Press release
Commercial Drone Market to Reach $65.25 Billion by 2032, At 20.8% CAGR
Commercial Drone Market
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List of Key Players Mentioned in the Report:
• 3D Robotics, Inc. (U.S.)
• Aeronavics Ltd. (New Zealand)
• AeroVironment Inc. (U.S.)
• Autel Robotics (China)
• Ehang Holdings Limited (China)
• FLIR Systems, Inc. (U.S.)
• Teal Drones (U.S.)
• Holy Stone (China)
• Intel Corporation (U.S.)
• AgEagle Aerial Systems Inc. (U.S.)
• Parrot Group (France)
• PrecisionHawk, Inc. (U.S.)
• Skydio, Inc. (U.S.)
• SZ DJI Technology Co., Ltd. (China)
• Yuneec Holding Ltd (China)
Report Coverage:
The report provides valuable insights into drivers, restraints, opportunities, and threats influencing market dynamics and valuation. The market is studied exhaustively by dividing it into segments and regions. Market share and valuation of each segment and region is also given in the report. Moreover, recent developments undertaken by key companies are also documented in the report.
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Drivers and Restraints:
Integration of Artificial Intelligence and Advanced Technologies to Bolster Market Growth
Technological breakthroughs in electronics, such as microcontrollers, processors, mobile hardware, cameras, and modern computing, have modernized the product line for commercial drones. Moreover, these advancements enable businesses to build in-house annotation and measurement tools for calculating volume, distance, and area. As a result, enterprises worldwide are demanding the integration of machine learning and artificial intelligence solutions to extract accurate results from vast amounts of data available, thus aiding the commercial drone market growth.
On the other hand, limited number of skilled drone pilots, lack of appropriate infrastructure, and uniform air traffic management regulations across different countries will hamper market proliferation in the forthcoming years.
Regional Insights:
North America captured majority of the commercial drone market share in 2022, owing to the presence of leading drone manufacturers in the U.S. and growing adoption of commercial drones. As per the Federal Aviation Administration FAA, 872,694 drones were registered in the U.S. in May 2021.
The Europe market is projected to grow substantially owing to rising use of drones for commercial applications in France, U.K., and Germany.
The Asia Pacific market is anticipated to grow significantly in the forthcoming years due to the growing number of drone manufacturers and operators in the region. This rise is owing to the rising investments in drone technology by OEMs and governments in the region.
Competitive Landscape:
Leading Companies Sign Collaboration Deals to Hold Significant Market Share
Industry leaders often make strategic moves to maximize profits to earn larger revenues. In some cases, they join other players in research and development to unveil new products and develop new technologies to meet changing requirements. For example, in October 2021, FIXAR, a leading commercial drone design and software developer signed an exclusivity agreement with Paras Aerospace, for FIXAR unmanned solution distribution in India. The companies will join forces to ensure access to cost-effective and efficient drones such as the FIXAR INDOOR and Fizar 007 in the Indian market.
Key Industry Development:
February 2022 - Zain Group, a Kuwait-based telecommunication services provider, signed an agreement to develop drone technologies with Saudi Arabia. The partnership will help diversify Saudi Arabia's economy from oil and gas sector, considering a major percentage of Saudi Arabia's economy runs due to oil exports.
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Read Related Insights:
Unmanned Aerial Vehicle (UAV) Market
https://www.fortunebusinessinsights.com/industry-reports/unmanned-aerial-vehicle-uav-market-101603
Drone Software Market
https://www.fortunebusinessinsights.com/drone-software-market-103527
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