Commercial Drones Market Demand and Technology Growth 2022 | Pricing Model, Customized Section, Future Demand, challenges
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The commercial drone market growth is driven by factors such as technological innovation in cameras & sensors and upsurge in application areas of drones. However, factors such as stringent government regulations regarding security & privacy and use of satellite imagery as a substitute to these drones are anticipated to hamper the commercial drone market growth during the forecast period. Increased application areas for commercial drones among various industry verticals and increased market for smartphones is expected to create lucrative opportunities for the commercial drone industry.
In 2014, the rotary blade segment dominated the global commercial drone market with around 71% share. This is attributed to evolution in imaging and sensory capabilities and the development of smart cameras and new interfaces. Furthermore, the hybrid drones segment is projected to witness the highest CAGR of 29.6% during the forecast period, as hybrid drones possess the capabilities of both rotary and fixed-wing drones.
In 2014, the agriculture & environment segment dominated the global market with around 28% share, followed by construction & archaeology. Furthermore, the construction & archaeology segment is projected to grow at the highest CAGR of 29.4% from 2016 to 2022, owing to increase in the need for surveillance of sites, map building, monitoring, project estimation, detailed topographic models, 3D modeling, and reconstruction services.
The commercial drones market is categorized into four regions, namely North America, Europe, Asia-Pacific, and LAMEA. North America was the highest revenue contributor to the global market in 2014, accounting for around 39% share. The Asia-Pacific commercial drones market is projected to grow at the highest CAGR of 29.6% during the forecast period on account of the growing market for the media and entertainment industry, precision agriculture, construction sector, and others in countries such as India, China, Japan, and Australia.
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The report features a competitive scenario of the global commercial drones market and provides a comprehensive analysis of key growth strategies adopted by major players. Some of the key players operating in the industry are SZ DJI Technology Co., Ltd., Parrot SA, 3D Robotics, Inc., Leptron Unmanned Aircraft Systems, Inc., PrecisionHawk Inc., Yuneec International Co. Ltd., Aeryon Labs Inc., AeroVironment, Inc., Trimble Navigation Ltd., and Insitu Inc.
Driving factors for the market
* Technologically advanced products
* Promising growth rate of the drone market
* Increased market for location based services
Market Restraints and Opportunities:
* Privacy and security concerns
* High resolution satellite imagery
* Increased application areas for GPS, LiDAR, mapping services, and others
* Increasing growth in smartphone market
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