FinancialNewsMedia.com News Commentary

PALM BEACH, Fla. , Aug. 29, 2023 /PRNewswire/ -- A drone is a flying device, including a camera and sensor. It is also known as Unmanned Aerial Vehicle (UAV). Different industries are investing in commercial drone technology and paying close attention to expanding their awareness of commercial applications, which is expected to boost the business outlook. Numerous firms are investing in new start-ups through well-funded strategic techniques to address the need for commercial drone portfolios such as advertising & marketing, surveying, air taxis, logistics, surveillance, monitoring, and mapping. The market growth is attributed to the growing demand for commercial drones for cargo and logistic operations. The global COVID-19 pandemic has enabled the market to witness a higher-than anticipated demand across all regions compared to pre-pandemic levels. A recent report from Fortune Business Insights predicted that the global commercial drone market which was valued at USD 8.77 billion in 2022 is projected to grow from USD 10.98 billion in 2023 to USD 54.81 billion by 2030, exhibiting a CAGR of 25.82% during the forecast period.  The report said: "The market experienced a surge in demand as soon as the lockdown was imposed following the spread of COVID-19. The pandemic prompted government agencies to make strenuous efforts to improve hospital infrastructure, basic medical facilities, and health facilities worldwide, simultaneously limiting transportation and movement to avoid spreading the virus further. Recently, numerous industries worldwide have started using drones to perform important operations successfully. Major companies are designing and developing lightweight commercial drones for various commercial applications such as medical emergency transportation, inspection & maintenance, filming & photography, mapping & surveying, surveillance & monitoring, and precision agriculture."    Active companies in the markets this week include: Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO), Amazon.com, Inc. (NASDAQ: AMZN), Alphabet Inc. (NASDAQ: GOOG), Walmart Inc. (NYSE: WMT), Joby Aviation, Inc. (NYSE: JOBY).