Drone Market, By Application (Mapping and surveys, Filming and Photography, Inspection and Maintenance, Surveillance and monitoring, others), By Product (Hybrid, Rotary Blade, Fixed Wing) By End User (Media and Entertainment, Real Estate and Construction, Delivery and Logistics) opportunities and forecast 2020-2026. Factors including upsurge in technological developments; UAV venture funding; and rising application in the commercial sectors, including drone delivery and 3D mapping; are likely to contribute to the market growth.
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These Unmanned Aerial Vehicles are finding growing application across the energy sectors, entertainment, and agriculture which is ultimately anticipated to impact the growth of the market. Primarily viewed as a military device, drones have established a noteworthy presence in commercial world in the past few years.
One of the important factors driving their demand in the commercial sectors is that these devices have the ability to complete hazardous tasks, such as examining utility pipelines, with cost-effectiveness and advanced precision as compared to conventional approaches. Newer drone-supportive guidelines by government bodies globally are anticipated to lower the entry obstructions for the new start-ups and the innovators in the drone market.
Filming and photography is likely to emerge as the major revenue generating segment during the forecast period. The segment is anticipated to witness the profound growth over the forecast period. Drones are progressively being used in film, record e,nts movies, and functions, and also to carry out mid-air photography.
The advent of drones is set to transform media industry as it allows journalism sector to cover the news even in areas where the human entry is prohibited. These devices also find uses in proficiently shooting action sequences in the movies from aerial view and photographing unreachable places.
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North America accounted for largest market share in revenue terms in 2019 and is projected to continue leading the market over the forecast period owing to the favourable government initiatives concerning the advancement in technology coupled with growing demand from the businesses for drone-acquired informations. Moreover, Federal Aviation Administration (FAA) in U.S. has released new guidelines to provide more consistent and coherent rules concerning the safe and legal operation of drones in commercial spaces. Such regulations are likely to reduce the entry barriers and surge the regional product adoption.
Asia Pacific is likely to witness the fastest growth over the forecast period. Countries such as japan and China are increasingly implementing advanced technologies across wide range of industries to counter rising labour costs.
Some of the noticeable companies operating in the global drone market are DJI; Xiaomi; AeroVironment Inc.; Parrot Drones SAS; 3D Robotics; EHANG.Increasing and INSITU; funding by collaborations and Venture Capitals (VCs) with technology giants and government agencies are anticipated to create a number of growth opportunities for the market players. Technology licensing, new product launches, mergers and acquisitions, and strategic partnerships are few of the key strategies accepted by the players to gain competitive edge.
Aeryon Labs Inc.
Draganfly Innovations Inc.
Parrot Drones SAS
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