Smart Commercial Drone Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2026
Albany, NY -- (SBWIRE) -- 01/04/2019 -- A drone can be classified as an aircraft without a human on-board. These are also called unmanned aerial vehicles (UAVs). Drones are typically controlled remotely by a pilot, however, some versions exist that can fly autonomously. These drones could vary in size and shape, but the core elements which are motor sensors, microcontroller and battery are fundamentally the same. Created as a cheaper and safer alternative to manned aircrafts, drones are used extensively for both commercial and military purposes. Their commercial applications can disrupt the market and open new opportunity and new business models in the coming years.
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There are many factors that are helping the smart commercial drone market to flourish. The growing investment in the technology by emerging economies have resulted in stable flight platform which is a pre-requisite for aerial photography. These investments have also given rise to collision avoidance system for easy maneuverability in the cities. This factor is expected to be amongst the major factors driving the market. Additionally, the increasing use of smart commercial drones across e-commerce, mapping and agriculture is also adding to the market's growth. The emergence of cloud based data services and applications is also anticipated to spur the smart commercial drone market growth.
There are however, some factors that are restraining the smart commercial drone market growth. Chief among them is the high initial investment. A lot of capital is required for the research and development of technology and platform to put these in the air. As these drones are controlled remotely, the absence of internet connectivity also acts as a restraint to the smart commercial drone market growth. The smart commercial drone market is also plagued with regulations which is also a major challenge for the market's growth. Moreover, the innovation and advancement in the technology related to the smart commercial drone by the well established and emerging players are expected to overcome these restraints in near future.
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The global smart commercial drone market can be segmented on the basis of product type, application, and region. Based on the product type, the global smart commercial drone market can be segmented into fixed wing, rotary blade and others. On the basis of application, the global smart commercial drone market can be divided into delivery drones, agriculture monitoring, law enforcement, oil & gas, disaster management; entertainment, media, and mapping; and others.
Based on region, the global smart commercial drone market can be classified into North America, Europe, South America, Middle East & Africa, and Asia Pacific. The global smart commercial drone market in North America is expected to account for the largest market share followed by Europe and Asia-Pacific. This is primarily due to their increased adoption for a variety of tasks such as traffic management, congestion analysis, and crime scene investigation. The regional market is also characterized with high focus on technology innovation and presence of key industry players providing smart commercial drone solutions. Furthermore, the Asia-Pacific market is expected to grow at the highest rate during the forecast period owing to the rapid adoption of smart commercial drones in e-commerce business. Additionally, the growth opportunities are mainly attributed to the significant economies of Japan, China, and India.