DUBLIN–(BUSINESS WIRE)–Jun 29, 2020–
The “Commercial Drones Market – Forecasts from 2020 to 2025” report has been added to ResearchAndMarkets.com‘s offering.
The global commercial drones market was valued at US$6.044 billion in 2019.
Implementation of strict yet simple regulations regarding the use of commercial drones is the major driver of the global commercial drones market. All these favorable regulations across different countries/regions are paving the way for a wider application of drone technology worldwide.
Businesses across various end-user industries are using drones for multiple commercial applications apart from basic surveillance and photography. For instance, farmers are using drones to monitor crops and soil while insurance companies are using the same data to inspect damaged assets in the agricultural sector. In the retail sector, drones are being increasingly used for delivery services by retail stores.
Rising investments in R&D to develop new applications of drones as well as using drones for testing applications is also spurring the commercial drones market growth globally. In August 2018, Shanghai’s Jinshan Industrial Zone officially opened a UAV base, allowing China to carry out multi-scenario testing and applications using drones. Increasing applications of commercial drones in industries such as oil and gas, nuclear, and renewables will further continue to propel the market growth of commercial drones during the next five years. ExxonMobil, BP, and Royal Dutch are some of the major oil and gas companies which are deploying drones to obtain real-time insights while enhancing their productivity.
The recent novel COVID-19 global pandemic outbreak has significantly surged the demand for commercial drones for various applications. Countries are using drones in order to prevent further transmission of this deadly disease. For example, Terra Drone’s business partner Antwork used drone RA3 and tr7s to transport medical samples and quarantine materials between Xinchang County disease control center, Xinchang County People’s Hospital, and Dashiju branch of Xinchang County People’s Hospital. Tamil Nadu (India) used a drone to spray disinfectant over Rajiv Gandhi Government General Hospital in Chennai.
The global commercial drones market is segmented by type, end-use industry, and geography. On the basis of type, the global commercial drones market is segmented as fixed-wing, single rotor, and multi-rotor. The global commercial drones market segmentation based on the end-user industry is done as agriculture, energy, retail, government, media and entertainment, and others.
Retail sector poised to grow at a significant rate during the forecast period
The retail industry will experience significant CAGR during the forecast period. Drones are capturing the interest of global retailers as competition in this industry is pushing them to develop new ways to make their supply chains more efficient while reducing delivery costs. As such, commercial drone manufacturers are expanding their market base across the global retail industry, thereby driving the market growth. In 2019, Alphabet’s Wing launched a full-fledged drone delivery service in Canberra, Australia. The company also announced a similar service trial for a suburb in Helsinki, Finland, included as its first such effort in Europe.
The agriculture sector is also increasingly adopting the use of drones for various applications including soil monitoring and spraying fertilizers and pesticides. Growing demand for drones for disaster management services will also fuel the overall market growth of commercial drones during the next five years. In September 2019, DJI launched two that can be used during natural disasters and recovery missions.
By geography, APAC is projected to witness a significant CAGR
By geography, the global Commercial Drones market is classified into North America, South America, Europe, Middle East and Africa, and Asia Pacific. North America accounted for a significant share in the global Commercial Drones market in 2019. Implementation of simple and relaxed regulations in the U.S. and Canada regarding the use of commercial drones have boosted the demand for commercial drones across this region. In 2018, the FAA (Federal Aviation Administration) launched the UAS Integration Pilot Program (UAS IPP) to allow states to test drone flights in various ways otherwise prohibited by the FAA’s rules governing the operation of drones weighing less than 55 pounds.
In June 2019, Canada also implemented simplified drone regulations for commercial, recreational, and research purposes. APAC will witness a substantial CAGR during the forecast period on account of the rising use of drones across various industries in countries like China and India. In July 2017, the State Council of China released the New Generation Artificial Intelligence (AI) Development Plan’ with UAV as one of the focus sectors. ON August 27, 2018, The Indian Ministry of Civil Aviation released the National Drone Policy 1.0, making flying drones in India legal.
Market Players and Competitive Intelligence
Prominent key market players in the global commercial drones market include DJI, Harris Aerial, Trimble, Inc., Parrot Drones SAS, PrecisionHawk, 3DR, and AeroVironment, Inc. These companies hold a noteworthy share in the market on account of their good brand image and product offerings. Major players in the global Commercial Drones market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last two years.
Key Topics Covered
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Global Commercial Drones Market Analysis, By Type
5.2. Fixed Wing
5.3. Single Rotor
6. Global Commercial Drones Market Analysis, By End-Use Industry
6.6. Media and Entertainment
7. Global Commercial Drones Market Analysis, By Geography
7.2. North America
7.2.1. North America Commercial Drones Market, By Type, 2020 to 2025
7.2.2. North America Commercial Drones Market, By End-Use Industry, 2020 to 2025
7.2.3. By Country
7.3. South America
7.5. Middle East & Africa
7.6. Asia Pacific
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
9.2. Harris Aerial
9.3. Trimble, Inc.
9.4. Parrot Drones SAS
9.7. AeroVironment, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/778511
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SOURCE: Research and Markets
Copyright Business Wire 2020.
PUB: 06/29/2020 08:15 AM/DISC: 06/29/2020 08:15 AM
Copyright Business Wire 2020.