A surge in investments from venture capitalists will boost the global commercial drone market, says Global Market Insights.
As a result, the market strategy and consulting firm forecasts the industry to grow exponentially in the next few years. Market value is expected to reach $125 bn by 2032.
That represents a compound annual growth rate (CAGR) of 15 percent from 2023 to 2032. Last year, the industry was valued at $30 bn.
Market dynamics
According to the report, global commercial drone industry players are expanding their product portfolio and partnerships to grow market valuation.
For instance, AeroVironment, Inc. bought unmanned aircraft systems (UAS) manufacturer Arcturus UAV to broaden its product portfolio. As a result, AeroVironment now offers intelligence, surveillance, and reconnaissance (ISR) services.
Moreover, because of the acquisition, AeroVironment was able to provide global customers with a broad range of multi-domain robotic systems.
Middle East market
The Global Market Insights report also highlighted the significant growth anticipated in the commercial drone industry in the Middle East and Africa. The areas of expansion include military expansion initiatives and the increasing demand for advanced aerial photography solutions.
Furthermore, collaborative projects by military units in MEA will push technological boundaries, thereby facilitating further expansion.
Notably, the United Arab Emirates (UAE) has emerged as a leading proponent of drones for both commercial and military purposes.
A study done by a TechSci research, for instance, says that the drone market in the UAE will reach $122 mn by the end of 2023. The expected growth is due to rising demand for military and commercial drones.
Moreover, the UAE government has been aggressively pursuing the use of drones in various applications, thereby pushing the demand even further.
Read: Drones, autonomous vehicles augment delivery logistics efficiency
Other growth prospects
Hybrid and autonomous drones will also be at the forefront of the global commercial drone sector’s growth, noted the report. It underscored the promising growth of the hybrid drone segment, which is expected to achieve a CAGR of over 18% from 2023 to 2032.
With the ability to take off vertically and fly from any point like a helicopter, hybrid drones have found widespread use in the commercial drone sector.
Meanwhile, the autonomous drone segment, which held a significant market share last year, is anticipated to demonstrate steady growth throughout the forecast period.
In addition, technological advancements and the integration of thermal and hyperspectral sensors will contribute to the success of autonomous drones. The innovations will enable them to capture valuable data during flight and support various applications.
Furthermore, the report identifies substantial growth in the emergency management segment. Civilian drones are increasingly being deployed to provide critical aid, including food and medical supplies, during emergencies, significantly enhancing response efforts.
New frontiers
Global Market Insights likewise predicts remote sensing and mapping to witness exponential market expansion by 2032. The use of commercial drones for surveying and mapping purposes, coupled with the imaging capabilities of consumer drones, has found diverse applications in areas such as urban modelling, vegetation structure mapping, and large-scale mapping.
Among the prominent players in the commercial drone industry that Global market Insights identified include 3D Robotics, Delair, DroneDeploy, AeroVironment, Prime Air (Amazon.com, Inc.), BAE Systems, Airobotics, Cyberhawk, DJI, Ehang, Walkera Technology, Intel Corporation, and PrecisionHawk.
These industry participants are driving innovation, pushing boundaries, and shaping the future of the commercial drone market.
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