Industry Overview
Global commercial drone market size is projected to exceed USD 2000 million by 2022, growing at a CAGR of over 16% from 2015 to 2022. Flourishing implementations of the machines among various industry sectors is projected to drive the demand. Large number of countries are now investing in these drones, driving scope for various future applications.
Advent of hybrid drone, operating on non-conventional energy sources along with small miniature and nano drone are likely to elevate the industry demand. Drone operating on solar power find its significance in numerous sectors namely surveillance, mapping and disaster management. Economies such as U.S. and China are making huge investments in the research and development of hypersonic drone owing to its high flight speed.
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Product Overview
Rotary blade was the foremost product segment in 2014 and it is anticipated to exceed USD 1570 million by 2022, growing at a CAGR of over 16.5% from 2015 to 2022. This growth can be attributed to multi directional flying ability along with fixed position hovering property. Nano segment is estimated to witness highest growth. It accounted for over 7% of the overall market share in 2014. It is projected to be valued over USD 145 million by 2022, growing at a CAGR of over 17% from 2015 to 2022. The surge in the segment can be addressed to portability and effective implementation in security and aerial photography activities.
Application Overview
Agriculture sector was valued over USD 130 million in 2014 and is forecasted to achieve highest growth rate, likely to go beyond USD 555 million by 2022, growing at a CAGR of over 18% up to 2022. Increase in crop yield due to crop monitoring is anticipated to drive the industry. Government sector held the highest share and accounted for over 40% in 2014. It is projected to dominate the market over the forecast period. It is expected be to valued around USD 840 million by 2022, growing at CAGR of over 15% from 2015 to 2022 owing to growing significance in scientific research, rescue missions and mapping.
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Regional Overview
North America commercial drone market was the largest region in 2014 and it accounted for over 55% of the overall industry share. It is estimated to exceed USD 1000 million by 2022, growing at a CAGR of over 15% from 2015 to 2022. The regional surge can be attributed to increasing applications and high production in commercial sectors.
Asia pacific UVA drone market is anticipated to witness highest growth. It was valued over USD 110 million in 2014 and is
likely to hit USD 470 million by 2022 growing at a CAGR of over 17% from 2015 to 2022. The boost in demand can be addressed to increasing use of drone for agricultural purposes.
Competitive Market Share
The global commercial drone market is highly consolidated by top three industry players accounting for more than 70% of the overall industry share in 2014. Parrot SA is projected to gain significant market share due to exclusive and highly developed products offered namely, advanced parrot bebop drone and AR.Drone 2.0. Other key industry participants include DJI Innovations and AeroVironment among others.
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