Reportocean.com have announced the addition of a new report titled "Commercial Drones Market and Forecast to 2022"
Delhi, Delhi/NCR -- (SBWIRE) -- 12/02/2019 -- Based on the latest insights in the report title "Commercial Drones Market by Type (Fixed wing drones, Rotary bade drones, Hybrid drones segment), Application (Agriculture and Environment, Media and Entertainment, Energy, Government, Construction & Archaeology) - Global Opportunity Analysis and Industry Forecast, 2014-2022" by Report Ocean, the Market is projected to reach $10,738 million by 2026, growing at a CAGR of 26.2%.
As per a new report, the global commercial drones market is predicted to attain a CAGR of 26.2%, garnering a valuation of USD $10,738 million, over the forecast period 2016 to 2022. The surging market for location-based services including food delivery and shopping applications, e-commerce organizations, social networking applications, and tourism websites are some of the chief factors likely to catapult the growth of the commercial drones market globally. The market have recorded immense growth due to advancements in technology coupled with rising adoption of mapping solutions.
The surging adoption of smartphones, rising demand for drone services from different sectors, and increasing demand for aerial services are likely to propel the commercial drones market growth during the estimated timeframe. Moreover, industry behemoths are highly focusing to explore latest technologies as well as applications in order to meet the rising demands of their customers. Furthermore, strategies such as, mergers and acquisitions and collaborations will enable the enhancement of their product portfolio. Vendors across the world are developing specialized solutions in order to meet specific business demands. These factors are expected to propel the adoption of commercial drones across the globe.
On the contrary, strict government mandates pertaining to satellite imagery and national security as a substitute option are predicted to curtail the growth of the commercial drone market during the estimated timeframe. Despite such constraints, factors including advancing technologies such as, 3D mapping software, advanced motion and temperature sensors implemented in cameras, UAVs, and others have created numerous growth opportunities for the commercial drones market across the globe.
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The global market for commercial drones has been segmented on the basis of type and application.
By type, the global commercial drones market is segmented into rotary bade drones, fixed wing drones, and hybrid drones segment.
By application, the global commercial drones market is segmented into media and entertainment, agriculture and environment, government, energy, construction & archaeology, and others.
Geographically, the global commercial drones span across Europe, Asia Pacific, North America, and LAMEA.
Considering the global scenario, the commercial drones market in the North American region is estimated to gain prominence due to favorable initiatives undertaken by the government associated with advancements in drone technology. The surging demand from businesses for drone-acquired data will further create humungous demand for the regional market.
The Asia Pacific, on the other hand, will witness a significant growth rate, with economies such as, Japan and China increasingly adopting advanced technologies and automation across industries in order to curb the increasing labor cost. Increased efficiency of UAVs compared to manual labor is further predicted to drive the market in the region. Besides, the sales of commercial drones in Europe will bolster due to favorable mandates imposed by the government. Also, companies in Europe are exploring new ways to convert their conventional business processes by implementing commercial drones. This is likely to create new growth opportunities for the market over the forecast period.
The key players operational in the global commercial drones market are SZ DJI Technology Co., Ltd., AeroVironment, Inc., 3D Robotics, Inc., Parrot SA, PrecisionHawk Inc., Leptron Unmanned Aircraft Systems, Inc., Aeryon Labs Inc., Yuneec International Co. Ltd., Insitu Inc., and Trimble Navigation Ltd.
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