The global commercial UAV (Unmanned Aerial Vehicle) market was valued at USD 13.46 billion in 2020 and is expected to grow at a CAGR of 57.3% during the forecast period. Commercial UAV is an autonomous or remotely piloted aircraft used for applications in the commercial sector.
Commercial unmanned aerial vehicles are used in various industries such as agriculture, mining, security and law enforcement, media & entertainment, and energy & public utilities, among others. Insurance companies use unmanned aerial vehicles to inspect damaged assets, while farmers use UAVs to monitor crops and collect soil data.
The different types of commercial unmanned aerial vehicles include rotary UAV, fixed-wing UAV, and others. Rotary drones are used in real estate, journalism, agriculture, and deliveries among other applications. However, these unmanned aerial vehicles offer slower speeds and shorter-range as compared to fixed-wing models. Fixed-wing unmanned aerial vehicles are used for surveys, maintenance operations, long-range sensing, and aerial photography owing to their capability to fly longer hours at decent speeds.
The growing applications of commercial unmanned aerial vehicles in various industries, rising demand of location-based services, and increasing penetration of mobile devices drive the growth of the market. Technological advancements in components such as cameras, mapping software, and others are expected to further support commercial UAV (Unmanned Aerial Vehicle) market growth.
Technological advancement in terms of miniaturization and improvement of components has encouraged established organizations, and small and medium enterprises to invest in commercial unmanned aerial vehicles. Other factors driving the market include increasing demand from diverse industries such as agriculture, energy and utilities, and media & entertainment, and increasing use of unmanned aerial vehicles in high-risk and dangerous tasks.
However, security and privacy concerns are expected to hamper market growth during the forecast period. Growing demand from emerging economies and increasing awareness are factors expected to provide numerous growth opportunities for the commercial UAV (Unmanned Aerial Vehicle) market in the coming years.
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The global commercial unmanned aerial vehicles market is segmented on the basis of type, end-user, and region. Based on type, the market is segmented into rotary blade unmanned aerial vehicles, fixed-wing UAV, and others. On the basis of end-user, the market is segmented into agriculture, energy and public utilities, construction, media and entertainment, government, and others.
This report comprises a detailed geographic distribution of the market across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is further segmented into U.S., Canada, and Mexico. Europe is divided into Germany, the UK, Italy, France, and the Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, and the Rest of Asia-Pacific. North America accounted for the largest share in the global commercial UAV (unmanned aerial vehicle) market in 2020.
The leading players in the market include Parrot SA, SAIC, Israel Aerospace Industries, Elbit Systems Ltd., DJI Innovations, BAE Systems PLC, PrecisionHawk Inc., AeroVironment, Inc., Aeryon Labs Inc., 3D Robotics Inc., Aurora Flight, and Denel Dynamics among others.
These leading players in the market are introducing innovative products in the market to cater to the consumers. Global players are entering new markets in developing regions to expand their customer base and strengthen their market presence.