Press release
Commercial Drones Market Projected to Reach $9.8 Billion by 2031
[Redding, California, February 15, 2024] - As pioneers in global market research, Meticulous Research® proudly announces the release of its latest groundbreaking report, titled 'Commercial Drones Market by Type (Single-rotor, Multi-rotor, Fixed-wing, Fixed-wing Hybrid VTOL), Payload (Up to 2kg, 2kg to 10kg, 10kg to 25kg, More than 25kg), Application, End-use Industry, and Geography - Global Forecast to 2031.'Download Free Research PDF @ https://www.meticulousresearch.com/download-sample-report/cp_id=5768
The findings of this comprehensive report project a meteoric rise for the commercial drones market, anticipating a valuation of $9.8 billion by 2031, with a remarkable compound annual growth rate (CAGR) of 17.2% from 2024 to 2031. This surge is attributed to the escalating demand for high-quality imagery and video capture facilitated by commercial drones, coupled with the integration of Artificial Intelligence (AI) & Machine Learning (ML) technologies into drone systems. Furthermore, the burgeoning trend of on-demand deliveries adds impetus to this market expansion. Nonetheless, challenges such as limited battery life and the shortage of skilled personnel pose obstacles to the sector's growth trajectory.
Significant growth avenues are expected to emerge, particularly in the realm of Beyond Visual Line of Sight (BVLOS) drones, as enterprises increasingly seek innovative solutions to propel their operations forward. However, the absence of clear regulatory frameworks remains a formidable barrier hampering market progression.
Meticulous Research® has segmented the commercial drones market based on type, payload, application, end-use industry, and geography to facilitate a thorough analysis. Additionally, the report scrutinizes industry competitors and offers in-depth insights at both regional and national levels.
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Based on type, the commercial drones market is segmented into single-rotor, multi-rotor, fixed-wing, and fixed-wing hybrid VTOL. In 2024, the multi-rotor segment is expected to account for the largest share of the commercial drones market. The segment's large share is attributed to multi-rotor drones' higher maneuverability, affordability, better control during flight, ability to fly extremely close to structures & buildings, and increased operational efficiency due to the ability to carry multiple payloads per flight.
Based on payload, the commercial drones market is segmented into up to 2kg, 2kg to 10kg, 10kg to 25kg, and more than 25kg. In 2024, the up to 2kg segment is expected to account for the largest share of the commercial drones market. The segment's large share is attributed to the easy portability, lesser stringent regulatory compliances, cost-effectiveness, quicker deployment, and low operational risks of drones with up to 2kg payload.
Based on application, the commercial drones market is segmented into inspection, monitoring & management, surveying & aerial mapping, construction, photography & videography, last-mile deliveries, and other applications. In 2024, the photography & videography segment is expected to account for the largest share of the commercial drones market. The segment's large share is attributed to its drones' ability to facilitate creative and dynamic visual content, capture detailed images, and transmit high-resolution images and videos in real time.
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Based on end-use industry, the commercial drones market is segmented into telecommunications, utilities, oil & gas, transportation, real estate & construction, agriculture, media & entertainment, government, mining, retail & e-commerce, healthcare, logistics, food & beverage, and other end-use industries. In 2024, the media & entertainment segment is expected to account for the largest share of the commercial drones market. The segment's large share is attributed to the cost-effectiveness of drones compared to traditional methods of capturing aerial footage, drones' ability to provide dynamic and real-time aerial perspectives for live event coverage, including sports events, concerts, and festivals, and the easy integration of drones with post-production tools and software.
Based on geography, the commercial drones market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of the commercial drones market. North America's large share is attributed to the region's high adoption of drones for delivery applications, policy support for the adoption of commercial drones, and the increasing adoption of drones among businesses in the U.S. to bolster their competitive positions in the global market, reduce operational costs, and increase safety.
Quick Buy - Commercial Drones Market - Global Opportunity Analysis and Industry Forecast (2024-2031), Research Report: https://www.meticulousresearch.com/Checkout/50307363
Key Players:
Leading players in the commercial drones market include 3D Robotics, Inc., Aeronavics Ltd., AeroVironment Inc., Autel Robotics, Wing Aviation LLC, Guangzhou EHang Intelligent Technology Co. Ltd, Red Cat Holdings, AgEagle Aerial Systems Inc., Parrot Drone SAS, PrecisionHawk, Inc., Skydio, Inc., ideaForge Technology Ltd., Garuda Aerospace Pvt. Ltd., DELAIR SAS, and SZ DJI Technology Co., Ltd.
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Meticulous Market Research Inc.
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