Global Commercial Drones Market: Snapshot
Introduction of commercial drones are expected to change our day-to-day working. Drones help in analyzing agriculture fields, provide better and enhanced images and videos, helps us to reach areas and terrains that are not possible to reach, and help in tracking every minute detail from time to time. Therefore, the use of drones have grown largely across the globe, as it can be used in surveillance, aerial photography, and precision agriculture. Moreover, growing popularity of commercial drones and rising awareness of its benefits are also expected to drive the global commercial drones market.
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The global commercial drones market is expected to rise at healthy 13.8% of CAGR during the forecast period between 2017 and 2025. The market is projected to reach a valuation of US$8.8 bn by the end of 2025 progressing from US$2.8 bn earned in 2016.
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Rising Demand for High Resolution Images in Entertainment Industry to Fuel Demand for Aerial Photography
The global commercial drones market is categorized on the basis of types and application. In terms of type, the market is classified into fixed winged drones, multi-rotor drones, hybrid drones, and single rotor drones. Out of these, the demand for multi-rotor drones is high as compared to the other types of drones. Over the forecast period, the demand for this type of drone is likely to increase and could the overall market.
The application of commercial drones is seen in aerial photography, precision agriculture, survey mapping, surveillance, and energy. Among these, aerial photography holds 25% share in the overall market and is likely to dominate the global market during the forecast period. The aerial photography drones are integrated with cameras of high resolutions, their demand is expected to increase in the media and entertainment industry. Moreover, growing demand for high quality images and videos and advantage of recording 4K videos are also expected to drive the demand for aerial drones.
Precision Agriculture to Drive Demand for Commercial Drones in North America
On the basis of geography, the global commercial drones market covers Asia Pacific, Europe, Latin America, the Middle East and Africa, and North America. Out of the regions, North America held maximum share in the global market in 2016. Over the forecast period, this region is likely to dominate the market due to increasing use of commercial drones that are being widely used for precision agriculture mainly in countries like the U.S. In United States commercial drones, helps in monitoring cattle, irrigation equipment, and analyzing harvest that will further augment the demand in the global commercial drones market. Furthermore, increasing crime rate in this region has also boosted the demand for commercial drones that help in surveillance and help in monitoring crime rate in the region.
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The report also provides details about the key players operating in the global commercial drones market. Some of the leading players in the market are Elbit Systems Ltd., Draganfly, Parrot S.A., Aurora Flight, and Lockheed Martin Corporation. Leading players are using different strategies to strengthen their position in the global market.
Favorable Regulatory Outlook Expands the Sky for Commercial Drones Market
Services that employ commercial drones have proliferated in recent years on back of cementing support of regulatory agencies. Profit making companies dot the landscape of commercial drones market. A number of industries in modern businesses are upping the stakes in commercial drone operations. Industries strive to capture higher customer value from utilizing drones in agriculture, construction, chemicals, mining, and public safety. Use cases in agriculture for improving yield has broadened, albeit in relative slow pace. Some of the use cases have been the automated surveillance of vast swathes of fields for identifying potential pests, gathering data and analytics for improving yield, and notably precision farming. The continuum of applications in the commercial drones market continues to touch higher skies.
Covid-19 pandemic has caused unprecedented disruptions on economic activities on one hand and is spurring the emergence of new markets on the other side of the spectrum. The uptick in demand for commercial drone delivery services has caught on attractive impetus in the commercial drones market. Interestingly, the use of commercial drones in making contactless deliveries of essential groceries, food items, toilet paper, and medicine supplies is an emerging arena is attracting industry investments. Drones are redefining the prevalent norm of ‘social distancing’ in the wake of Covid-19. Contactless deliveries at homes during Covid-19 has become the new normal during the pandemic era, and retail brands are quick to bite the bait.
Particularly, in developed and emerging economies, regulatory push for contactless deliveries and surveillance expanded the horizon. Notably numerous drone startups and pioneers of drone service providers such as a subsidiary of Alphabet have been finding new avenues in commercial drones market. In the post Covid-era, drone-delivery partnerships will reach new heights, as new demands for serving institutions and commercial establishments through drone deliveries pick up pace. Currently, government agencies have leveraged the drone technology for surveillance for ensuring the public adheres to health norms specific to Covid-19. They have been successful in mitigating health risk. Commercial drone programs in coming months will likely attract large-scale funding, new players slated to enter the fray in the commercial drones market.
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