Commercial Drones Market Expected to Reach $3,551 Million, Globally, by 2024
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As per the report “Commercial Drone Market By Product Type (Fixed wing, Rotary blade, Nano, Hybrid), By Application (Agriculture, Energy, Government, Media & Entertainment, Product Delivery & others), Industry trends, estimation & forecast, 2016 – 2024”, the global commercial drone market was valued at $1.0 billion in 2016, and is projected to reach $3.6 billion by 2024, growing at a CAGR of 17.5% from 2017 to 2024.
In 2016, the government segment generated the highest revenue in the global commercial drone market. Among major regions, North America was the highest revenue generating market valued at $472 Million in 2016.
The global commercial drone market is driven by demand for enhanced aerial photography, Agriculture and Precision farming and demand of human-less inspection. However, strict rules and regulations, public acceptance and privacy issues and misuse of drone technology may resist the market growth. For instance, countries such as Sweden has banned the use of camera drones in public places in October 2016.
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Consumers, professionals, and industries are now trying to reach out the technological medium which requires the least human inspection and which works in an automatic manner. One of such medium is Unmanned Aerial Vehicle (UAV), also called as drones. This technology has revolutionized the industry sectors such as Media & Entertainment, Energy, Oil & Gas, Pipeline, Mining, Agriculture, Architecture and Construction in the past few years. It has also helped the government sector in security & surveillance, police investigation, and traffic management. Drone technology is being used for fighting wildfires by NASA and the Forest Service in the US. Some police departments are also testing UAVs for uses such as photographing accident sites and tracking criminals. Indian PSUs such as GAIL is now using UAVs to monitor its pipelines which are quite intricate to be inspected manually.
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The market was led by the Rotary Blade drone segment in 2016 and is expected to continue this trend during the forecast period with the highest CAGR of 18.7% among all other segments. This is followed by the fixed wing drones as they have their specific applications for surveying and monitoring large areas. Europe is expected to witness the fastest growth capturing nearly 30% of the market in 2024. The global commercial drone market was led by the government sector generating a revenue of $456 Million, as various departments like police, security & surveillance and traffic management have started incorporating the drone technology with them.
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Key Insights of the Commercial Drone Market
• The European market is expected to have the fastest growth with a CAGR of 18.7% over the forecast period. Europe generated the revenue of $285 million in 2016.
• Government sector holds almost half of the commercial drone market in the current scenario.
• Agriculture segment is expected to witness the highest growth with a CAGR of 19.6% over the forecast period (2017-2024).
• Among types of propulsion, rotary wing holds more than 50% of the total commercial drone market.
• In Europe, U.K. holds the highest share of drone market, however, the highest growth is expected to be witnessed by France, with a CAGR of 19.0% over the forecast period.
• The Rotary Blade Drone segment is expected to witness the highest growth with the CAGR of 18.7% over the forecast period.
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 market players operating in the industry are SZ DJI Technology Co., Ltd., Parrot SA, 3D Robotics, Inc., Yuneec International Co. Ltd., Aeryon Labs Inc., AeroVironment, Inc., Ehang and Insitu Inc.