Why Commercial Drone Market are Booming Rapidly? Industry in-Depth Analysis with Growing Trends || Parrot, 3D Robotics, Yuneec International, Cyberhawk Innovations Ltd., Intel, senseFly, Ehang

The global commercial drone market is all set to garner significant gains in overall next generation technologies industry over the span of 2018 to 2024. The reason can be attributed to the massive increase in deployment of AI and machine learning algorithms with an intent to enhancing the autonomous drones. The global market is currently transforming at an unprecedented pace in almost all major regions including North America, Europe, and Asia Pacific. Speaking of which, below mentioned are some of the pivotal trends that are estimated to change the dynamics of commercial drone/UAV market across these regions:

North America to record valuation of $7 billion by 2024 end| Impact of increased autonomous drone demand

It is estimated that North America commercial drone market is poised to garner significant gains over the forthcoming years owing to massive acclamation of autonomous drones in the region. In fact, industry experts have claimed that autonomous mode of operation of civilian UAV drones would turn out to be the fastest growing modes in overall industry, exhibiting a CAGR of 23.4 per cent through 2024. This growth predominantly comes from technological developments and utilization of drone capabilities like use of hyperspectral and thermal sensors in flight to capture and view immersive sight from drone.

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Not to mention, legalization by government authorities is also expected to establish new avenues for business and usability in the North America commercial drone market. In this case, it would be imperative to state that Canada UAV market is touted to grow at a prodigious rate of 27% over 2018 to 2024. This is because of the country’s massive dependence on government regulations for adoption and exploration of commercial drones in unmanned vehicles. Besides, Canada also utilizes nearly three-fourth of its drones for recreational purposes and about one-fourth for non-recreational purposes.

That said, it would be essential to mention that use of commercial drones across North America is largely seen for aerial photography applications, which in the yesteryears accounted for a revenue share of 32 per cent. This is backed by its expansive adoption for monitoring and surveying of remote locations and disaster-affected areas in the region.

Europe UAV market to surpass $2 billion over 2018 to 2024| Impact of technological advancements and EASA regulations

Europe commercial drone market has been experiencing a dynamic impetus in the overall industry share of late, mainly due to classic advancements in technology and design of UAVs in the region. Implementation of intelligence processes in UAVs is creating innumerable opportunities and new boulevards for commercial applications of drones. Not only this, a slight decrease in prices of commercial drones over past decades is also bolstering the business space on a much larger scale today. In addition to these, relaxation offered by European Aviation Safety Administration (EASA) for commercial use of drones is also likely to promote the market progression in the years ahead.

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As per credible reports, EASA has put forth risk-based approach to provide performance based guidelines for regulating the drones market in European region; a pivotal step which is likely to scale up the opportunities for various market players operating in given business landscape.

Further, laying emphasis on which product segment is foreseen to observe phenomenal gains over the upcoming years, it would be crucial to state that rotary blade drones have been accounting for a major stake of 65% of overall Europe UAV market share over the past years. This growth can aptly be credited to impressive features and benefits offered by these drones over its counterparts. Meanwhile, hybrid drones are also likely to witness adoption rate of 25 per cent through 2024, subject to their increased use in commercial applications.

Asia Pacific commercial drone market to record business share of $5 billion| Impact of government initiatives

Asia Pacific UAV drone business space is anticipated to be driven by the favorable government reforms across APAC region. These federal governments are relentlessly working towards monitoring the commercial applications of drones and trying luck with new applications of UAVs for commercial purposes. Say for instance, Civil Aviation Administration of China, had in 2017, revised regulations pertaining to commercial applications of drones and their operation licensing. Moreover, it had also introduced norms related to small unmanned aircraft for trial implementations enabling the drones to fly out of visible area or in dense residential areas.

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Citing yet another governmental initiative promoting use of these drone, it is vital to state the mention of Directorate General of Civil Aviation’s (DGCA) 2017 launch of typical drone norms. It was reported that India’s aviation regulatory body, DGCA, had released draft norms for utilization of commercial drones in mid-2017, allowing the country’s commercial drone/UAV industry to depict a growth rate of 32% through 2024. Needles to mention, the regional growth can also be accounted for increasing venture capital and start-ups investments over the due course of time.

APAC commercial drone market is highly fragmented and boasts of the presence of vivid market players including Walkera, DJI, Xiomi, 3D Robotics, and Intel Corporation amongst others, who have been going nine yards for bringing about a novel product and innovation in the business field while being engaged in strategic measures like acquisitions, partnerships, and collaborations. In one such instance, DJI and K-Pop Powerhouse- Zanybros had announced entering into a strategic alliance in 2017, to bolster their product offerings for entertainment and music industry.

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