Global Commercial UAV Market Size worth $17bn by 2024
Published Date: September 3, 2019 Authors: Ankita Bhutani, Preeti Wadhwani
Commercial UAV Market size is predicted to surpass USD 17 billion by 2024; according to a new research report by Global Market Insights, Inc.
The commercial UAV market is expected to observe profound growth over the forecast timeline due to the rising implementation of machine learning algorithms and AI to enhance the capabilities of autonomous drones. For instance, in June 2018, Google partnered with the U.S. Department of Defense to help the agency in developing AI for analyzing data gathered from drones. As commercial UAV systems are complex, machine learning and AI are used to study and understand the data to provide quick analysis and insights.
Growing investments in drone technology to support commercial UAV applications will also augment market growth. For instance, in April 2016, PrecisionHawk raised USD 18 million in Series C funding, helping companies to use drones for different commercial purposes in the U.S. Rising investments for the development of the industry will support the rise in the number of drone operations globally. Government agencies worldwide are also supporting drone market growth by introducing several regulations & laws related to the usage of commercial drones.
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The hybrid drone market is expected to witness the fastest growth from 2017 to 2024 due to heavy usage of these drones as they have capabilities of fixed-wing aircraft and multi-copters. These drones integrate benefits of taking off & landing vertically and starting a flight from any spot as a helicopter. Wings of hybrid drones support drones traversing long distances without high energy utilization. This makes drones very proficient and durable for usage in surveying, media & entertainment, agriculture, inspection, and monitoring.
The autonomous commercial UAV market is estimated to hold a market share of over 15% by 2024 as there is a growing need for the implementation of drone technology where humans cannot reach conveniently and independence in machine use is required. AI-powered autonomous drone has various applications including disaster management, mining, and reconnaissance mission. For instance, drones from companies, such as DJI and Parrot, are widely used to navigate forests. AI-enabled drones take more informed decisions and function independently of humans.
Browse key industry insights spread across 350 pages with 210 market data tables & 30 figures & charts from the report, “Commercial UAV Market Size By Product (Fixed Wing Drone, Rotary Blade Drone, Hybrid Drone), By Mode of Operation (Remotely Operated, Semi-Autonomous, Autonomous), By Application (Aerial Photography, Agriculture, Emergency Management, Inspection & Monitoring, Remote Sensing & Mapping, Wildlife Research & Preservation), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, Australia, China, India, Japan, South Korea, Brazil, Mexico, Argentina, UAE, Israel, South Africa), Growth Potential, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
The remote sensing & mapping application segment is projected to hold a market share of over 15% by 2024. UAVs are extensively used as remote sensing & mapping platforms for land condition assessment, vegetation monitoring or any other spatial mapping. For instance, drone technology is helping farmers in delivering actionable insights and immediate data gathering for farming operations. These remote sensing platforms enable efficient & automated farming through targeted crop measurement. Remote sensing platforms including fixed-wing and rotary UAVs offer remote sensing capabilities for various applications such as tree species classification, mining surveying, and UAV imagery classification.
The Latin America commercial UAV market will exhibit a CAGR of over 25% between 2017 and 2024. In this region, countries including Brazil, Mexico, and Argentina are witnessing a rise in drone adoption for catering to applications such as disaster mapping, reconnaissance mission, and precision farming. For instance, in October 2017, the Argentina Air Force developed next-generation UAVs for surveillance, control, and search & rescue operations. The Directorate-General for Research & Development (DGIP) and the Center for Applied Research jointly developed Aukan and Vigia 2B prototypes.
Companies operating in the commercial UAV market are involved in strategic partnerships and fundraising activities to grab more market share and expand their revenue-generating capabilities. For instance, in November 2017, Intel and Cyberhawk partnered to utilize the capabilities of commercial UAV technology by successful inspection of a gas terminal in St Fergus, Scotland to fuel their business transformation. In April 2017, 3D Robotics raised USD 53 million through a Series D funding round. The company focused on utilizing these funds to continue to build its flagship product, Site Scan. This complete drone data platform caters to engineering and construction industries.
Some of the major companies operating in the market are 3D Robotics, DJI, Amazon Prime Air, Hoverfly Technologies, Intel Corporation, Parrot, AeroVironment, Airware, Bae Systems, Cyberhawk Innovations Ltd., Ehang Inc, Airobotics, PrecisionHawk, DroneDeploy, senseFly, and Yuneec International.
The commercial UAV market research report includes in-depth coverage of the industry with estimates & forecast in terms of shipments in units and revenue in USD from 2013 to 2024 for the following segments:
- Fixed Wing Drone
- Rotary Wing Drone
- Hybrid Drone
By Mode of Operation
- Remotely Operated Drone
- Semi-autonomous Drone
- Autonomous Drone
- Aerial Photography
- Emergency Management
- Inspection & Monitoring
- Remote Sensing & Mapping
- Wildlife Research & Preservation
The above information has been provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- South Africa