Press release
Commercial UAV Market is Anticipated to Expand upto $41.96 Billion in 2029
Commercial UAV
What Is the Forecasted Market Growth Rate of the Commercial UAV Industry?
The size of the commercial UAV market has seen a significant increase in recent years. The projections suggest that the market, which is at $14.91 billion in 2024, will escalate to $18.32 billion in 2025, marking a compound annual growth rate (CAGR) of 22.9%. This surge during the historic period is credited to its extensive usage in civil and commercial sectors, the expanding scope of applications, increased utilization of UAVs in military, heightened government investment, and the demand for precise and safe inspection and monitoring.
How Will the Commercial UAV Market Size Evolve From 2025 to 2029?
In the coming years, the commercial UAV market is projected to experience substantial expansion. Its value is predicted to reach $41.96 billion in 2029, boasting a compound annual growth rate (CAGR) of 23.0%. This projected growth during the forecast period can be credited to factors such as the enhancement of marine border patrols, swift industrial advancements, a rising demand for industrial automation, a surge in foreign investments, and an escalation in the exchange of UAV-related technologies. Significant trends expected during this forecast period consist of technological progressions, product innovations, mounting utilization for aerial remote sensing duties, emerging commercial applications for UAVs, and a surge in R&D efforts towards newer and more advanced technology.
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What Are the Main Growth Drivers in the Commercial UAV Market Today?
Advancements in automation are anticipated to fuel the expansion of the commercial UAV market in the future. Automation alludes to technology, systems, or procedures implemented to complete tasks with minor human control. The primary objective is to enhance operations, boost efficiency, mitigate mistakes, and magnify productivity across multiple sectors and applications. UAVs can trace predetermined flight routes using GPS waypoints thanks to automation, which is extremely beneficial for surveying, mapping, and observing vast regions with reduced human involvement. For example, Verizon Communications Inc., a US-based telecommunication organization, stated in March 2023 that retailers expect a sharp rise in automated operations and predict that by 2025, up to 70% of routine tasks will be either partially or entirely automated. The employment of AI anticipated to increase ninefold by 2025 to refine operations. Consequently, heightened automation is a significant factor propelling the commercial UAV market's growth.
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Which Commercial UAV Market Segment Is Expected to Lead Through 2029?
The commercial uav market covered in this report is segmented -
1) By Type: Fixed Wing Drones, Rotary Wing Drones, Hybrid Drones
2) By Weight:
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