US$ 2.7 Billion Global Commercial Drones Market to Register 18.3% CAGR between 2019 and 2028, finds Bekryl Market Analysts
According to the recently released report by Bekryl, ‘Global Commercial Drones Market’ is set to register 18.3% CAGR to create 4.5X higher revenue opportunity in 2028 than that in 2019. In terms of volume, commercial drones accounted for just 7% of total unit sold in 2018. However, generates 64% of revenue for industry players.
Advancement in technology has significantly boosted overall growth prospects. Moreover, the industry is expected to rely on product innovation (R&D) over the next 10 years to commercialize the market. As such, companies are spending heavily on R&D, which in turn will create higher incremental opportunity for industry players. Other key global commercial drones market trends that will significantly boost the overall demand are advancement in aerial imagery, air surveillance, and deployment of advanced sensors. By 2020, it is expected that commercial drones market will witness nearly 20% decline in its prices owing to automation in manufacturing along with easy procurement of raw materials in Asia Pacific. This will significantly boost the overall sales of the product.
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Globally, North America commercial drones market size dominated the sales in 2018. However, the region will lose major market share to Asia Pacific by the mid of the forecast period (2023). Much of the sales in the region is concentrated for military purpose.
Few key trends shaping the global Commercial Drones Market:
Trend#1: Rotary Blade based Commercial Drones to Dominate the Industry Sales
Rotary blade commercial drones accounted for 74.8% of total share in 2018. High usage of drones in aerial surveillance has led to increased demand for rotary blade drones. Nano-type will gain significant traction – registering fastest CAGR during the forecast period.
Trend#2: Majority of Commercial Drones are Deployed Across Government Sectors
Among applications, government sector will account for maximum share. However, will lose significant market to other emerging applications. As of 2018, commercial drones for government applications accounted for over 77% global share. Logistics sector will register fastest CAGR during the forecast period. Agriculture sector too will register significant growth. Commercial drones could potentially replace technologies such as IoT sensors and will be used to support precision farming especially in china, India and developed regions.
Some of the key Commercial Drones market industry players are 3D Robotics Inc., DJI, Northrop Grumman, PrecisionHawk, Lockheed Martin, Textron, Parrot, General Atomics Aeronautical Systems, Boeing, AeroVironment, and Thales. DJI is gaining high traction in the market and dominates the China commercial drones market.
To procure the full report, visit: https://bekryl.com/industry-trends/commercial-drones-market-size-analysis
Some other Reports of similar Interests:
Forestry and Agriculture Drones Market, 2019-2028: https://bekryl.com/forestry-agriculture-drones-market-size-analysis
Automotive Door Latch Market, 2019-2028: https://bekryl.com/industry-trends/automotive-door-latch-market-share-analysis/
Autonomous Underwater Vehicle Market, 2019-2028: https://bekryl.com/industry-trends/autonomous-underwater-vehicle-market-share-analysis
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