growth of the global smart commercial drone market can be attributed to the increasing adoption of 3D printing for manufacturing drone parts and the rising use of smart drone cameras in the oil & gas, agriculture and forestry, and construction industries. However, stringent government regulations regarding drone use and the limited flight range are factors that are expected to hinder the market growth. For example, in the US, a commercial remote pilot certificate from the Federal Aviation Administration (FAA) is required to fly drones for commercial purposes.
The global smart commercial drone market has been segmented based on type, application, component, and region.
On the basis of type, the global smart commercial drone market has been divided into fixed-wing, multi-rotor, and others. The fixed-wing segment is expected to account for the largest market share and register the highest CAGR during the forecast period of 2019 to 2024. The fixed-wing drones offer high endurance, long flight range, low cost, and customization, which is driving the growth of this segment.
Based on component, the global smart commercial drone market has been classified as payload, guidance, navigation and control, and propulsion system. The payload segment dominated the market in 2018 and is expected to register the highest CAGR during the forecast period. Payload segment comprises of components which can be changed according to the commercial drone application. The rising utilization of smart commercial drones in law enforcement, disaster management, entertainment, media, and mapping, and networking for remote areas is propelling the growth of this segment.
By application, the global smart commercial drone market has been categorized as 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 be the fastest-growing during the forecast period. These delivery drones are expected to be better for the environment since they do not emit carbon dioxide into the air. Drones are ecofriendly and more efficient as compared to road transport. Companies such as United Parcel Service and FedEx Corporation are using delivery drones to improve their operational efficiency. Additionally, the drones are compatible with smartphones, which enable users to receive real-time data on their phones.
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. The North American market accounted for the largest market share in 2018. However, the market in Asia-Pacific is expected to register the highest CAGR during the forecast period. The presence of various drone manufacturers such as DJI in China is propelling market growth in the region. Additionally, the rising number of smart commercial drone partnerships in developing nations is boosting the market growth. For example, in 2018, DJI and Microsoft Corp. announced a strategic partnership to bring advanced AI and machine learning capabilities to DJI drones, helping the businesses to harness the power of commercial drone technology and edge cloud computing.
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The key players in the global smart commercial drones market are 3D Robotics, Inc. (US), Elbit Systems Ltd (Israel), Israel Aerospace Industries (Israel), HUVRData, LLC (US), PrecisionHawk, Inc. (US), DJI (China), Parrot Drones SAS (France), Ascending Technologies GmbH (Germany), XAIRCRAFT Technology Co. Ltd (China), Zero UAV (China), Intelligence Technology Co. Ltd (US), AeroVironment, Inc. (US), Yamaha Motor Company Limited (Japan), and Draganfly Innovations Inc. (Canada).