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Commercial Drone Market is estimated to grow at a CAGR of 56.5% from 2019 to 2025 : Radiant Insights,Inc
The global commercial drone market size is anticipated to reach USD 129.23 billion by 2025, registering a CAGR of 56.5% over the forecast period. The market is characterized by the growing application scope spanning a wide range of sectors such as construction, photography, real estate, and agriculture.
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With their capability to reach places that humans and other machines cannot, and their onboard computer controlled cameras, commercial Unmanned Aerial Vehicles (UAVs) hold enormous potential to help farmers to monitor crops, law enforcement authorities to sharpen surveillance activities, and to support insurance agents in accessing damaged assets. Drone hardware has also become more affordable to produce and purchase over the years.
There has been a notable improvement in battery life along with the progress in the degree of autonomy for UAVs. As a result of all these developments, contemporary drones possess the ability to be used across a broad range of applications in the commercial sector, leading to their increased adoption across a range of commercial applications.
In terms of product type, the commercial drone market for rotary blade drones is expected to expand at a significant CAGR over the forecast period due to their increasing use in filming and photography applications. These type of UAVs offer the ease of maneuvering in tight spaces and are ideal for detailed work. In terms of revenue, the market for rotary blade drones is expected to register a CAGR of over 55% during the next six years.
Further key findings from the report suggest:
- Commercial drones offer an elevated panoramic view for collecting facts, which contribute enormously in monitoring a variety of parameters such as traffic flow and weather
- Demand in agriculture is expected to exhibit a CAGR of more than 60% over the forecast period. The use of UAVs is enabling farmers to shift from traditional farming activities to precision agriculture
- Drone usage trends vary across the regions depending on the relative adoption by different industries. Delivery and logistics is one of the fastest growing end use segments
- Increased investment in R&D activities is expected to open significant opportunities for companies specializing in the development of advanced commercial drones. New age drones are also expected to showcase artificial intelligence and machine vision capabilities for applications such as image recognition
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