Development in FPV Systems to Drive Demand for Racing Drones
Over the past one and a half decades, drones have evolved from laboratory experiments to flying vehicles that are available at brick & mortar and online stores. Technological advancements have paved the way for use of intricate components and parts that have significantly improved the stability and control of modern-day drones. Furthermore, progress in the battery technology has played an imperative role in the development of current generation of drones. In the current scenario, drones have a broad range of applications, including aerial photography, disaster management, precision agriculture, geographic mapping, and weather forecast. More recently, the dwindling prices of first-person view (FPV) systems have led to a significant rise in the number of drone hobbyists across the globe.
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The meteoric rise in the number of casual drone users, along with notable advancements in the drone technology has led to significant demand for racing drones in the past few years – a trend that is expected to continue during the forecast period. In addition, the inception of multiple drone racing leagues across the world is likely to provide a significant boost to the racing drones market in the near future. Thus, despite being at a relatively nascent stage, the racing drones market is poised to grow at a staggering pace during the forecast period (2019-2027).
Manufacturers of Racing Drones Focus on Aerodynamic Optimization
The racing drones market, which is expected to reach a market value of ~US$ 237 Mn in 2020 is projected to witness three-fold growth during the forecast period to reach a market value of ~US$ 786 Mn by 2027. At present, multi-rotor drones that are currently deployed for drone racing have not updated, in terms of technology, and have tremendous room for improvement. Stakeholders in the racing drones market have recognized the same and have stepped up their effort toward the development of highly advanced and cutting-edge drones with improved capabilities.
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Racing drone manufacturers are expected to focus on the aerodynamics of racing drones to optimize the power required during flights by minimizing drag force. Moreover, racing drone manufacturers are focusing on reducing the drag force to improve the maneuverability of their racing drones. Furthermore, commercial racing drone manufacturers are investing significant amount of resources on aerodynamic optimization by leveraging computational fluid dynamics and wind tunnel testing. Considering the projected growth for the racing drone market, drone racing teams are likely to allocate a significant amount of funds in research and testing to improve the functionalities of their drones.
Inception of Drone Racing League to Accelerate Market Growth
Witnessing the growing interest in drone racing, the first-of-its-kind Drone Racing League was founded in 2015. The inception of the league is expected to play a critical role in the development of the drone racing market in the coming years. The Drone Racing League, which is currently in its fourth season, is held across multiple locations around the world, including Germany, France, and the U.S. With significant improvements in the FPV technology, availability of a plethora of FPV goggles, and consistent developments to widen the field of view (FOV), the racing drones market has witnessed significant growth.
Organizers of the drone racing leagues are continually introducing innovative drone racing circuits that are expected to encourage and drive innovations in the racing drones market. For instance, the Drone Racing League launched an Artificial Intelligence Robotic Racing (AIRR) Circuit, a drone racing series, wherein university students and tech-geeks are invited to develop an AI framework that will enables the racing drones to fly through racing league circuits without human intervention.
Moreover, due to the growing popularity of FPV racing as a competitive sport, organizations, such as the Drone Racing League and the U.S. Drone Racing Association, have been established.
The racing drones market is entering an era wherein investments are growing at an impressive rate, as companies, including Pepsi, GoPro, and Ernst & Young, are associating with racing drone events as corporate sponsors. Moreover, drone racing episodes were recently aired on the Discovery and Science Channels, which, in turn, is expected to improve awareness pertaining to drone racing.
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Racing Drones Market: Overview
- According to Transparency Market Research’s latest research report on the global racing drones market for the historical period of 2017-2018 and the forecast period of 2019-2027, growing popularity of drone racing across the globe and introduction of highly advanced racing drones by a large number of well-established as well as emerging market players are expected to boost the global market during the forecast period
- In terms of revenue, the racing drones market is estimated to reach value of ~US$ 786 Mn by 2027, expanding at a CAGR of ~19 % during the forecast period
- In terms of volume, the racing drones market is projected to reach ~14,497 units by 2027, expanding at a CAGR of ~19% during the forecast period
Growing Popularity of FPV (First-person View) Drone Racing Sport Events Worldwide: A Key Driver
- A racing drone is a small quadcopter unmanned aerial vehicle that is designed for drone racing events. Popularity of drone racing as a competitive sport is growing all over the world. The sport is being rapidly commercialized by racing organizations, including International Drone Racing Association, Inc. and US Drone Racing Association.
- Growing popularity of drone racing can be attributed to the increasing number of competitions and events such as the Drone Racing League, MultiGP Drone Racing, and Drone Racing World Cup. In 2018, a drone pilot called Rudi Browning won US$ 24,000 in the World Drone Racing Championship.
- Growing popularity of drone racing across the world is boosting the demand for racing drones
- Increase in the number of competitions and events pertaining to racing drones is expected to have a significant positive impact on the racing drones market during the forecast period
New Product Launches: A Latest Trend in Global Market
- Popularity of first-person view drone racing is growing constantly. This, in turn, is driving the demand for racing drones all over the world. In order to meet this increasing demand, several drone manufacturers are developing new racing drones with advanced features.
- In August 2019, the Drone Racing League, a professional drone racing league, announced the launch of a new racing drone named ‘DRL Racer4’. These drones can speed up from 0 MPH to 90 MPH in less than one second.
- In October 2019, the Drone Racing League announced the launch of a fully autonomous racing drone called ‘RacerAI’
- Several prominent manufacturers are also entering the racing drones market. In July 2019, DJI launched a first-person view racing drone system that comprised air units, goggles, and remote controls.
Complexity in Making DIY Racing Drones: A Major Challenge for Global Market
- Racing drones come in different types or setups i.e. ready-to-fly drones (drones that do not require additional assembly), bind-and-fly drones (drones without controllers), and do-it-yourself (DIY) drones. This also allows the user to gather all drone components and create a customized racing drone.
- Making a customized racing drone by handpicking and combining all components involves a lot of complexities and time, owing to the requirement for multiple types of components such as a battery, camera, drone frame, motor, and other accessories. On the contrary, ready-to-fly racing drones can be used directly, without wasting any time on assembling.
- Moreover, ready-to-fly racing drones pose a serious threat to DIY racing drones, especially if they are being built by an amateur who does not have any knowledge of drone making
- Complexity in making DIY racing drones is projected to have a low impact on the racing drones market during the forecast period, owing to the availability of other types of drones
Racing Drones Market: Competition Landscape
- Detailed profiles of providers of racing drones have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Racing drones is a new and evolving market, owing to the introduction of FPV drone racing events across the world. Drone racing is well established in regions such as North America and Europe. However, as for the Asia Pacific region, it is still a new concept and is being adopted at a rapid rate.
- Players, such as
- YINYAN Model Tech MFT.
- Tian Yu Hi-tech Co. Ltd
- hold a prominent share of the racing drones market. Furthermore, these players offer a wide range of racing drones and their components. They provide products across the world through established distributor networks.
Racing Drones Market: Key Developments
- Well-established players strive to gain a competitive edge by developing new and technologically advanced products to attract more customers
- In July 2019, DJI launched the FPV digital system for use in racing drones. The system includes a camera, goggles, air unit modules, and a remote control.
- In 2018, UVify Inc. launched a new racing drone called ‘Oori’ at CES–2018, a trade show organized by the Consumer Technology Association in the U.S. The drone is used for both indoor and outdoor racing. Moreover, the new product can be operated at the speed of 50 MPH, which can be increased to 60 MPH.
- In the report on the racing drones market, we have discussed individual strategies, followed by company profiles of providers of racing drones. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the racing drones market.