Commercial Drones Global Market To Reach Value Of About $6 Billion In 2023
The global commercial drone market is expected to decline from $4.14 billion in 2019 to $3.64 billion in 2020 at a compound annual growth rate (CAGR) of -12.0%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and reach $6.15 billion in 2023 at CAGR of 19.09%.
These multi-functional flying devices are used by entities to collect and consolidate data, conduct safety and security checks and inspection. The commercial drones market mainly comprises of fixed wing drones, rotary blade drones and hybrid wing drones supported by a variety of services and used for a variety of applications.
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The global commercial drones market is further segmented based on type and geography.
By Type: Fixed Wing Drones, Rotary Blade Drones, Hybrid Drones
By Application: Agriculture And Environment, Media And Entertainment, Energy, Government, Construction & Archaeology, Others
By Technology: Remotely Operated, Semi-Autonomous, Autonomous
By Geography: The global commercial drones market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the Asia-Pacific commercial drones market accounts for the largest share in the global commercial drones market.
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Trends In The Commercial Drones Market
Drone leasing is a better offer for most companies seeking to save on drone-related investments. Many entry-level companies that do not have sufficient financial backing can aid themselves with leasing drone-related solutions rather than purchasing them at full price.
Commercial Drones Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides commercial drones market overviews, analyzes and forecasts market size and growth for the global commercial drones market, commercial drones market share, commercial drones market players, commercial drones market segments and geographies, commercial drones market’s leading competitors’ revenues, profiles and market shares. The commercial drones market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.