Commercial Drone Market Size, Latest Development, Insight Growth and Forecast
The global commercial drone market size is expected to reach USD 8527.41 million by 2027, exhibiting a CAGR of 25.07% during the forecast period. The rising advancement in drone technology with the combination of lighter components, microprocessors, high battery energy, sensors, and lightweight structural materials will create new sales opportunities for the market during the forecast period, states Fortune Business Insights, in a report, titled “Commercial Drone Market Size, Share & Industry Analysis, By Product (Fixed-wing, Rotary Wing and Hybrid Multi-rotor ), By Technology (Remotely Operated, Semi-autonomous, and Fully-autonomous), By System (UAV Airframe, UAV Payloads, UAV Avionics, UAV Propulsion, and UAV Software), By Application (Aerial Photography, Agriculture, Disaster Relief & Management, Logistics, Surveillance & Inspection, Remote Sensing & Mapping, and Environment Monitoring) and Regional Forecasts, 2020-2027.” The market size stood at USD 1590. 92 million in 2019.
The catastrophe caused by the novel coronavirus has generated immense pressure on industries and sectors across the globe. The governments of several countries have instigated lockdown to prevent the spread of this infectious disease. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.
The commercial drone report market comprises:
- Critical study of the market size
- Technological information with vital insights
- Market value with future predictions
- Latest developments in the domain
Crucial information on COVID-1
Market Driver:
Introduction of Cutting-edge Drones to Boost Market
The ongoing technological innovation in drones by emerging companies can have a significant influence on the market. For instance, in 2018, Skydio, a major drone manufacturer and leader in autonomous flight announced the launch of commercial drone R1 in the market. Relatedly, the company has been continuously working with new technologies to gain a competitive edge over competitors in the commercial market. In 2019, Skydio introduced Skydio 2, a powerful commercial drone equipped with an array of sensors and a powerful onboard computer make for safe and autonomous. The Skydio 2 sold out on the same day it was released. The design element of the drone comprises of advanced artificial intelligence system with a Skydio Autonomy Engine. Moreover, in 2018, Yuneec, a world leader in electric aviation and manufacturer of aircraft announced the launch of Mantis Q, a foldable 4K travel drone. The Mantis Q is equipped with voice control and facial detection. The drone has the advantage to stay in the air for over 33 minutes, thus allowing pilots to record videos and images in the duration.
High Demand for Drones During Health Crisis to Relieve Drone Industry
The coronavirus health emergency has led to increased use of commercial drones throughout various regions. For instance, in April 2020, the U.S. Department of Transportation held a meeting in North Carolina regarding the commercial use of cargo drones to deliver healthcare gear, PPE kits, and medicines. CVS and UPS have delivered prescribed medication to 135,000 residents living in retirement homes through drones during the lockdown. Several governments have taken initiatives to deliver essentials through drones during the pandemic. For instance, the UK government announced to trail out drones for delivering food, medicines, and other help through drones. Additionally, the rising deployment of drones during the global crisis will contribute excellently to the growth of the commercial drone market.
Regional Analysis:
Presence of Eminent Players to Aid Market in North America
The market in North America is expected to account for the largest share in the global market during the forecast period. The growth in the region is attributed to the rising demand for drones from various industries and sectors in the U.S. and Canada. The presence of strong players such as 3D Robotics (U.S.), Go Pro (U.S.), and Autel Robotics (U.S.) will bolster the healthy growth of the market in the region. Europe is expected to exhibit a rapid growth rate owing to the prominent leaders and service providers in European countries. The market in Asia Pacific is expected to rise tremendously during the forecast period. The growth in the region is attributed to the emerging companies in the region. The surge in operation and production in the region will influence the healthy growth of the market. Key players such as DJI, Yuneec, and Holy Stone have established a strong foothold in the commercial drone industry.
Key Development:
June 2020: DJI, a global leader based in China released a new full drone range, handheld imaging system, and cost-effective LiDAR technology. The drone LiDAR is designed for autonomous operations in smart cities image mapping and mobile drone operations.
The Report Lists the Key Companies in the Commercial Drone Market:
- DJI (China)
- Yuneec (China)
- Parrot Drone (France)
- AeroVironment Inc. (U.S.)
- SenseFly (Switzerland)
- Kespry (U.S.)
- 3D Robotics (U.S.)
- Go Pro (U.S.)
- Autel Robotics (U.S.)
- PrecisionHawk (U.S.)
- Holy Stone (Taiwan)
- Other Players
Source:
https://www.fortunebusinessinsights.com/commercial-drone-market-102171