The global commercial drone market demand was valued at USD 6.51 billion in 2021. The market is projected to grow from USD 8.15 billion in 2022 to USD 47.38 billion by 2029, exhibiting a CAGR of 28.58% during the forecast period. This information is presented by Fortune Business Insights, in its report titled, “Commercial Drone Market, 2022-2029.”
Drivers and Restraints:
Increasing Demand for Small Drones in Commercial Applications to Propel Market Growth
Growing adoption of small unmanned aerial vehicles used for various commercial applications, such as aerial photography, film making, precision, agriculture, law & enforcement, wildlife monitoring, entertainment, disaster management, relief & rescue operation, research & development, logistics & transportation, and construction, is expected to fuel the market growth.
The challenges faced by the drone industry are lack of infrastructure for air traffic control, which is responsible for safe flight operations in controlled airspaces.
North America stood at USD 2.42 billion in 2021 and is expected to dominate the global commercial drone market share during the forecast period. The augmentation in implementation of commercial drone is predicted to drive the market growth in North America.
Surging usage of drones for several commercial applications throughout Germany, France, and the U.K. is anticipated to aid the commercial drone market growth in Europe during forecast period.
The market in Asia Pacific is predicted to display sudden growth, owing to increasing drone production and operation corporations across the region.
List of Key Players Mentioned in the Report:
- 3D Robotics, Inc. (U.S.)
- Aeronavics Ltd. (New Zealand)
- AeroVironment Inc. (U.S.)
- Autel Robotics (China)
- Ehang Holdings Limited (China)