Commercial Drone Market 2019-Industry Outlook, Size, Share, Growth Prospects, Key Opportunities, Trends and Forecasts to 2023
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The increasing use of commercial drones by sectors such as energy, tourism, agriculture, and others, is propelling the commercial drone market growth. The agricultural sector is experiencing enhanced crop health management, improved soil condition, and an effective change in yield with the implementation of various mapping services provided by commercial drones. However, the increasing concern for battery life and bandwidth of commercial drones is obstructing the growth of the market.
Technological advancements and digitalization in drone specifications, camera, mapping software, sensory applications, and multidimensional mapping are expected to drive the growth of the commercial drone market during the forecast period. However, national security regulations and privacy issues are some of the factors that can obstruct the growth of the commercial drone market. Further, the benefits of high-resolution satellites such as cost-effective imagery solution and high precision, as compared to commercial drone imagery are restraining the growth of the market.
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Based on type, fixed wing drones dominated the market in 2018 and are expected to retain their position during the forecast period. The increasing use of fixed wing drones for surveys, long-range sensing, maintenance operations, and aerial photography is driving the demand for the segment.
North America dominated the market in 2018 and is expected to show similar trend in coming years. Increasing applications of drone in the commercial sector, coupled with a rise in the number of drone manufacturers, are driving the market in the region. The U.S. was leading the North American market in 2018, owing to increasing benefits offered by commercial drones to companies such as streamline operation and automation. For instance, Facebook Inc. acquired Ascenta, a drone manufacturer to provide internet services in remote areas by using drone as an access point. Further, Europe is also showing a significant growth rate in 2018, owing to an increase in the use of drones in law enforcement activities in the region.
The key players in the market are AeroVironment Inc., Leptron Unmanned Aircraft Systems, SZ DJI Technology Co., Ltd., PrecisionHawk Inc., Parrot SA, 3D Robotics, Yuneec International Co. Ltd., Aeryon Labs Inc., Insitu Inc., Trimble Navigation Ltd., and others. Companies operating in this market are concentrating on research and development, along with acquisitions & mergers and innovations in products, in order to strengthen their market share. Various companies are investing money in research and development activities to develop advance technological drone and improve production in order to meet changing customer needs.
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