- The global smart commercial drone market is estimated to register a CAGR of nearly 79.63% during the forecast period of 2019 to 2024.
- The North American market dominated the global market.
- The risks associated with the use of drones are expected to hamper the market growth.
The global market for smart commercial drones is expected to grow at a significant rate during the forecast period owing to various factors such as the increasing integration of the Internet of Things (IoT), AI in drones and the growing use of drones in applications such as agriculture, law enforcement, disaster management, and oil & gas.
Furthermore, growing investments made by companies in developing enterprise drone software that assist in drone surveying, drone mapping, and UAV mapping is also propelling the market growth. However, the risks associated with the use of drones such as issues associated with data processing, loss of control, mid-air collisions, and flying beyond the signal or permitted range are expected to hamper the market growth. Increasing concerns related to data security are also likely to hinder the growth of the market.
The global smart commercial drone market is estimated to register a CAGR of nearly 79.63% during the forecast period of 2019 to 2024.
Based on region, the global smart commercial drone market has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
In 2018, the North American market dominated the global market. Factors such as technological advancements and high purchasing power are driving the market growth in the region. The North American smart commercial drone market includes the US and Canada. The US is expected to account for the larger share of the North American smart commercial drone market due to the presence of prominent manufacturers such as AeroVironment, Inc., 3D Robotics, and PrecisionHawk, Inc. Additionally, collaborations between drone manufacturers and payload provider companies to develop lightweight and long endurance commercial drones are boosting the market growth.
The European market is likely to offer lucrative growth opportunities during the forecast period. An in-depth analysis of the market in the UK, France, Italy, Germany, Russia, and the rest of Europe has been provided in this report. France accounted for the largest share of the European drone analytics market in 2018. The presence of market players such as Parrot Drones SAS is augmenting the market growth in the region.
The market in Asia-Pacific is expected to exhibit the highest CAGR during the forecast period. A detailed analysis of the market in China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific has been provided in this report. China accounted for the majority of the Asia-Pacific smart commercial drone market in 2018. The availability of low-cost commercial drones and the increasing construction activities in the region are propelling the growth of the market.
The market in the Middle East & Africa includes the UAE, Saudi Arabia, Israel, and the rest of the Middle East & Africa. The UAE is expected to be the largest market during the forecast period. The increasing adoption of smart commercial drones for mapping and oil & gas pipeline inspection purposes are boosting the market growth in the region. Additionally, government initiatives to drive the adoption of drones in different applications is also propelling the market growth.
The Latin American market includes Brazil and the rest of Latin America. Brazil is expected to the larger market during the forecast period. Market growth in the region can be attributed to the growing adoption of drones in the agriculture sector.
The global Smart Commercial Drone Market has also been segmented based on type, application, and component.
By type, the global smart commercial drone market has been classified as fixed-wing,multi-rotor, and others. The fixed-wing segment accounted for the largest market share in 2018 and is expected to register the highest CAGR during the forecast period of 2019 to 2024.
The global smart commercial drone market has been divided, based on application, into delivery drones, agriculture monitoring, oil & gas, law enforcement, disaster management, entertainment, media and mapping, networking for remote areas, environmental drones, real estate and construction, and others. The delivery drones segment dominated the market in 2018 and is expected to exhibit the highest CAGR during the review period.
By component, the global smart commercial drone market has been categorized as payload, guidance, navigation and control, and propulsion system. The payload segment dominated the market in 2018 and is expected to be the fastest-growing during the assessment period.
The key players in the global smart commercial drones market are Ascending Technologies GmbH (Germany), XAIRCRAFT Technology Co. Ltd (China), Zero UAV (China), PrecisionHawk, Inc. (US), DJI (China), Parrot Drones SAS (France), 3D Robotics, Inc. (US), Elbit Systems Ltd (Israel), Israel Aerospace Industries (Israel), HUVRData, LLC (US), Intelligence Technology Co. Ltd (US), AeroVironment, Inc. (US), Yamaha Motor Company Limited (Japan), and Draganfly Innovations Inc. (Canada).
- In June 2018, DJI partnered with Axon to sell video-capable drones directly to law-enforcement agencies through a new Axon Air program.
- In February 2018, PrecisionHawk acquired Droners.io and AirVid to form a network of 15,000 commercially licensed drone pilots in the next five years.
- In January 2017, DJI and 3D Robotics partnered to offer business-focused drone tools.