Market Overview:
Commercial drone Industry Size is expected to reach USD 20.31 Billion by 2030, registering a CAGR of 55.6% during 2020-2030.
The growth of the global Commercial drone Industry can be attributed to the increasing adoption of 3D printing for manufacturing drone parts and the rising use of smart drone cameras in the oil gas, agriculture and forestry, and construction industries. However, stringent government regulations regarding drone use and the limited flight range are factors that are expected to hinder the market growth. For example, in the US, a commercial remote pilot certificate from the Federal Aviation Administration (FAA) is required to fly drones for commercial purposes.
The global Commercial drone Industry has been segmented based on type, application, component, and region.
Key players:
Preciisionhaw inc in the US, DJI in China, Parrot drones SAS in France, 3D Robotics, INC in the US, Elbit systems Ltd in Israel, Israel aerospace industries in Israel, HUVRData, LLC in the US,Ascending Technologies GmbH in Germany, AIRCRAFT Technology Co Ltd in China, Zero UAV in Beijing, Intelligence Technology Co Ltd in the US, AeroVironment Incin the US
Market segmentation:
On the basis of type, the global Commercial drone Industry has been divided into fixed-wing, multi-rotor, and others. The fixed-wing segment is expected to account for the largest market share and register the highest CAGR during the forecast period of 2019 to 2024. The fixed-wing drones offer high endurance, long flight range, low cost, and customization, which is driving the growth of this segment.
Based on component, the global Commercial drone Industry has been classified as payload, guidance, navigation and control, and propulsion system. The payload segment dominated the market in 2018 and is expected to register the highest CAGR during the forecast period. Payload segment comprises of components which can be changed according to the commercial drone application. The rising utilization of smart commercial drones in law enforcement, disaster management, entertainment, media, and mapping, and networking for remote areas is propelling the growth of this segment.
By application, the global Commercial drone Industry has been categorized as delivery drones, agriculture monitoring, oil gas, law enforcement, disaster management, entertainment, media, and mapping, networking for remote areas, environmental drones, real estate and construction, and others. The delivery drones segment dominated the market in 2018 and is expected to be the fastest growing during the forecast period. These delivery drones are expected to be better for the environment since they do not emit carbon dioxide into the air. Drones are eco-friendly and more efficient as compared to road transport. Companies such as United Parcel Service and FedEx Corporation are using delivery drones to improve their operational efficiency. Additionally, the drones are compatible with smartphones, which enable users to receive real-time data on their phones.
Regional Analysis:
The global Commercial drone Industry has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East Africa. The North American market accounted for the largest market share in 2018. However, the market in Asia-Pacific is expected to register the highest CAGR during the forecast period. The presence of various drone manufacturers such as DJI in China is propelling market growth in the region. Additionally, the rising number of smart commercial drone partnerships in developing nations is boosting the market growth. For example, in 2018, DJI and Microsoft Corp. announced a strategic partnership to bring advanced AI and machine learning capabilities to DJI drones, helping the businesses to harness the power of commercial drone technology and edge cloud computing.
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