Transparency Market Research (TMR) observed that the global market for commercial drones has a consolidated vendor landscape. In 2016, the key players such as DJI Innovations and Parrot S.A. held more than 75% shares of the overall market. However, the new players are entering in to the market are escalating the competition. Additionally, presence of the local players are also leading to intensify competition over the forecast period. Some of the players operating in the global commercial drones market are Denel SOC Ltd., Aurora Flight, Northrop Grumman Corporation, Draganfly, and Lockheed Martin Corporation.
According to TMR, the commercial drones market was valued at US$2.8 bn in 2016 and expected to expand with a CAGR of 13.8% over the forecast period from 2017 to 2025 to attain value of US$8.8 bn by the end of 2025. Based on the type, commercial drones market dominated by the multi-rotor segment with accounted the 25% of the overall shares in 2016. Based on application, the commercial drones market dominated by aerial photography segment by accounting 25% shares in 2016. Based on region, North America dominated the global commercial drones market in the same year by accounting 35% of the share in overall market. This growth is attributable to increasing uptake of commercial drones for agriculture in the US.
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Widening Applications of Drones to Propel Growth
Growing penetration of aerial services and increased demand for drones from numerous applications are driving growth of the global commercial drones market. Additionally, key players operating in the global commercial drones market are investing in the research and development (R&D) activities in order to improve production and advanced technological drones to meet the increasing demand from customers. The aforementioned factors are boosting growth of the global commercial drones market.
The growing demand for commercial drones for aerial photography, surveillance applications, and agricultural surveillance in the planed agriculture is fuelling growth of the global commercial drone market. Furthermore, rising demand for high quality of videos and images especially 4K videos which can be clicked or recorded through drones. This growing demand for these high quality materials are driving adoption of the commercial drones which is likely to fuel growth of the global commercial drones market. Additionally, growing research and development (R&D) activities are improving its quality of videos and images are further boosting adoption of commercial drones globally. This improvement of quality is widening its applications across numerous applications and sectors. These factors are boosting growth of the global commercial drones market.
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Stringent Government Regulations to Hamper Growth
Despite the growth opportunities, stringent government regulations imposed on the national security are expected to hamper growth of the global commercial drones market. Additionally, increasing adoption of alternative such as satellite imagery are limiting growth of the global commercial drones market. Nevertheless, the market is expected to experience higher growth owing to growing sectors that are adopting the commercial drones mainly for surveillance purpose.