Commercial UAV Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
A commercial UAV (unmanned aerial vehicle) is an aircraft designed for business and industrial purposes. These aircraft are remotely controlled from the ground by trained and professional pilots and are well-equipped to handle complex tasks. They are employed to improve operational efficiencies, streamline operational procedures, and conserve resources like time and money.

Sizing and Forecast
The commercial UAV market size has grown exponentially in recent years. It will grow from $12.06 billion in 2023 to $14.91 billion in 2024 at a compound annual growth rate (CAGR) of 23.6%.  The growth in the historic period can be attributed to wide-scale use in civil and commercial applications, the growing number of applications, the rise in the use of UAVs for the military, the rise in government investment, and the need for safe and accurate inspection and monitoring.

The commercial UAV market size is expected to see exponential growth in the next few years. It will grow to $34.44 billion in 2028 at a compound annual growth rate (CAGR) of 23.3%.  The growth in the forecast period can be attributed to rise in advanced patrolling of marine borders, rapid industrial developments, increased the demand for automation in various industries, increased foreign investments, increased transfer of technologies related to UAV platforms. Major trends in the forecast period include technological advancements, product innovations, increased deployment to carry out aerial remote sensing, emerging applications of UAVs in the commercial sector, rise in R&D for new and advanced technology.

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Segmentation & Regional Insights
The commercial UAV market covered in this report is segmented –

1) By Type : Fixed Wing Drones, Rotary Wing Drones, Hybrid Drones
2) By Weight: <2 kg, 2kg – 25 kg, 25kg – 150 kg, 150kg
3) By Application : Agriculture, Retail, Energy, Media and Entertainment, Construction, Government

North America was the largest region in the commercial UAV market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the commercial UAV market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The increasing automation is expected to propel the growth of the commercial UAV market going forward. Automation refers to the use of technology, systems, or processes to perform tasks with minimal human intervention. The goal of automation is to streamline operations, increase efficiency, reduce errors, and enhance overall productivity in various industries and applications. Automation enables UAVs to follow predefined flight paths using GPS waypoints. This is particularly useful for surveying, mapping, and monitoring large areas without direct human intervention. For instance, in March 2023, according to Verizon Communications Inc., a US-based telecommunications company, retailers anticipate a significant increase in automation and expect up to 70% of routine tasks will be partially or fully automated by 2025. The use of AI to improve operations is projected to increase 9x by 2025. Therefore, the increasing automation is driving the growth of the commercial UAV market.

Key Industry Players
Major companies operating in the commercial UAV market are Raytheon Technologies, The Boeing Company, Intel Corporation, General Dynamics Corporation, Northrop Grumman, BAE Systems plc, Textron Inc., Turkish Aerospace Industries Inc., SAIC Inc., Elbit Systems Ltd., Israel Aerospace Industries, DJI Innovations, General Atomics Aeronautical Systems, Yuneec Holding Ltd., AeroVironment Inc., Aurora Flight, Insitu, Parrot Drones, Parrot SA , DroneDeploy, Skydio, Autel Robotics, Airobotics, PrecisionHawk, 3D Robotics, Aeryon Labs, Draganfly Innovations Inc., Ehang Holdings Limited, Aeronavics, Challis Heliplane UAV Inc., Prox Dynamics AS

The commercial uav market report table of contents includes:

1. Executive Summary
2. Commercial UAV Market Characteristics
3. Commercial UAV Market Trends And Strategies
4. Commercial UAV Market - Macro Economic Scenario
5. Global Commercial UAV Market Size and Growth
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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