Pune, India, April 23, 2021 (GLOBE NEWSWIRE) -- The global commercial drone market size is expected to gain momentum by reaching USD 8,527.4 million by 2027. This information is published by Fortune Business Insights in its report, titled “Commercial Drone Market, 2020-2027.” The report further observes that the market stood at USD 1,590.0 million in 2019 and is projected to exhibit an exceptional CAGR of 25.07% between 2020 and 2027. This is attributable to the increasing adoption of artificial intelligence technology and the growing utilization of the product across several applications in the forthcoming years. For instance, in April 2021, Sky-Drones Technologies announced the launch of AIRLink, an innovative AI drone avionics solution that incorporates three products in a single unit. The solution consists of an advanced autopilot for fixed-wings, multirotor, and VTOLs. Besides, it is equipped with modern LTE connectivity.
Rotary Wing Segment to Hold Largest Global Commercial Drone Market Share
On the basis of product, the market is trifurcated into fixed-wing, rotary-wing, and hybrid multi-rotor.
Based on product, the rotary-wing segment held a market share of about 62.6% in 2019 and is anticipated to remain at the forefront during the forecast period. This is owing to the increasing demand for low-cost and technologically advanced rotary-wing drones worldwide.
Based on technology, the market is classified into remotely operated, semi-autonomous, and fully autonomous. In addition to this, based on the system, the market is segregated into airframe, payloads, avionics, propulsion, and software. On the basis of application, the market is segmented into aerial photography, agriculture, disaster relief & management, logistics, surveillance & inspection, and remote sensing & mapping. Finally, based on region, the market is categorized into North America, Europe, the Middle East and Africa, Asia-Pacific, and Latin America.
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What does the Report Include?
The market report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to announce partnerships, introduce new products, and collaborate that will further contribute to the growth of the market between 2020 and 2027.
Moreover, the research analyst has adopted several research methodologies to extract information about the current trends and industry developments that will drive the global commercial drone market growth during the forecast period
Increasing Demand from Numerous Industrial Applications to Propel Growth
In March 2021, A2Z announced its first-ever drone delivery for commercial purposes with its Rapid Delivery System. The company collaborated with DroneUp to deliver coffee cans and Coca-Cola for residents of Coffee County, Georgia with the help of drones. The rapid-paced technological advancements have led to the high demand for drones across wide industrial applications. Besides, they are being favored across sectors such as power generation, agriculture, construction, and mine surveying. Therefore, the increasing demand for such drones across several applications is anticipated to boost the global commercial drone during the forecast period.
North America to Remain Dominant; Presence of Eminent Manufacturers to Aid Growth
Among all the regions, North America is expected to remain at the forefront and hold the highest position in the market in the forthcoming years. This is owing to the presence of established commercial drone manufacturers such as GoPro, Autel Robotics, and 3D Robotics that focus on the development of novel products in the region. North America stood at USD 634.5 million in 2019.
The market in Europe is expected to gain momentum backed by the presence of modern manufacturing facilities, training centers, and service providers that will boost the adoption of advanced commercial drones in the region between 2020 and 2027.
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List of the Leading Companies Profiled in the Global Market are:
- DJI (China)
- Yuneec (China)
- Parrot Drone (France)
- AeroVironment Inc. (U.S.)
- SenseFly (Switzerland)
- Kespry (U.S.)
- 3D Robotics (U.S.)
- Go Pro (U.S.)
- Autel Robotics (U.S.)
- PrecisionHawk (U.S.)
- Holy Stone (Taiwan)
- Other Players
Major Companies Invest in R&D Activities to Strengthen Their Market Positions
The market is fragmented by major companies that are focusing on maintaining their presence. They are doing so by proactively investing in the R&D activities to develop advanced commercial drones to cater to the growing demand from several industrial sectors. Additionally, other key players are adopting organic and inorganic strategies to maintain a stronghold that will contribute to the growth of the market during the forecast period.
August 2020 – Heliguy, a leading Australian drone company, announced its collaboration with a training provider company to develop new surveying courses. The survey is aimed at providing support and professional help to train pilots.
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Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Recent Industry Developments - Mergers & Acquisitions
- Overview of Avionics Market by Key Countries, 2018
- Technological Advancements in Commercial Drones
- Porter Five Forces of the Global Commercial Drone Market
- Supply Chain/ Value Chain Analysis
- Global Commercial Drone Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Fixed Wing Drone
- Rotary Blade Drone
- Hybrid Drone
- Market Analysis, Insights and Forecast – By Technology
- Remotely Operated
- Market Analysis, Insights and Forecast – By System
- UAV Structure
- UAV Payloads
- UAV Avionics
- UAV Propulsion
- UAV Software
- Market Analysis, Insights and Forecast – By Industry
- Transport & Delivery
- Market Analysis, Insights and Forecast – By Country
- North America
- Asia pacific
- Latin America
- Middle East &Africa
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