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Commercial Drones Market Foreseen to grow exponentially over 2021-2031
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Companies are heavily investing in R&D to launch an exclusive collection of commercial drones. Manufacturers are expanding their product lines and technological advancement to meet the increasing demand for customized commercial drones. Moreover, growing demand from defense and media & entertainment sectors is expected to boost the commercial drones market during the forecast period.
Commercial Drones Market: Key Segments
Based on type, the multi-rotor drones segment is likely to be the most popular type in the commercial drones market over the forecast period. Multi-rotor drones are expected to become more popular for inspection purposes, due to its capacity to maintain a visual on a single target for an extended period of time, hover, and execute agile movement. Drones are commonly thought to be a feasible alternative for a variety of commercial uses, including filmmaking and photography, surveillance, and monitoring. Furthermore, the multi-rotor drones are less difficult to handle than their fixed-wing and hybrid counterparts.
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Filming and photography, which accounts for the largest share of the overall market, is expected to dominate the global commercial drones market over the forecast period. Filming and photography drones are equipped with high-resolution cameras, and their popularity in media and entertainment industries is likely to grow. Furthermore, the increased desire for high-quality photographs and videos, as well as the ability to shoot 4K footage, is expected to fuel demand for filming and photography drones during the forecast period.
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Commercial Drones Market: Prominent Regions
Based on region, North America held maximum share of the global commercial drones market in 2020. During the forecast period, the region is likely to dominate the market due to increasing use of commercial drones that are being widely used for precision agriculture mainly in the U.S., where commercial drones help in monitoring cattle, irrigation equipment, and analyzing harvest that will further augment their demand in the global commercial drones market.
However, the market in Asia Pacific is expected to expand at the highest CAGR and become an upcoming market for commercial drone sales. The Asia Pacific commercial drones market is predicted to grow at an exponential rate due to the rising number of operations and production companies in the region. Regional growth is expected to continue at a fast rate due to the region's large potential and customer base. Furthermore, market players in the region such as DJI, Yuneec Holding Ltd, and Holy Stone are making significant investments, which will boost demand for commercial drones during the forecast period.
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As compared to other regions, the commercial drones market in Middle East & Africa and South America is expected to witness slower growth rate during the forecast period.
Commercial Drones Market: Key Players
Key players operating in the global commercial drones market are Parrot S.A., Aurora Flight, Denel SOC Ltd., DJI Innovations, Draganfly, Northrop Grumman Corporation, Lockheed Martin Corporation, Elbit Systems Ltd., Yuneec International, General Dynamics Corporation, etc.
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