Commercial Drone / UAV Market worth over $17bn by 2024
Published Date: February 26, 2018 Authors: Ankita Bhutani, Preeti Wadhwani
Commercial Drone Market size is set to exceed USD 17 billion by 2024; according to a new research report by Global Market Insights, Inc. The shipments surpassed 100,000 units in 2016.
The growth of the market is credited to increasing venture capital investment in the market space. In 2016, there were about 105 deals with an approximation of USD 541 million. It was estimated that the investment in commercial drones moved from hardware to software in 2017 with the Venture Capitals (VCs) targeting end-to-end solutions, software, and counter-drone technology. One of the most important investments in 2017 was of 3D Robotics of about USD 53 million Series D round from Atlantic Bridge CapitalTrue, VenturesFoundry and GroupMayfield. It witnessed the transition from hardware to software services. Moreover, commercial drone market companies which led the funding were targeting industrial and enterprise inspection. With an ever-growing adoption of commercial drones, it implies great affordability for businesses and operators. Furthermore, manufacturing techniques of computer chips, economies of scale, and software advances are driving the cost of drone sensors and platforms and solutions.
The technological advancements and innovation in the commercial drone market space is also estimated to drive the revenue. The integration of artificial intelligence and advanced machine learning algorithms has developed several new avenues for utilization of UAVs capabilities. For instance, retail industry is also leveraging the capabilities for delivering package. In December 2016, Amazon successfully completed one of the first ever commercial deliveries in Cambridge, UK. Similarly, Zipline, a U.S. based robotics company deployed its fleet of drones to deliver blood in Rwanda to provide medical relief in remote areas of the East African region. The company even plans to utilize the capability of civil drones to delivery one of the largest drone delivery network in Tanzania.
Browse key industry insights spread across 350 pages with 210 market data tables & 30 figures & charts from the report, “Commercial Drone/Unmanned Aerial Vehicle (UAV) Market Size By Product (Fixed Wing Drone, Rotary Blade Drone, Hybrid Drone), By Mode of Operation (Remotely Operated, Semi-Autonomous, Autonomous), By Application (Aerial Photography, Agriculture, Emergency Management, Inspection & Monitoring, Remote Sensing & Mapping, Wildlife Research & Preservation), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, Australia, China, India, Japan, South Korea, Brazil, Mexico, Argentina, UAE, Israel, South Africa), Growth Potential, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
The agriculture industry has emerged as one of the major end-users in the commercial UAV market. They are used for a wide range of applications such as planting, soil and field analysis, crop monitoring, health assessment, crop spraying and irrigation in the complete crop cycle. Other use cases include producing a precise 3D map for soil analysis, which can guide in planning of seed planting patterns. A drone-driven method of soil analysis offers data for nitrogen level and irrigation management, which is also estimated to be a major factor driving the commercial UAV market demand.
Asia Pacific is estimated to gain substantial growth during the forecast period owing to the rapid increase in awareness for civilian drone applications and relaxation by government for the use of UAVs for commercial purposes. Furthermore, the presence of substantial number of drone’s manufacturers in the region, especially in China, such as DJI and Xiaomi, is also estimated to be drive the growth of the commercial UAV market. The market is also aided by adoption of drones by the customers and enterprises in fields such as agriculture, retail, and construction.
The major vendors in the commercial UAV market are 3D Robotics, Airobotics, AeroVironment, Airware, Amazon Prime Air, Bae Systems, Cyberhawk Innovations Ltd., DroneDeploy, DJI, Ehang Inc, Hoverfly Technologies, Intel Corporation, Parrot, PrecisionHawk, senseFly, and Yuneec International. These players are leveraging on the various strategies such as product launch, and strategic alliance to enhance their product portfolio and gain market share. For instance, In January 2017, DJI acquired Hasselblad, a Swedish camera company. The acquisition will strengthen DJI’s presence in high-end camera drones landscape by combining DJI’s aerial drone technology with Hasselblad’s cameras.
The global commercial drone market research report includes in-depth coverage of the industry with estimates & forecast in terms of shipments in units and revenue in USD from 2013 to 2024, for the following segments:
Commercial Drone Market, By Product
- Fixed Wing Drone
- Rotary Wing Drone
- Hybrid Drone
Commercial Drone Market, By Mode of Operation
- Remotely Operated Drone
- Semi-autonomous Drone
- Autonomous Drone
Commercial Drone Market, By Application
- Aerial photography
- Emergency Management
- Inspection & Monitoring
- Remote Sensing & Mapping
- Wildlife Research & Preservation
The above information has been provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- South Africa