The global commercial drone market is poised for tremendous growth in the coming years with its size set to top $125 billon by 2032, according to Global Market Insights, a market research and strategy consulting firm.
The commercial drone's market was valued at $30 billion last year and with its steady increase annually, it will surpass a revenue collection of $125 billion by 2032 with an annual growth rate of 15% over 2023 to 2032, stated the consulting firm in its report.
This market growth is mainly being driven by the surging investments in drones sector through venture capital firms.
As per Global Market Insights report, the Middle East & Africa commercial drone industry is projected to amass decent gains over the analysis timeframe driven by the active use of drones for military objectives, together with inspection and aerial photography.
The military organizations in MEA are concentrating on joint projects that will advance technology, thereby further aiding industry expansion, it stated.
Globally the primary market strategies used by major firms are consistent product portfolio expansion and technical partnerships to grow market valuation.
For instance, in February 2021, AeroVironment, Inc. bought UAS manufacturer Arcturus UAV to broaden AeroVironment's product offering, the intelligence, surveillance, and reconnaissance (ISR) service of Arcturus integrated with the JUMP 20 and T-20 platforms.
Through this acquisition, the business was able to provide customers around the world with a broad range of UAS that are sophisticated and multi-domain robotic systems, stated the report.
According to the report, the hybrid drone segment is anticipated to receive more than 18% CAGR from 2023 to 2032 due to its wide use in the commercial drone sector because of its capability to take off vertically as well as take flight from any point like a helicopter.
The autonomous segment held over 15% market share last year and is slated to propel steadily through the forecast period.
This growth can be credited to the technological improvements and drone capabilities, such as the usage of thermal and hyperspectral sensors while in flight to capture and enjoy the immersive view from the drone, it stated.
As per the report, the emergency management segment is speculated to surge significantly over the review timeframe since the use of civilian drones has begun to open the path for the victims to receive food and medical aid.
Global Market Insights in its report pointed out that the remote sensing & mapping segment was set to witness exponential market expansion by 2032 because of the increasing use of commercial drones for surveying and mapping, with imagery obtained from consumer drones assisting in a variety of applications such as urban modeling, vegetation structure mapping, as well as large-scale mapping.
Some of the key players in the sector include 3D Robotics, Delair, DroneDeploy, AeroVironment, Prime Air (Amazon.com, Inc.), BAE Systems, Airobotics, Cyberhawk, DJI, Ehang, Walkera Technology, Intel Corporation and PrecisionHawk.
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