Commercial UAV Market Growth & Trends
The global commercial UAV market size is estimated to reach USD 41,781.7 million by 2030, registering a CAGR of 19.5% from 2023 to 2030, according to a new report by Grand View Research, Inc. The significant growth can be ascribed to a considerable increase in the application of commercial UAVs across several industry verticals globally. UAVs are being extensively utilized across various domains, including construction, agriculture, media, entertainment, retail, government, and energy, among others.
Commercial UAVs were initially developed for the military and aerospace industries. However, they are being increasingly adopted as an entertainment tool for capturing high-quality and innovative videos and footage of events, natural landscapes, or urban landscapes. Moreover, they are also finding critical applications across businesses and industries to create better and more efficient processes, thereby creating new growth avenues for the market for commercial UAVs.
The commercial applications of drones are not limited to simple surveillance or footage. In the construction sector, they are used in real estate, land development, and civil engineering projects. They help in expediting the topographic surveying process comprising land planning, development, and management. In the agriculture domain, commercial UAVs allow farmers to efficiently manage their farms and collect important data related to crops in real time.
As commercial UAVs transform conventional business and industrial processes, they are set to create new ways for smart AI-powered operations for increased productivity. In December 2022, innovative logistics company Drone Express partnered with Microsoft to release the latest version of their DE-2020 drone using artificial intelligence for in-flight navigation systems. As part of this strategic initiative, the delivery drones will be equipped with Microsoft Azure to host the AI solutions and leverage Azure Machine Learning to train machine learning models.
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Commercial UAV Market Report
Commercial UAV Market Report Highlights
- In terms of product, the rotary blade segment accounted for over 68.0% of the revenue share in the market for commercial UAVs in 2022, owing to increasing demand driven by its easy maneuverability and compact design
- In terms of application, the government segment is estimated to record a CAGR of 22.3% over the forecast period, owing to the increasing application of UAVs in areas such as law enforcement, security and surveillance, R&D activities, disaster management, and environmental studies
- North America is expected to expand at a notable CAGR over the forecast period, aided by the strong presence of various major drone manufacturers in the region, coupled with a sharp increase in their commercial applications
- Major participants in the market such as AeroVironment Inc., DJI Innovations, Elbit Systems Ltd, Parrot SA, and Textron Inc. focus on strategies such as mergers & acquisitions and new product launches to strengthen their foothold
