Drones are unmanned aircrafts or unmanned aerial vehicles that are operated via a remote controller or by an on-board programed processor. Initially drones were used in military and defense sector but nowadays they are finding various application in commercial sector.
Increasing demand for drone as a service and increasing penetration on Internet of Things (IoT) are major factors driving growth of the global commercial drone market. In addition, increasing adoption of commercial drones for photogrammetry, traffic surveillance, environmental study, crop monitoring, flood mapping, law enforcement, mining, etc. is further fueling growth of the global commercial drone market. Moreover, the current trend observed in the market is increasing adoption of commercial drones for filming and video shooting, advertising, for recording adventure activities such as bungee jumping, water rafting, etc., and for delivering packages & food orders. This factors are expected to support growth of the global commercial drone market over the forecast period.
Lack of standard regulation in various region for drone operations is a major factor hampering growth of the global commercial drone market. In addition, short operating range, lack of skilled operators, and short battery life are some other factors hampering growth of the global commercial drone market. However, technological advancements and implementation of favorable laws by government can create new opportunities for key players in the global commercial drone market.
North America dominates the global commercial drone market in terms of revenue contribution and is expected to maintain its dominance over the forecast period. This can be attributed to increasing implementation of drone-powered business solutions for various application. The market in Europe is expected to witness significant growth and is expected to register a CAGR of X.X% over the forecast period, followed by the market in Asia Pacific.
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The global commercial drone market is segmented on the basis of product type, application, and region. On the basis of region, the global commercial drone market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Key players in the global commercial drone market are AeroVironment Inc., 3D Robotics Inc., Airware Inc., Dà-Jing Innovations Science and Technology Co. Ltd., Parrot SA, Dragany Innovations Inc., DroneDeploy, Lockheed Martin Corporation, PrecisionHawk, and Trimble Inc.
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