According to Fact.MR, the commercial drone market will embark on a positive expansion trajectory, with long-term prospects looking extremely promising. The market is slated to expand at a stellar CAGR exceeding 9.2%, reaching more than US$ 14.2 Bn in value by 2032.
According to Fact.MR’s analysis, the industry has demonstrated credible gains in the past, where drones can be used as an excellent surveillance tool since they can locate clues and locate criminals in real-time. The extensive application within the logistics and military domains is said to be the most important catalyst for market growth in this sector. Agri-business is becoming more and more interested in drones for future structures.
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Commercial drones are actively being deployed for military surveillance applications in countries like the U.S., in order to keep a check on criminal activity. The UAV or drone industry is reinventing old business models and generating new opportunities. As a potential alternative to traditional logistics methods within companies, commercial drones are expected to aid them in securing a competitive advantage through the optimization of their logistical processes.
Key Takeaways from Market Study
● The global commercial drones market is currently valued at US$ 14.2 Billion, with a CAGR of 9.2% during the forecast period.
● Multi-rotors are expected to acquire a lucrative market share of 10% CAGR during the forecast period.
● Aerial photography applications are expected to reach a CAGR of 9.9% by the end of the forecast period.
● The UK market growth is expected to reach a CAGR of 10.1% with a market value of US$ 598.5 Million at the end of the forecast period.
● China will experience high growth due to surging demand for UAVs in the spawning rate
‘’The rapid improvement in battery technology and the continuous development of artificial intelligence will make drones a valuable tool at the forefront of new applications in the future,” says a Fact.MR analyst.
Manufacturing collaboration helps manufacturers increase output and meet consumer demand, which increases profits and market share. The introduction of new products and technological innovations will enable end-users to take advantage of the products. Through strategic partnerships, the company can increase its capacity to produce.
● Kitty Hawk, a producer of electric personal air vehicles, acquired 3D Robotics, a manufacturer of unmanned aerial vehicles (UAVs) and drones, in June 2021. Kitty Hawk will have Chris Anderson, co-founder of 3D Robotics, as its chief operating officer following the acquisition.
● In March 2022, Sphere Drones, one of Australia’s leading manufacturers of aerial and sub-sea remote-controlled vehicles (ROV), has expanded following its acquisition of Rise Above Custom Drones and Robotics on 17 March. Sphere Drones would benefit from the acquisition by further diversifying in an ever-growing market. Sphere will continue expanding its commercial presence in an expanding market, while Rise Above will focus on providing training and education to newcomers in the field.