Commercial Drone Market is Projected To Grow Over $2 Billion By 2022by Jasmine Walker Market Research Analyst
Global Commercial Drone Market size is estimated to reach USD 2,069.6 million by 2022, as per a new research report by HexaResearch. Increasing application of these machines in various industry sectors such as military, agriculture and energy among others is expected to drive industry demand. Growing investments in industrialized markets for technology innovation and commercialization is likely to provide opportunities for future applications in the commercial drones market.
Drones are being increasingly used for commercial purposes such as delivering products to customers without hiring a driver. For instance, Dominos adopted these machines in order to deliver food items. In addition, solar powered drones with five years airborne capacity are increasingly used as mobile access points to provide internet access in remote areas. Media and entertainment industries are expected to fuel the demand considerably owing to its small size and flying capability. These machines are also used in real estate industry to capture aerial shots of the infrastructure.
Rotary blade accounted for over 75% of the overall industry share in 2014. It is expected to dominate the industry due to its fixed position hovering and multi-directional flying capability. Nano drone was valued at USD 38.7 million in 2014 and is projected to witness highest growth rate over the forecast period. This spur can be addressed to its portability and efficient application in security and photography activities
Event organizers are increasingly using drones for safety and proper crowd management. Growing usage in law enforcement activities is projected to fuel the demand. It is mainly used to gather evidence and also investigate crime scenes by capturing high definition videos as well as photos.
Strict government norms regarding safety and privacy concerns are anticipated to hinder the industry growth. Scarcity of trained pilots in the industry owing to lack of training and career opportunities pose as a key challenge to the industry demand. Commercial drones are anticipated to witness significant growth opportunities due to increasing demand from agriculture industry for crop management to augment yields.
Key report insights suggest:
- Global commercial (UAV) drone market was valued at USD 552.0 million in 2014 and it is likely to reach USD 2,069.6 million by 2022 growing with an estimated CAGR of 16.9% from 2015 to 2020.
- North America captured majority of the market share and dominated the regional demand owing to high production and increasing applications in commercial sectors. Asia Pacific was valued at USD 117.8 million in 2014. The region is expected to witness significant growth due to prominent use of drones for agricultural purposes.
- Agriculture accounted for 24.13% of the overall industry share in 2014. It is projected to be valued at USD 557.8 by 2022 owing to crop monitoring activity for enhancing yield. Government sector was value at USD 245.4 million in 2014. It is likely to reach USD 846.1 million by 2022 growing at a CAGR of 15.6 % from 2015 to 2022 over the forecast period.
- The commercial drone industry consists of top three participants occupying majority of the industry share. DJI Innovations dominated the industry with over 43% share in 2014. Key industry players encapsulate Parrot SA and AeroVironment Inc among others.
Created on Nov 24th 2017 02:09. Viewed 231 times.