BANGALORE, India, Sept. 2, 2020 /PRNewswire/ -- The drone industry is undergoing a significant change, shifting from hobbyists and commercial photographers to those who use drones for industrial use. Drone technology is growing as businesses make massive investments. Companies have discovered new drone technology applications beyond conventional uses, such as photography or videos and surveillance.
The global Commercial Drone market size is projected to reach USD 34500 Million by 2026, from USD 6510.8 Million in 2020, at a CAGR of 32.0% during 2021-2026.
The major factors driving the Commercial Drone Market size growth include increased applications in agriculture and law enforcement sectors.
This report focuses on the Commercial Drone's volume and value at global, regional, and enterprise levels. This study reflects the overall Commercial Drone market size by evaluating historical data and predictions for the future from a global perspective. This study focuses on North America, Europe, Japan, China, Southeast Asia, and Indian regions.
TRENDS INFLUENCING THE COMMERCIAL DRONE MARKET SIZE
Factors such as the increase in UAV venture financing, technical advances, and growing application in commercial sectors, including 3D mapping, are expected to drive the commercial drone market size.
The fact that UAVs can perform hazardous tasks, such as inspecting utility pipelines, with greater precision and cost-effectiveness compared to conventional methods, is one of the key factors driving the growth of the commercial drone market size.
Furthermore, the leading technology giants have demonstrated UAVs' use in delivering goods to customers from the warehouse. It is expected that the implementation of commercial drone delivery services will promote various creative types of cargo transport capabilities, such as temperature-sensitive goods and emergency medicines. This adoption of drones in delivery services is expected to fuel the growth of the commercial drone market size.
Growing demand to produce advanced farming techniques is expected to increase the commercial drone market size. Increasing awareness among farmers about the implementation and benefits of these drones in several farming activities is poised to help the end-user segment's growth.
On the other hand, commercial drones are witnessing increasing applications in the real estate and construction sector due to UAVs' need to surveying lands, providing continuous and accurate project notifications, improving safety, and preventing dangerous situations on construction sites. This, in turn, is expected to increase the commercial drone market size during the forecast period.
Supportive government legislation and policies have also contributed to the proliferation of drones, which has accelerated the commercial drone market size growth.
North America is expected to hold the largest commercial drone market share during the forecast period. This dominance of North America is attributed to the increased use of drones for protection, recreational purposes, engineering projects, and surveying and mapping applications in countries such as Canada and the U.S.
The Asia Pacific, on the other hand, is expected to show considerable growth driven by high demand from Japan and China for unique and automated drones. In both countries, they are widely used to combat rising labor costs.
Europe will witness steady growth in the coming years as government policies encourage the use of drones for a wide range of industrial applications.
Based on the Application, Media & Entertainment is predicted to hold the largest commercial drone market share. Drones are widely used for shooting films, capturing events and functions, and aerial photography. UAVs' introduction is likely to change the media industry as it enables news coverage by the journalism sector in places where human entry is prohibited. Such systems also find applications ineffective filming of action scenes from an aerial perspective and photographing inaccessible locations.
The commercial drone market is expected to witness immense competition as it is dominated by several leading drone manufacturers and emerging startups engaged actively in new product developments to meet customers' needs.
The Key manufacturers that are operating in the global Commercial Drone market are:
Israel Aerospace Industries
FOLLOWING ARE THE SEGMENTS COVERED BY THE REPORT ARE
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