Increasing demand for drones in the commercial sector across various end-user segments are expected to drive the commercial drone market
Dublin – July 6, 2020 /MarketersMedia/ —
The global commercial drone market is becoming more mainstream thanks to the accelerating demand for drones in the commercial sectors driven by UAV’s ability to perform various hazardous tasks, including inspecting utility pipelines with higher effectiveness and are cost-effective as compared to the other conventional methods.
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The increasing number of drone-supportive regulations implemented by the governments is encouraging entrepreneurs to enter the market. This factor has drastically increased the number of start-ups in the industry and is likely to witness a constant surge over the coming years. Numerous global technology giants are mainly focusing on introducing new utilization methods of drones in the commercial sector, such as commercial drone services. Moreover, the accelerating application of drones for food delivery is another factor that is responsible for the growth of the commercial drone market size. The combination of factors including the increasing growth in the UAV venture funding and continuous technological advancements, followed by the rising application of drones in the commercial sector such as 3D mapping and drone delivery, are paving the way for the commercial drone market growth.
The commercial drones help in accelerating productivity by improving graphics visualization and reduces the cost of the project. The increasing usage of UAVs has resulted in an improvement in surveying accuracy, especially in the real estate and construction sector. With the emergence of the COVID-19 pandemic, there has been substantial growth in the demand for Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) based solutions. The existing coronavirus outbreak is encouraging the pharmaceutical vendors and healthcare establishments to opt for machined-based services with minimum physical human contact. This factor is directly surging the demand for commercial drones in the healthcare sector to deliver medicines, healthcare equipment, and to monitor the patients who are not wearing face masks. Thus, the COVID-19 pandemic is the key market contributor, especially in the year 2020.
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On the basis of application, the filming & photography segment is anticipated to witness considerable growth during the forecast period. The key drivers contributing to the growth of this segment include the increasing application of drones for the production of movies, to record events and functions, and to perform aerial photography. With the emergence of drones, the media sector can now cover news in the area where human entry is restricted. Thus, the utilization of drones for efficiently shooting action sequences in films from an aerial view and photographing inaccessible places is paving the way for the growth of the segment in the market. On the other hand, the precision agriculture segment exhibits substantial growth potential and is expected to gain traction during the forecast period. The increasing awareness among the farmers regarding the exceptional advantages offered by commercial drones, such as manages vital operations of farm, provides analysis and planning of crop plantation and field monitoring to help the farmer in determining the growth and health of the crops. All these factors are likely to boost the growth of the precision agriculture segment in the market.
Based on the end-use, the delivery and logistics are projected to emerge as the maximum revenue generating segment over the next six years. One of the biggest factors that are responsible for the accelerating demand of the segment is that the UAVs offer relatively cheaper and quicker delivery of goods from warehouses or factories to the target consumers as compared to the other delivery methods. The usage of drones in this segment will experience an upsurge in the coming years driven by the increasing penetration of online shopping and the rising demand for smart devices. On the other edge, the real estate & construction segment exhibits substantial growth potential over the forecast period. This is attributed to the increasing adoption of drones in different real estate and construction projected such as surveying lands, improving safety standards, proving regular updates related to project, and minimizing the possibilities of hazardous situations in the construction site.
On the basis of product type, the demand for fixed-wing drones is poised to expand from 2020 to 2027. The increasing usage of fixed-wing drones for topographic surveys, terrain modeling, and aerial mapping, driven by its ability to fly at high altitude for a longer period of time, is the key driver that is boosting the growth of the segment in the market.
On the basis of the region, the North America region is anticipated to dominate the market during the next six years. This is due to the increasing number of government initiatives related to the increasing technological advancement in drones, followed by the strong demand from businesses for drone-acquired data. In addition to this, the Federal Aviation Administration (FAA) in U.S. has released new regulations to provide more coherent and consistent guidelines related to the legal and safe operation of UAVs in the commercial spaces. All these regulations have decreased the entry barriers and increased product adoption. On the other hand, the Asia-Pacific region is projected to witness a higher CAGR over the forecast period. Nations such as China and Japan are largely adopting automation and advancement in technologies to counter the increasing labor cost. Another factor contributing to the market growth in this region is the higher efficiency of UAVs as compare to manual labor, especially in the agriculture sector.
Key Takeaways:
• In 2020, AeroVironment Inc., entered into a $10.7 million contract for its Puma 3 drones from the U.S. Navy and Marine Corps. The hand-launched Puma 3 AE has a wingspan of 9.2 feet, weighs 15 pounds, and can operate for up to 2.5 hours at a range of up to 12.4 miles.
• In 2018, PrecisionHawk USA Inc., acquired Uplift Data Partners. This acquisition will help PrecisionHawk USA Inc., to expand the industry expertise and relationships in drone-based services for construction and facility management nationwide.
The key players of the global commercial drone market are SZ Dajiang Innovations Technology Co. Ltd, 3D Robotics Inc., Parrot S.A., PrecisionHawk USA Inc., AeroVironment Inc., Ascending Technologies GmbH, TRACE Intelligent Systems, BAE Systems PLC, DJI, and Textron Inc., among others.
The global commercial drone market segmented into application, product, end-use, and region. Based on the application, the market has been segmented into Filming & Photography, Inspection & Maintenance, Mapping & Surveying, Precision Agriculture, Surveillance & Monitoring, and others. Based on the product, the market has been segmented into fixed-wing, rotary blade, and hybrid. Based on the end use, the market is segmented into Agriculture, Delivery & Logistics, Energy, Media & Entertainment, Real Estate & Construction, Security & Law Enforcement, and others.
The research report on the commercial drone market provides an in-depth analysis of the global commercial drone market revenue based on components and services, vertical, and region for the forecast period from 2020 to 2027. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for the commercial drone market. The report also analyses the competitive landscape, major players, and their strategies in 2018. The competitive landscape section of the report captures and highlights the recent developments in the market.
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