Press release
Commercial Drones Market Integration of AR and VR offers Significant Growth Opportunities
Transparency Market Research (TMR) has observed that various companies operating in this market are constantly improving the technological aspects of their products to provide highly functional drones to their consumers. Other prominent players include Northrop Grumman Corporation, Draganfly, Denel SOC Ltd., and Aurora Flight. These players are focusing on improving landing capabilities and high image capturing abilities of drones.
Transparency Market Research has estimated that the market value of the global commercial drones market will reach US$8.89 bn by the end of 2025 from its valuation of US$2.8 bn in 2016. The market is anticipated to expand at an impressive CAGR of 13.8% for the forecast period 2015-2023.
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Based on type, the global commercial drones market can be segmented into hybrid, fixed wing, single rotor, multi-rotor, and others. Among these, the multi-rotor segment contributed the major share, accounting over 33.2% in 2016 in the overall market.
Regionally, the global market is segmented into the Middle East and Africa, Asia Pacific, Europe, Latin America, and North America. Of these, the North America market held the leading share in the market contributing 35% to the global market in 2016.
Integration of AR and VR offers Significant Growth Opportunities
The increasing use of commercial drones in surveillance applications, precision agriculture, and aerial photography is enabling growth in the global commercial drones market.
Videos and images captured by advanced drones provide high resolution and enhanced image quality, which is increasing their applications across various industries.
Furthermore, with technological advancements high image and video format supporting TV and smartphones have come into emergence. Consumers of these devices demand high quality pictures, which can be captured by drones.
This demand for high quality images are motivating players to manufacture drones with capabilities of recording high quality videos and images, with improved handling properties. The increasing competition and numerous products available are expected to reduce the product costs, further helping the market to expand.
Furthermore, the integration of augmented realty (AR) and virtual reality (VR) into commercial drones is offering various opportunities for the market growth. Companies are reducing human errors pertained to site design and area inspection.
These are also being used for various educational purposes, to find data of unreachable natural sites. Countries such as the U.S., are expected to augment the usage of drones in various fields such as defense, industrial, and infrastructure.
Increasing Privacy Concerns Could Impede Market Growth
The rising number of flying drones is raising privacy concerns among many consumers. The drones can capture private activities, this has restricted the use of drones at several areas. Governments are regulating various rules for the usage of drones.
Furthermore, the increasing number of spying by drones are motivating various regulatory bodies to implement strict laws against the unauthorized usage of these flying machines. These factors could impede the market growth. Nonetheless, the rising adoption of drones in developing countries is most likely to assist the market sustain its growth.
During the forecast period, applications of drones for transportation and delivery are expected to fuel the market growth. They are most likely to be used for delivering small packages and couriers such as beverages, medicines, letters, and pizzas over short distances.
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About TMR
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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