Monday, 22 August 2022 09:03 AM
Company Update
WILMINGTON, DE / ACCESSWIRE / August 22, 2022 / Transparency Market Research Inc. - Manufacturers across various end-use industries are looking to reduce their overall expenditure and as a result, are looking to invest in products that are cost-effective. One of the products that has shown the ability to meet the demand is commercial drones. The global commercial drones market is expected to grow at CAGR of 12.5% during the forecast period between 2021 and 2031.
Leading manufacturers are looking to integrate advanced technologies such as artificial intelligence in commercial drones. Launch of artificial intelligence-integrated products is assisting leading commercial drones market players generate large amounts of revenue, owing to increased demand from different industries and help gain an edge over competitors.
Prominent commercial drones market players are signing collaborative agreements with smaller players in a bid to expand their market presence and increase their revenue shares.
For example, Switzerland-based market player senseFly, in March 2021, announced a collaboration with Tough Stump Technologies in a bid to help government and defense personnel by offering aerial intelligence service using UAS analytics and data capture technology.
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Key Findings from Commercial Drones Market Study
- Reduced Energy Consumption Triggers Demand for Commercial Drones in Various Industries: Commercial drones have witnessed high demand from different end-use industries in the last few years. Commercial drones consume reduced energy as compared to large delivery vehicles and can be controlled comfortably with the help of a wireless remote controller. Commercial drones have the ability to access difficult, hard-to-reach locations and as a result, have been deployed in different search missions, which has contributed to market growth.
- Increasing Need among Manufacturers to Decrease Overall Expenditure Fuels Growth in Commercial Drones Market: Manufacturers in different end-use industries are constantly looking to reduce costs. Commercial drones have proven beneficial in offering safety at low prices and as a result, have witnessed increased demand as compared to other products which has helped in boosting the growth in overall commercial drones market.
Commercial Drones Market: Key Drivers
- Rising product demand from agriculture industry for crop growth monitoring is the key growth driver for global commercial drones market
- Increasing government expenditure in infrastructure sector augmenting the growth in overall commercial drones market
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Commercial Drones Market: Regional Growth Dynamics
- North America has emerged as leader in global commercial drones market owing to increasing product demand for aerial photography, as well as surveillance and monitoring activities and presence of well-established market players in countries such as the U.S and Canada
- Asia Pacific is anticipated to witness significant growth in overall commercial drones market in the coming years because of increasing product demand from media and entertainment industries to obtain high resolution images and videos, as well as rapid commercialization in countries such as India and China
Commercial Drones Market: Key Players
The global commercial drones market has several well-established players for the competitive landscape to be fragmented.
Leading players in commercial drones market are engaging in research and development activities in a bid to produce improved products that can be deployed in extensive application areas and thereby, meet the requirements of large number of consumers.
Some of the well-established players in global commercial drones market include Intel Corporation., Aurora Flight, Draganfly, Elbit Systems Ltd., and Denel SOC Ltd.
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The global commercial drones market is segmented as follows:
- Type
- Multi-rotor Drones
- Single rotor Drones
- Fixed winged Drones
- Hybrid Drones
- Others
- Application
- Surveillance & Monitoring
- Filming & Photography
- Inspection & Maintenance
- Mapping & Surveying
- Precision Agriculture
- Others
Regions Covered
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Countries Covered
- U.S.
- Canada
- U.K.
- Germany
- France
- Japan
- China
- India
- GCC
- South Africa
- Brazil
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