Global Commercial Drones Market Growth accredited to Technological Advancements
As per Inkwood Research, the Global Commercial Drones Market is expected to project a CAGR of 26.80% during the forecast period of 2022-2030.
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Drones are gradually gaining prominence in the commercial sector, attributed to their rising popularity in civil law & enforcement and agriculture. Also, several industries are investing in drone technology and expanding their awareness regarding the commercial applications of drones.
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Technological Advancements drive Market Growth
Commercial drones are increasingly finding applications across varied industry verticals. There are different drone types for different applications. For instance, single and multi-rotor drones with rotary blades are useful for applications with limited space for fixed drones to take off. Also, hybrid drones that operate on non-conventional sources of energy alongside miniature drones have numerous applications. In addition, developed economies like the US and China have made significant investments in the research and development of hypersonic drones with flight speeds of over 25 times the speed of sound.
Moreover, the product developments by companies offer growth opportunities. For instance, The Boeing Company, a major commercial drone vendor, developed a permanent solar-powered drone, ‘Solar Eagle,’ that can stay in the air for around five years. Such drones can be efficiently utilized by governments and law enforcement agencies for mapping, security, surveillance, and disaster management purposes. As a result, technological advancements drive the global commercial drones market growth.
Precision Agriculture is the Prominent Application
Precision agriculture is the process of managing crops and optimizing yield, quality, and productivity. It uses several technologies for efficient crop growth. Drones enable constant crop and livestock monitoring by air. This helps identify problems that would not be detectable in ground-level spot checks. Also, the data collected helps farmers plan their treatments and planting to achieve optimal yields. In addition, the digital imaging capabilities and sensors offer insights into pest & fungal infections, soil vibration, and irrigation problems.
Asia-Pacific is set to be the Dominating Region
The increasing venture capital investments in drone technology are among the key growth drivers of the commercial drones market in the region. There has been a rising inclination toward drone technology among different enterprises to utilize the technology to impact various commercial sectors like agriculture, construction, mining, energy, etc.
Furthermore, favorable government initiatives to encourage the use of drone technology offer growth opportunities. For instance, the Indian government approved the PLI scheme for drone and drone components in September 2021. This is estimated to boost the domestic manufacturing of drones alongside developing different use cases in several sectors.
The favorable shift in regulatory policies is estimated to enable start-ups to operate in small and large farming operations. Some of the prominent companies in the market include AeroVironment Inc, BlueBird Aero Systems Ltd, 3D Robotics Inc, Autel Robotics, Aeronavics Ltd, etc.
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