The commercial uav global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Commercial UAV Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The commercial UAV market size has grown exponentially in recent years. It will grow from $12.06 billion in 2023 to $14.91 billion in 2024 at a compound annual growth rate (CAGR) of 23.6%. The growth in the historic period can be attributed to wide-scale use in civil and commercial applications, the growing number of applications, the rise in the use of UAVs for the military, the rise in government investment, and the need for safe and accurate inspection and monitoring.
The commercial UAV market size is expected to see exponential growth in the next few years. It will grow to $34.44 billion in 2028 at a compound annual growth rate (CAGR) of 23.3%. The growth in the forecast period can be attributed to rise in advanced patrolling of marine borders, rapid industrial developments, increased the demand for automation in various industries, increased foreign investments, increased transfer of technologies related to UAV platforms. Major trends in the forecast period include technological advancements, product innovations, increased deployment to carry out aerial remote sensing, emerging applications of UAVs in the commercial sector, rise in R&D for new and advanced technology.
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The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Market Drivers –
The increasing automation is expected to propel the growth of the commercial UAV market going forward. Automation refers to the use of technology, systems, or processes to perform tasks with minimal human intervention. The goal of automation is to streamline operations, increase efficiency, reduce errors, and enhance overall productivity in various industries and applications. Automation enables UAVs to follow predefined flight paths using GPS waypoints. This is particularly useful for surveying, mapping, and monitoring large areas without direct human intervention. For instance, in March 2023, according to Verizon Communications Inc., a US-based telecommunications company, retailers anticipate a significant increase in automation and expect up to 70% of routine tasks will be partially or fully automated by 2025. The use of AI to improve operations is projected to increase 9x by 2025. Therefore, the increasing automation is driving the growth of the commercial UAV market.
Market Trends –
Major companies operating in the commercial UAV market are developing innovative technologies, such as commercial drone platforms, to increase their profitability in the market. Commercial drone platforms refer to the various types of unmanned aerial vehicles (UAVs) or drones that are specifically designed, configured, and utilized for commercial purposes rather than recreational or military applications. For instance, in May 2023, SZ DJI Technology Co. Ltd., a China-based technology company, launched a new commercial drone platform called DJI Matrice 350 RTK and improved security measures to protect the drone, its communication channels, and the data it collects. It is an advanced commercial drone that supports multiple payloads, has sophisticated functionality, and is compatible with a variety of professional payloads to enable extensive data collecting across several industries. This may involve encryption, secure authentication, and protection against cyber threats. Including high-resolution cameras, LiDAR sensors, thermal imaging, or other specialized sensors to cater to various industries and applications.
The commercial UAV market covered in this report is segmented –
1) By Type : Fixed Wing Drones, Rotary Wing Drones, Hybrid Drones
2) By Weight: <2 kg, 2kg – 25 kg, 25kg – 150 kg, 150kg
3) By Application : Agriculture, Retail, Energy, Media and Entertainment, Construction, Government
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Regional Insights –
North America was the largest region in the commercial UAV market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the commercial UAV market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the commercial UAV market are Raytheon Technologies, The Boeing Company, Intel Corporation, General Dynamics Corporation, Northrop Grumman, BAE Systems plc, Textron Inc., Turkish Aerospace Industries Inc., SAIC Inc., Elbit Systems Ltd., Israel Aerospace Industries, DJI Innovations, General Atomics Aeronautical Systems, Yuneec Holding Ltd., AeroVironment Inc., Aurora Flight, Insitu, Parrot Drones, Parrot SA , DroneDeploy, Skydio, Autel Robotics, Airobotics, PrecisionHawk, 3D Robotics, Aeryon Labs, Draganfly Innovations Inc., Ehang Holdings Limited, Aeronavics, Challis Heliplane UAV Inc., Prox Dynamics AS
Table of Contents
1. Executive Summary
2. Commercial UAV Market Report Structure
3. Commercial UAV Market Trends And Strategies
4. Commercial UAV Market – Macro Economic Scenario
5. Commercial UAV Market Size And Growth
…..
27. Commercial UAV Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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