Global Commercial Drones Market Expected To Grow To $2.23 Billion In 2027
FinancialNewsMedia.com News Commentary
PALM BEACH, Fla., Jan. 31, 2023 /PRNewswire/ -- The commercial drone market consists of sales of commercial drones for surveying, mapping, imaging, and search and rescue purposes. Commercial drone refers to unmanned aerial vehicles that are used for industrial and business purposes. These multi-functional flying devices are used by entities to collect and consolidate data and conduct safety and security checks and inspections. The main types of commercial drones are fixed-wing drones, rotary-blade drones, and hybrid drones. A fixed-wing drone is a plane that doesn't have a human pilot on board. Fixed-wing UAVs can be commanded remotely by a human or autonomously by onboard systems. The different technologies include remotely operated, semi-autonomous, autonomous, and are used in agriculture and the environment, media and entertainment, energy, government, construction, and archaeology, among others. A recent report from The Business Research Company predicted that the global commercial drones market size will grow from $1.69 billion in 2022 to $1.8 billion in 2023 at a compound annual growth rate (CAGR) of 6.6% and the global commercial drones market size is expected to grow to $2.23 billion in 2027 at a CAGR of 5.5%. Active companies in the markets this week include: Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO), Ambarella, Inc. (NASDAQ: AMBA), Joby Aviation, Inc. (NYSE: JOBY), AgEagle Aerial Systems Inc. (NYSE: UAVS), Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS).
The report said: "Commercial drones are being considered by companies that have last-mile delivery as their main business process. The drones will help reduce the cost per delivery and delivery time, thus increasing profits. increasing the growth of the commercial drone market. According to a McKinsey report, if companies save 40% of their delivery costs using drones, then they will enjoy a 15%–20% increase in their profit margin and a 15-20% decrease in their product or service prices. North America was the largest region in commercial drones market in 2022. North America is expected to be the fastest-growing region in the global commercial drones market during the forecast period."
Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) BREAKING NEWS: Draganfly Signs Strategic Agreement for the Development of Manufacturing and Distribution of Drones for Indian Market - Draganfly Inc. (FSE: 3U8) ("Draganfly" or the "Company"), an award-winning, industry-leading drone solutions and systems developer, is pleased to announce that Remote Sensing Instruments ("RSI"), a longstanding Geospatial Technology company in India working in the field of Remote Sensing and Geographic Information System ("GIS"), has entered into a strategic agreement with Draganfly for the development of manufacturing, distribution, and sales of Draganfly products in India.
The agreement includes the requirements for manufacturing the Draganfly drones in India under AatmaNirbhar Bharat (Made in India).
RSI is a leading provider of geospatial informational data analysis products, services, and analytics, focusing on satellite and drone-sourced data in the South Asian markets. RSI's business in the information services sector encompasses market and project development of manufacturing and sales infrastructure, technical support and training for numerous GIS and Remote Sensing Services, products, and custom application development.
"It is significant for Draganfly to have been pulled into one of the largest, if not the largest, drone markets in the world. The opportunity to be manufacturing and distributing in the Indian market provides a potential scale for us that is years ahead of schedule from what was initially thought possible," said Cameron Chell, President, and CEO of Draganfly.
According to the IMARC Group, India's drone market is expected to grow at a CAGR of 10.23% between 2023 and 2028. Favorable government regulations by the Government of India enabling commercial usage of drones are resulting in a more liberal and conducive market for drones, thereby creating lucrative growth opportunities in the market.
"RSI is thrilled to be entering into a strategic agreement with Draganfly tohelp us bring their drones into the Indian market. This agreement will enable us to expand our distribution and manufacturing capabilities, furthering our investment in the Indian market under AatmaNirbhar Bharat," said Ramana Kumar Buragadda, CEO of RSI. "This marks a major milestone for RSI. The UAV market in India is growing day-on-day, and RSI being a front runner in getting the right technology into the country, found the right partner and right time to enter the Indian Market. It gives us immense pleasure to contribute our tiny part into the self-reliant vision of Prime Minister Modi in making India the Manufacturing hub of the world. Draganfly's Decades of research and experience in UAV Industry makes Draganfly a most reliable UAV solution provider for India. Draganfly is an industry leader in drone innovations and their collaborative approach is uniquely complementary to RSI." CONTINUED… Read this full press release and more news for Draganfly at: https://investor.draganfly.com/press-release/
Other recent developments in the markets of note include
Ambarella, Inc. (NASDAQ: AMBA) and Kodiak Robotics, Inc., a leading self-driving trucking company, recently announced a partnership with Ambarella, Inc., an edge AI semiconductor company, to integrate Ambarella's CV2AQ AI perception system-on-chip (SoC) into its self-driving trucks for all camera data processing. To kick off the partnership publicly, Kodiak will exhibit one of its self-driving trucks at Ambarella's demo event in Las Vegas during the 2023 Consumer Electronics Show (CES).
"Our focus on building the world's safest and most reliable self-driving trucks requires us to seek out the best partners," said Don Burnette, Founder and CEO, Kodiak. "Ambarella's track record in building some of the market's most advanced processors makes it an ideal partner for Kodiak. Ambarella's focus on ADAS and autonomous technologies aligns our roadmaps even more closely. Lastly, Ambarella's proven supply chain adds the confidence that its technology will be available to us when we need it."
Joby Aviation, Inc. (NYSE: JOBY), a company developing all-electric aircraft for commercial passenger service, recently announced the completion of its second of four System Reviews required by the Federal Aviation Administration ("FAA") as part of the Company's aircraft type certification program.
The successful completion of the in-person, multi-day audit by the FAA last week at Joby's facilities in Marina, California, demonstrates the Company's continued leadership on the path to certifying its revolutionary electric vertical take-off and landing (eVTOL) aircraft.
AgEagle Aerial Systems Inc. (NYSE American: UAVS), an industry-leading provider of full stack flight hardware, sensors and software for commercial and government/defense use, recently announced its introduction of the new eBee™ VISION, a small, fixed-wing unmanned aerial system ("UAS") designed to provide real-time, enhanced situational awareness for critical Intelligence, Surveillance and Reconnaissance ("ISR") missions.
Scheduled for global commercial release in 2023, the eBee VISION delivers high resolution, medium-range video imagery made possible by its 32x zoom and powerful thermal observation capabilities. Its sensor payloads are capable of detecting, tracking and geo-locating objects in both day and night conditions. Offering up to 90 minutes of flight time and the same ease-of-use that has earned AgEagle's eBee line of drones industry distinction, the eBee VISION can be deployed and operated by a single person.
Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS), a leading National Security Solutions provider, recently announced that it has recently received an approximate $13 million potential value, Single Award Contract for electronic warfare related system products and solutions. The contract is expected to be incrementally funded over the relative periods of performance. Kratos is a technology company in the National Security and commercial market areas, providing hardware, products, systems and solutions for hypersonics, ballistic missile defense, space and satellite communication, engine and propulsion, unmanned aerial drone, cyber warfare and other areas. Work under this program award will be performed at secure Kratos engineering and production facilities. Due to competitive, security related and other considerations, no additional information will be provided related to this contract award.
Yonah Adelman, President of Kratos Microwave Electronic Division (KMED), said, "KMED is a leading technology and product supplier supporting missile, radar, command, control, communications, space, satellite and other systems, and our entire organization is proud to work with this important National Security related customer."
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