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Commercial Drone/Unmanned Aerial Vehicle Market Application & Top Key Players: DJI, Parrot, 3D Robotics, AeroVironment, PrecisionHawk, Yuneec International, Airobotics, Airware, Amazon Prime Air, Bae Systems, Cyberhawk Innovations
Commercial Drone/Unmanned Aerial Vehicle Market
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The technological advancements and innovation in the commercial drone/unmanned aerial vehicle market space is also estimated to drive the revenue. The integration of artificial intelligence and advanced machine learning algorithms has developed several new avenues for utilization of UAVs capabilities. For instance, retail industry is also leveraging the capabilities for delivering package. In December 2016, Amazon successfully completed one of the first ever commercial deliveries in Cambridge, UK. Similarly, Zipline, a U.S. based robotics company deployed its fleet of drones to deliver blood in Rwanda to provide medical relief in remote areas of the East African region. The company even plans to utilize the capability of civil drones to delivery one of the largest drone delivery network in Tanzania.
The increasing venture capital investment in drone technology, affordability and accessibility of the drones, along with the advancement in the design and integrated data intelligence are also contributing towards the growth of the market. In addition, strong Chinese market and growing demand for the drones in the commercial applications from the developing countries is fostering the market growth. However, security and privacy issues associated with the use of drone and stringent government regulations on the use of commercial use of drones are hindering the growth of the market.
The growth of the commercial drone/unmanned aerial vehicle market is credited to increasing venture capital investment in the market space. In 2016, there were about 105 deals with an approximation of USD 541 million. It was estimated that the investment in commercial drones moved from hardware to software in 2017 with the Venture Capitals (VCs) targeting end-to-end solutions, software, and counter-drone technology. One of the most important investments in 2017 was of 3D Robotics of about USD 53 million Series D round from Atlantic Bridge CapitalTrue, VenturesFoundry and GroupMayfield. It witnessed the transition from hardware to software services. Moreover, commercial drone market companies which led the funding were targeting industrial and enterprise inspection. With an ever-growing adoption of commercial drones, it implies great affordability for businesses and operators.
commercial drone/unmanned aerial vehicle Market in 2016 was over 100 thousand units with a market value of more than USD 2 billion and is set to cross USD 17 billion by 2024.
Growth Drivers:
• Venture capital investment in drone technology
• Increasing use cased of drones in civil applications
• Increasing affordability and accessibility of drones
• Advancement in design and integrated data intelligence
• Strong Chinese market and growing demand from developing economies
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North America is the dominating region in the commercial drone/unmanned aerial vehicle market owing to the relaxation on the use of UAVs for commercial applications by the FAA. The rising adoption of drones for covering events through aerial photography, filming, and video is also driving the market growth. The existence of large number of players such as 3D Robotics, PrecisionHawk, Aeryon Labs, with the support of government initiatives and policies also support the growth of the market.
Asia Pacific is estimated to gain substantial growth during the forecast period owing to the rapid increase in awareness for civilian drone applications and relaxation by government for the use of UAVs for commercial purposes. Furthermore, the presence of substantial number of drone’s manufacturers in the region, especially in China, such as DJI and Xiaomi, is also estimated to be drive the growth of the commercial drone/unmanned aerial vehicle market. The market is also aided by adoption of drones by the customers and enterprises in fields such as agriculture, retail, and construction.
The major vendors in the commercial drone/unmanned aerial vehicle market are 3D Robotics, Airobotics, AeroVironment, Airware, Amazon Prime Air, Bae Systems, Cyberhawk Innovations Ltd., DroneDeploy, DJI, Ehang Inc, Hoverfly Technologies, Intel Corporation, Parrot, PrecisionHawk, senseFly, and Yuneec International.
Browse Full Reports: https://www.gminsights.com/industry-analysis/unmanned-aerial-vehicles-UAV-commercial-drone-market
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https://www.gminsights.com/industry-analysis/military-drone-market
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