The worldwide commercial drone market is experiencing significant growth due to increasing demand from various industries such as construction, agriculture, security, military applications — and so much more, says Philip Hicks, Principal Consultant and Founder at Pravo Consulting in Cheltenham, England.
Market size is projected to reach US$12.3 billion by 2025, driven by technological advancements and a shifting regulatory landscape, says Hicks. For example, in a rapidly broadening range of uses, drones offer benefits like cost savings, improved efficiency, and enhanced safety for businesses.
And notably, China’s regulators recently restricted Chinese manufacturers from exporting UAV propulsion components exceeding 16kW. This development, along with escalating restrictions by the US government on Chinese-made drone devices, creates a critical need for non-China supplied alternatives in the global drone propulsion and platforms market.
Vast market ramps up in many ways
The global commercial drones market size is estimated to grow by US$126.87 billion from 2023 to 2028, according to a report from Technavio. The market is estimated to accelerate at a CAGR of 57.74 percent during the forecast period, according to the report.
Rising applications of drone uses is driving market growth, with a trend toward new development and launches of commercial drones. The report continued: “The commercial drone market is experiencing significant growth due to the continuous introduction of new drones, components, and software solutions by vendors.”
“Companies across various industries are integrating drones into their operations for managing assets, monitoring sites, inspecting facilities, and capturing real-time data… featuring advanced autonomous flight technology and artificial intelligence (AI), ensuring safe and stable flight in challenging environments. Such innovations increase the availability of advanced drone products and software solutions, fueling the adoption of commercial drones in the forecast period,” according to the report.
North America alone is estimated to contribute 43 percent to the growth of the global market during the forecast period, says the Technavio report. In North America, the US Department of Defense (DoD) and the National Aeronautics and Space Administration (NASA) are investing strongly in the R&D of advanced electronics and sensors for military UAVs, which will replace many existing avionics systems. Moreover, the US government is empowering the defense forces to pursue more drone capabilities. Drones, for example, are widely used by the DoD for surveillance, security, and spying.
Small drone undertake big jobs
For example, palm-sized drones like the Black Hornet 3 by Teledyne are expected to be used for surveillance, spying, and guiding small military units and platoons. In various battlefields, the success of UAV-enabled strikes has increased the reliability of drones, which is likely to further accelerate their demand and subsequently fuel even further, says the report.
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