Unmanned Aerial Vehicles (UAV)/Commercial Drone Market Size By Product (Rotary Blade, Fixed Wing, Nano Drone, Hybrid), By Application (Government, Media & Entertainment, Agriculture, Energy), Industry Outlook Report, Regional Analysis, Application Development, Price Trends, Competitive Market Share & Forecast, 2016 – 2023
Published Date: March 2016 | 100 Pages | Report ID: GMI115 Report Format: PDF
Commercial drone/UAV market size is likely to reach USD 2 billion in 2023, growing at a CAGR of over 19%. Rising adoption of these machines among numerous end use industries is projected to drive commercial drone market size. In addition, increasing investment from emerging economies in drones are escalating the scope for several future applications.
North America commercial drone market size, by application, 2012-2023 (USD Million)
Introduction of hybrid drones that operates on non-conventional energy sources along with nano drone and small miniature are anticipated to surge the global demand. Drones operating on solar power find its significance in abundant sectors namely mapping, disaster management and surveillance. China and the U.S. are investing heavily in R&D of hypersonic drone due to its high flight speed.
Unmanned Aerial Vehicle (UAV) market is increasingly being adopted by several end use industries. For instance, a mini drone was initially deployed to make the package delivery in the U.S. It facilitates in achieving product deliveries without a driver. Solar power drone with five years flight capacity are estimated to be used as access points proving internet access to outmost world regions. Mergers and acquisitions by major participants namely Google and Facebook are likely to fuel the UAV drone market growth. This can be mainly attributed to their rapid initiatives regarding internet connectivity and assigning isolated areas online.
Commercial drone market is anticipated to witness significant gains owing to increasing utilization in media and entertainment sectors over the forecast period. In addition, extensive exploitation of these machines by commercial photographers is likely to surge the industry demand. Photographers primarily deploy these machines for covering variety of events such as weddings and festivals. It is also used for law enforcement activities in order to help in crime scene investigation by gathering needed evidence. It flies over the crime scene without tampering the evidence by capturing high quality pictures as well as videos. Moreover, it can be used for congestion analysis, accident investigation and traffic management.
Severe government norms regarding rising threat to public security and privacy is anticipated to pose a challenge to the demand growth over the forecast period. However, commercial drone market is expected to observe high growth due to increasing usage in agriculture area. It supports framers in crop management by taking pictures and videos of the field. Mounting interests of government for law enforcements activity and e-commerce giants for spreading business offer potential avenues for UAV drone market demand.
Agriculture commercial drone market size was valued around USD 135 million in 2015 and is expected to reach significant growth over the forecast period. It is anticipated to attain USD 555 million by 2023, at 21% up to 2023. This can be attributed to rising management of crop yield. Government segment accounted over 45% in 2015 and is likely to dominate other segments. It is anticipated to attain over USD 840 million, growing at CAGR of over 18% from 2016 to 2023. This can be credited to increasing significance in rescue missions, mapping and scientific research.
Rotary blade commercial drone market size is likely to exceed USD 1.5 billion, growing at a CAGR of over 19.5% from 2016 onwards, owing to fixed position hovering property coupled with multi directional flying ability. Nano drones are likely to witness significant gains, accounted for over 7% of the overall share in 2015. It is anticipated to be valued around USD 145 million by 2023. Portability and effective implementation in security and aerial photography activities is likely to fuel the global demand over the coming few years.
North America, driven by the U.S. commercial drone market size is estimated to attain 52% of the overall industry share and is likely to reach USD 1 billion by 2023. This can be primarily attributed to high production and increasing applications in commercial sectors over the forecast period. Asia pacific was valued over USD 120 million in 2015 and is anticipated to reach USD 475 million by 2023, growing at a CAGR of over 20% over the forecast period. Increasing deployment of drone for agricultural purposes is anticipated to fuel the demand.
Competitive Market Share
Global commercial drone market share was captured by top three participants, accounted for over 70% of the overall industry share in 2014. Some of the other major manufacturers include AeroVironment and DJI Innovations among others.
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