Global commercial drone market accounted at $1,002 million in 2016 and is expected to reach a market size of $3,551 Million by 2024, with growing at a CAGR of 17.5% during the forecast period. The government sector was the highest revenue generating market in 2016.
Unmanned aerial vehicles (UAV) are usually known as Drones. UAV’s can be operated by an onboard or ground based control unit. Remote controlling is key features of drones and can be used in variety of applications such as, government, media & entertainment, and security. Traditionally UAV’s were used for specifically military purposes. However, technological advancement and reduction in per unit cost of drone promoted its application in various sector and boosted the global commercial drones market.
Market Dynamics
Versatile nature of UAV and wide range of applications in diverse fields such aerial photography and safety & surveillance are key factors boosting the growth of commercial drones market across the globe. The enhanced quality of captured images & videos is also one of the major factors influencing the growth of global drones market. However, the security breaches by UAV’s and government regulations regarding the drone usage are some of the factors which are expected to restrain the market for further growth. Ascending trend for high-quality video and image resolution capability of commercial drones is supposed to drive the market in future. Evolving services like inspecting power lines and pipelines, counting wildlife, delivering medical supplies to remote or otherwise inaccessible regions will be the future opportunities for the Commercial Drone Market.
Competitive Landscape
The market is identified by its growth stage and presence of new emerging vendors. The market is expected to grow exponentially with booming CAGR. New technological innovations is the key strategy adopted by the market leaders to expand their reach into the market. For instance, SZ DJI Technology Co., Ltd improved its security measure with new software on August 2017.
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Market Segmentation
Commercial drones market is segmented on the basis of Type, Application, and Region. By type, global commercial drones market is further segmented on fixed wing drones, Rotary blade drones, Nano drones, and Hybrid drones. Rotary blade drone type is found to be the leading revenue generator, earning revenue of approx. $591 Million in 2016. Applications of the commercial drones are further segmented into Agriculture, Energy Sector, Government sector, Media and Entertainment, and others. The global commercial drones market is divided into North America, Europe, Asia- Pacific, and Rest of the world on the basis of geography. North America is expected to be the leading market in terms of revenue and growing CAGR of 16.8 % during the forecasted period of 2016-2024. Key Market Players are, SC DJI Innovations Co, Ltd., Yuneec, Parrot SA., Aerovironment Inc.,Ehang, Aeryon Labs, Inc., Airware, Sensefly, 3D Robotics and INSITU.
The market is segmented on the basis of Type, Application, component and Geography.
By Type
Rotary blade drones
Fixed wing drones
Hybrid drones
Nano drones
By Application
Energy Sector
Agriculture
Media & Entertainment
Government
Others
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By Geography
North America
U.S.
Canada
Mexico
Europe
U.K.
Germany
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Rest of APAC
Rest of World
Latin America
Middle East
Africa
Key Players
3D ROBOTICS, INC.
AEROVIRONMENT, INC.
AERYON LABS INC.
AIRWARE
EHANG
INSITU INC.
PARROT SA
SENSEFLY SA
YUNEEC INTERNATIONAL CO. LTD.
SZ DJI TECHNOLOGY CO., LTD.
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