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.
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.
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.
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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.
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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
