SELBYVILLE, Del., July 27, 2021 /PRNewswire/ -- The commercial drone market revenue is anticipated to record a valuation of USD 55 billion by 2027, according to the most recent study by Global Market Insights Inc. The rising integration of drone technology across industry verticals including construction, mining, and agriculture worldwide is likely to drive industry growth. Precision technology is growing popular in the agricultural sector, to deliver meaningful insights to farmers as well as agricultural practitioners for accurate management and planning of farm operations.
Rapid advancements in technology and digitalization of business operations across the globe are anticipated to provide lucrative growth opportunities to the industry over the projected timeframe. Various enterprises are also becoming increasingly aware of the advantages of data-driven decision-making in efficient monitoring, inspection, remote sensing, and mapping. These aforementioned factors will become prominent drivers for the commercial drone business expansion.
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Following are 3 key trends augmenting commercial drone industry share:
- Extensive deployment of semi-autonomous drones to reduce dependence on human operators
Based on mode of operation, the semi-autonomous segment is poised to depict a CAGR of around 10% through 2027. This is attributable to the shifting preference from remote-controlled to semi-autonomous drones for executing a successful flight via independent drone technology. In addition, the ability of semi-autonomous flights to reduce dependence on human operators and allow the expansion of in-use drone technology will further add impetus to the segmental growth in the years ahead.
With respect to type, the commercial drone market from the fixed-wing drone segment will hold a considerable share over the forthcoming years, which can be credited to its simple structure, thus increasing the efficiency of the drone's aerodynamics. The segmental expansion will also be fostered by the product's ability to endure long flight durations at increased speeds.
- Rapid product adoption in agricultural sector to monitor vegetation
Considering the application spectrum, the remote sensing and mapping segment is likely to register a significant growth rate through 2027, owing to the broadening commercial drone application scope across the agricultural sector to monitor vegetation and nurture farms. Drone technology can provide key insights on crop damage assessments, allowing the farmers to make appropriate decisions for efficient crop management.
For example, UAV-RS (unmanned aerial vehicle-based remote sensing) is the new addition to the NE-SAC (North Eastern Space Applications Centre), to facilitate large-scale mapping and real-time assessment and monitoring in various applications. Accelerating usage of UAV-RS for the mapping of landslide-affected areas and assessment of infested crop damage, among other applications, will therefore boost commercial drone market expansion over the forthcoming years.
- Rising initiatives by European enterprises to develop innovative drone technologies
On the regional front, the Europe commercial drone market is expected to account for more than 10% of the global market share by 2027. This can be attributed to the strong focus on unleashing advanced technology to experiment and testing the potential use cases of commercial drones in the region. Introduction of innovative drone technologies by various enterprises will further augment the regional industry dynamics over the estimated timeline. To illustrate, FlyNex GmbH collaborated with KSI Data Sciences in March 2021, with an objective to enable real-time data transfer from drones, through the integration of FlyNex Enterprise Suite with the MissionKeeper platform of KSI.
Prominent companies operating in the commercial drone industry include DroneDeploy, DJI, Delair, Cyberhawk, BAE Systems, and Airobotics Ltd., among others. These market players are focusing on developing innovative solutions to reinforce their positions across the global market. For instance, BAE Systems received an IDIQ (Indefinite Delivery/Indefinite Quantity) contract in October 2020, to develop a digital design for UAVs that will be capable of autonomous functions under the Skyborg program.
Drone technology is rapidly establishing itself as an indispensable part of modern industrial operations across myriad sectors. Mounting deployment of autonomous systems, rapid digitalization, as well as the strong demand for drones for various industrial applications will therefore contribute heavily to the popularity of innovative commercial drone solutions in years to come.
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Commercial UAV Market size worth over $55 billion by 2027
Commercial Drone Market size is set to surpass USD 55 billion in revenues and 16 million units in shipment by 2027, according to a new research report by Global Market Insights Inc.
SOURCE Global Market Insights Inc.