As per a recent industry report put forward by Global Market Insights Inc., Commercial Drone Market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 17 billion by 2024 with a projected CAGR of 25% over 2018-2024.
The increasing application of the drones for the commercial purposes is anticipated to be one of the major factor driving the commercial drone market growth. Since the advent of commercial UAVs, they have been utilized for video and photography. However, due to the relaxation by regulatory bodies such as U.S. Federal Aviation Administration (FAA) and European Aviation Safety Agency (EASA) on the use of drones for commercial drones, their adoption among the different industry sectors, such as agriculture, real estate, architecture & construction, delivery and media has increased rapidly.
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Agriculture sector is the most lucrative market for commercial drone market space. As the benefits of drones are becoming more apparent to farmers, their adoption is increasing for different agricultural applications to facilitate higher precision and consistency. The relatively low price of the UAVs with advanced imaging capabilities and sensors are enabling farmers to increase their yields and reduce cost of production. Players operating in the agriculture and digital farming market are developing modern agriculture focused drones with sophisticated precision and accuracy. For instance, in February 2017, Drone AG, a drone-assisted precision farming firm, entered into a partnership with Aerobotics, a South African data analytics firm, to provide weather-proof agricultural drones along with a cloud-based farm management software. These drones use high-end DJI components and can quickly cover large areas even in adverse weather situations.
Citing yet another instance of the technological advancement in the commercial drone market, it has been reported that scientists in the UK have successfully grown the world’s first crop of barley by deploying drones. Apparently, the project was named as Hands Free Hectare, given that researchers automated agricultural machines by using drone technology and no agronomists set foot in the land utilized to grow the crop. Moreover, an autopilot drone was used to get the tractors working for seeding, harvesting, and monitoring purposes. Considering the aforementioned instances which highlight the inventive usage of drones, the prospective growth of commercial drone market undoubtedly looks promising.
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Some of the prominent vendors of the commercial drone market are Parrot, DJI, 3D Robotics, Yuneec International, AeroVironment, PrecisionHawk, Bae Systems, Airobotics, Airware, DroneDeploy, senseFly, Cyberhawk, Hoverfly Technologies, Ehang Inc, and Intel Corporation. Market players are adopting several strategies such as merger and acquisition, partnership & collaboration, customization, and geographical expansion to increase their market share. For instance, DJI completed the acquisition of the Hasselblad, a Sweden based camera company, with the sole purpose to strengthen its position in the commercial drone market space.
Glimpse of Table of Content (ToC)
Chapter 3. Commercial Drone Market Insights
3.2. Industry segmentation
3.3. Industry landscape, 2013 – 2024
3.4. Industry ecosystem analysis
3.5. Market evolution
3.6. Market news
3.7. Commercial drone regulations
3.7.12. South Korea
3.7.18. South Africa
3.8. Pricing analysis
3.9. Technology & innovation landscape
3.9.1. AI in drones
3.9.2. Nano & Mini drones
3.9.3. 3D printing of drones
3.9.4. Cloud computing-based services
3.9.5. Advanced material in manufacturing of drones
3.9.6. Drones taxies or passenger drones
3.9.7. IoT drones
3.10. Commercial drone use cases
3.10.2. Photography & Filming
3.10.4. Real estate
3.11. Industry impact forces
3.11.1. Growth drivers
126.96.36.199. Venture capital investment in drone technology
188.8.131.52. Increasing use cased of drones in civil applications
184.108.40.206. Increasing affordability and accessibility of drones
220.127.116.11. Advancement in design and integrated data intelligence
18.104.22.168. Strong Chinese market and growing demand from developing economies
3.11.2. Industry pitfalls & challenges
22.214.171.124. Stringent government regulations
126.96.36.199. Security & privacy issues
3.12. Growth potential analysis
3.13. Porter’s analysis
3.14. PESTEL analysis
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