Commercial Drones Market Expected to Reach $10,738 Million by 2022
PORTLAND, Oregon and PUNE, India, June 1, 2018 /PRNewswire/ --
A new report published by Allied Market Research, projects that the global Commercial Drones Market was valued at $2,145 million in 2015, and is projected to reach $10,738 million by 2022, growing at a CAGR of 26.2% from 2016 to 2022.
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Aircrafts that have the capability of autonomous flight with the help of an embedded program, and can be remotely operated from ground by a pilot are called as drones. Commercial drones are unmanned aerial aircrafts that are designed for commercial applications such as risk mitigation, resource planning, research & excavation, urban planning, engineering, farming management, tourism, aerial imaging, LiDAR applications, cargo management, weather monitoring, traffic control, green mapping, and others. The report includes the study of global commercial drone market with respect to three types of products including fixed wing drones, rotary blade drones, and hybrid drones.
The commercial drone market growth is driven by factors such as technological innovation in cameras & sensors and upsurge in application areas of drones. However, factors such as stringent government regulations regarding security & privacy and use of satellite imagery as a substitute to these drones are anticipated to hamper the commercial drone market growth during the forecast period. Increased application areas for commercial drones among various industry verticals and increased market for smartphones is expected to create lucrative opportunities for the commercial drone industry.
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In 2014, the rotary blade segment dominated the global commercial drone market with around 71% share. This is attributed to evolution in imaging and sensory capabilities and development of smart cameras and new interfaces. Furthermore, the hybrid drones segment is projected to witness the highest CAGR of 29.6% during the forecast period, as hybrid drones possess the capabilities of both rotary and fixed wing drones.
In 2014, the agriculture & environment segment dominated the global market with around 28% share, followed by construction & archaeology. Furthermore, the construction & archaeology segment is projected to grow at the highest CAGR of 29.4% from 2016 to 2022, owing to increase in the need for surveillance of sites, map building, monitoring, project estimation, detailed topographic models, 3D modeling, and reconstruction services.
The commercial drones market is categorized into four regions, namely North America, Europe, Asia-Pacific, and LAMEA. North America was the highest revenue contributor to the global market in 2014, accounting for around 39% share. The Asia-Pacific commercial drones market is projected to grow at the highest CAGR of 29.6% during the forecast period on account of the growing market for the media and entertainment industry, precision agriculture, construction sector, and others in countries such as India, China, Japan, and Australia.
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The report features a competitive scenario of the global commercial drones market, and provides comprehensive analysis of key growth strategies adopted by major players. Some of the key players operating in the industry are SZ DJI Technology Co., Ltd., Parrot SA, 3D Robotics, Inc., Leptron Unmanned Aircraft Systems, Inc., PrecisionHawk Inc., Yuneec International Co. Ltd., Aeryon Labs Inc., AeroVironment, Inc., Trimble Navigation Ltd., and Insitu Inc.
Key Findings of the Commercial Drones Market:
- The rotary blade segment dominated the global commercial drones market in 2014.
- The hybrid drones segment is expected to grow at the highest CAGR of 28.3% from 2016 to 2022.
- The construction & archeology segment is anticipated to present significant growth opportunities for key players operating in the global market.
- North America dominated the global market in terms of market size, while Asia-Pacific is estimated to grow at a significant growth rate during the forecast period.
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