The global commercial UAV (unmanned aerial vehicle) size is expected to reach USD 475.23 billion by 2028 according to a new study by Polaris Market Research. The report “Commercial UAV (Unmanned Aerial Vehicle) Market Share, Size, Trends & Industry Analysis Report By Type (Rotary Blade UAV, Fixed Wing UAV); By End-Use (Agriculture, Energy & Public Utilities, Construction, Media & Entertainment, Government); By Region; Segment Forecast, 2021 - 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The increasing applications of commercial UAVs in industries such as agriculture, media & entertainment, and mining have boosted the growth of the market. Use of UAVs in performing high-risk tasks further support the growth of this market. Additionally, the technological innovation in the market in terms of miniaturization & improvement of components further boosts the adoption of commercial UAVs.
Increasing investments by vendors in technological advancements coupled with decreasing prices of components would reduce the overall cost of UAVs in the coming years, further supporting the market growth. 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 in the coming years.
The adoption of commercial UAVs is rising at a significant rate worldwide. UAVs provide high-resolution imagery capable of monitoring and verifying applications in various sectors including civil engineering & construction, government, defense & intelligence, agriculture & forestry, transportation, real estate, and others. Varied applications of commercial UAVs include topographic mapping, infrastructure planning, exploration of new energy sources, mitigation of the impact of disasters, and monitoring drilling projects in the oil & gas industry.
Also, commercial UAVs assist in monitoring vegetation, green mapping, vegetation damage due to leaching, traffic management, tracking of the fleet, and others. In the real estate industry, commercial UAVs are used for an enhanced view of buildings and properties, and in the insurance sector for accessing environmental risk through accurate and updated geographical data.
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North America generated the highest revenue in the market in 2020 and is expected to lead the global market throughout the forecast period. The increasing applications in the commercial sectors have increased the demand for commercial UAVs in the region. The increasing demand from agriculture, and media & entertainment sectors further boosts the market growth.
Local players are introducing low-cost commercial UAVs with high performance. Numerous key players have adopted partnership and expansion strategies to increase their market share in commercial UAV markets in the region. Asia-Pacific is expected to grow at the highest CAGR during the forecast period.
The different end-users in the commercial UAV market include agriculture, energy and public utilities, construction, media and entertainment, government, and others. In 2020, the government segment accounted for the highest market share. The government sector majorly uses commercial UAVs for security and law enforcement.
Unmanned aerial vehicles are equipped with optical, zoom, and thermal cameras for surveillance and acquiring evidence. Other applications of commercial UAVs in this sector include search and rescue, traffic collision reconstruction, investigating suspects, crime scene analysis, crowd monitoring, and others.
The well-known companies profiled in the report 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 companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.