ALBANY, New York, March 27, 2017 /PRNewswire/ --
The global commercial drones market is dominated by DJI and Parrot S.A. These companies together account for over 75% of the market, finds Transparency Market Research (TMR) in a new study. Among these companies, DJI has emerged as the market leader in terms of revenue as it has an extensive product portfolio ranging from consumer to professional drones. Likewise, Parrot S.A. has gained considerable traction in the last few years. The companies especially focus on developing advanced drones with improved landing capabilities. Aurora Flight, Denel SOC Ltd., Draganfly, and Northrop Grumman Corporation are among other companies with strong foothold in the global commercial drones market.
TMR forecasts the market to exhibit a CAGR of 13.8% between 2017 and 2025. At this pace, the market's valuation is expected to reach US$8.89 bn by the end of 2025, from US$2.8 bn in 2016. By type, the global commercial drones market can be segmented into multi-rotor, single rotor, fixed wing, hybrid, and others. Of these, the multi-rotor segment emerged dominant with a share of 33.2% in 2016. Regionally, North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa constitute the key market segments. Of these, North America held the dominant share of 35% in the overall market in 2016.
Increasing Application across Diverse Sectors to Fuel Demand for Commercial Drones
Commercial drones provide better video and resolution, which is a chief factor fuelling their demand worldwide. With the recent advances in technology, consumers expect similar features in commercial drones and this has steered many innovations. Given the scenario, the market is forecast to witness accelerated pace of gains in the coming years. Moreover, the prices of components used in manufacturing drones are prophesized to fall in the coming years. This will enable the market players to maintain competitive pricing, thus creating lucrative opportunities for growth.
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Besides this, manufacturers are experimenting with virtual and augmented reality technologies and how integrating same with drones can improve its performance further. The feature of flying drone through augmented reality has fuelled the demand for commercial drones globally. Commercial drones have already become a contemporary medium of delivery. With such advancement on cards soon they will replace traditional delivery boys. Besides this, considering their advanced features, commercial drones are increasingly used in the media and entertainment industry. The demand for video and photographs captured using commercial drones has risen, thus creating lucrative market opportunities.
Furthermore, the market is expected to gain from the increasing use of commercial drones in data generation. The rising usage of drones in defense application will gain traction for the market as well. In the defense sector, drones are used for surveillance, search and rescue missions, disaster impact estimation, battlefield management, and air sampling. These factors are expected to give the market a significant boost in the coming years.
Privacy Concerns Associated with Flying Commercial Drones Could Restraint Market
On the downside, use of commercial drones has raised many privacy concerns, which are restraining the market's trajectory to an extent. As drones flying overhead can capture private activities, their use is restricted across several sectors. Moreover, drones can be used to stalk a person. These concerns can limit the market's scope for expansion in the coming years. Nevertheless, the rising adoption of drones in developing countries provides highly lucrative opportunities for the market's expansion in the coming years.
Get more information from Research Report Press Release: http://www.transparencymarketresearch.com/pressrelease/commercial-drones-market.htm
This review is based on a TMR study, titled "Commercial Drones Market (Types - Multi-rotor, Single Rotor, Fixed Winged, and Hybrid; Application - Precision Agriculture, Aerial Photography, Surveillance, Survey Mapping, and Energy) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017 - 2025."
The report segments the global commercial drones market as:
Global Commercial Drones Market, By Types
- Multi-rotor drones
- Single rotor drones
- Fixed winged drones
- Hybrid drones
Global Commercial Drones Market, By Application
- Precision Agriculture
- Aerial Photography
- Survey Mapping
Global Commercial Drones Market, By Geography
- North America
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Middle East and Africa
- United Arab Emirates
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR's data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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