and thus maximize efficiency.

 

Based on the End-use Insights, the market is segmented into Agriculture, Delivery & Logistics, Energy, Media & Entertainment, Real Estate & Construction, Security & Law Enforcement, and Others.

• The media and entertainment segment accounted for the largest market share of almost 27.0% in 2020 and is expected to continue dominating the market over the forecast period. The applications of drones in media and entertainment are diverse. Filmmakers have started using professional drones for capturing precise frames in the best economical way. The increasing demand from clients and owners for advertising resorts, hotels, tourist spots, public places, and amusement parks through aerial photography is anticipated to boost the segment's growth.
• The delivery and logistics segment is anticipated to exhibit the highest CAGR of over 60.0% from 2021 to 2028. Drones are set to transform the delivery and logistics sector worldwide due to the emergence of the e-commerce industry. With the growing demand for the swift delivery of goods, drones are increasingly being deployed in e-commerce warehouses for the warehousing of products and delivery of goods.

 

Commercial Drone Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

The market is consolidated with a few market participants accounting for significant market shares. Drone manufacturers and providers worldwide are developing custom-made industry-specific solutions to effectively address the business needs of their customers. Advancements in drone technologies have made it possible for manufacturers to produce a wide range of models in different sizes, weights, and shapes, which are capable of carrying different sensor payloads, making them useful across a broad application base.

 

Some of the prominent players operating in the global commercial drone market are:

• DJI
• Parrot Drones SAS
• YUNEEC
• 3D Robotics
• EHANG

 

Order a free sample PDF of the Commercial Drone Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

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