Commercial Drone Market to Grow at CAGR 27% Till 2021: TechSci Research Report
NEW YORK, May 17, 2016 /PRNewswire/ --
Improving Regulatory Framework and Increasing Number of Exemptions Being Granted for Expanding Applications for Drones to Drive Commercial Drone Market Over Next Five Years
According to TechSci Research report, "Global Commercial Drone Market By Drone Type, By Application, By Region, Competition Forecast and Opportunities, 2011-2021", rotary blade drone segment dominated the global commercial drone market in 2015, on account of its various technical features and benefits that enable these drones to perform intensely in photography, mapping, oil & gas sector and mining industry. Moreover, continuing growth of the global mining market, which was valued at around USD1.5 trillion in 2015 and is projected to grow at a CAGR of over 7% during 2016-2021, is expected to further boost the prospects of commercial utilization of drones in the mining sector over the next five years. Rotary blade drones are designed to fly in all directions as well as hover at a fixed position. In 2015, these drone types accounted for a market share of over 75% in the global commercial drone market, due to their versatility and increasing application areas. Commercial drone market is projected to grow at a CAGR of 27% till 2021, with North America anticipated to continue its dominance as the largest commercial drone market through 2021.
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Browse 17 market data Tables and 53 Figures spread through 250 Pages and an in-depth TOC on "Global Commercial Drone Market"
Fix wing drone is the other major drone type, and these drones are being widely used in precision agriculture and aerial mapping. Precision farming utilizes several technological advancements such as geo location tracking, data management, and crop health analysis in order to ensure better productivity as compared to conventional farming methodology. Higher profitability and productivity, coupled with expanding global demand for crop yield are few of the factors poised to drive the global precision agriculture market at a CAGR of over 11% during 2016-2021, thereby propelling demand for drones used in the precision agriculture industry.
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In 2016, the global commercial drone market is anticipated to witness commercialization of nano drones and hybrid drones, which would use fuel cell technology for increasing fly time. Several prominent drone manufacturing companies such as DJI, Parrot, 3D Robotics, PrecisionHawk, Trimble, AeroVironment, etc., intend to expand their production capacities considering the anticipated growth in the global commercial drone market over the next five years.
"Expanding applications of drones in various commercial applications, rapidly growing approvals being provided to drone companies by the regulatory authorities such as FAA, coupled with increasing investments in drone companies are few of the major reasons poised to drive the global commercial drone market over the next five years. Amongst the four categories of drones, the rotary blade drone segment is forecast to hold its position as an undisputed leader over the next five years.", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Global Commercial Drone Market By Drone Type, By Application, By Region, Competition Forecast and Opportunities, 2011-2021" has evaluated the future growth potential of commercial drone market at global level and provides statistics and information on market structure, drone applications, policies and regulations in the global commercial drone market. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyses emerging trends along with essential drivers, challenges and opportunities available in global commercial drone market.
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