Our in-depth analysis has segmented global commercial UAV drones market into the following segments:
Global commercial UAV drones market is further classified on the basis of region as follows:
The global commercial UAV drones market is expected to expand at a robust CAGR of 17.8% over the forecast period i.e. 2018-2027. Factor such as, increasing demand of commercial drone services and increase investment regarding commercial drones are anticipated to increase the growth of global commercial UAV drones market over the forecast period.
In the regional market, North America is projected to dominate the overall commercial UAV drones market during the forecast period. Factor such as, increasing awareness regarding the benefits of drones is expected to positively impact the growth of commercial UAV drones market over the forecast period. Moreover, advancement in technology is anticipated significantly for the growth of commercial UAV drones market in North America.
Asia Pacific commercial UAV drones market is anticipated to expand at a robust rate over the upcoming years.Moreover, increasing number of commercial drones for precision agriculture in the region is fostering the growth of global commercial UAV drones market over the forecast period. Europe region is expected to observe outstanding growth in the upcoming years. Increase in the security concerns is anticipated to drive the growth of global commercial UAV drones market over the upcoming years.
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Based on type, commercial UAV drones market is segmented into, fixed-wing drones, VTOL drones and others, further, VTOL drones is sub-segmented into rotary blade drones, Nano drones and hybrid drones, out of which, fixed-wing drones is accounted for the largest market share in overall global commercial UAV drones market over the forecast period.
Factor such as, rising venture funding for various commercial UAV drones across the globe is anticipated to intensify the growth of global commercial UAV drones market over the forecast period. Further, factor such as, rising demand for drone generated data in commercial application is expected to positively drive the growth of the global commercial UAV drones market over the upcoming years.
In addition, factors such as, security & safety concerns and various social problems such as privacy and annoyance concern is anticipated to be the dynamic factor behind the growth of the global commercial UAV drones market over the forecast period.
Apart from this, rising technological advancement and innovation in commercial drones is likely to further strengthen the growth of global commercial UAV drones market over the forecast period. Moreover, integration of artificial intelligence with commercial UAV drones is expected to robust the growth of the global commercial UAV drones market over the forecast period.
However, high cost of equipment and stringent government regulation regarding the operation of drone are some of the key factors which are expected to limit the growth of global commercial UAV drones market over the forecast period.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Abhishek Verma, Hetal Singh