Global commercial UAV market is expected to reach a valuation of over $15,624.7 million by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.
Besides being a sophisticated military technology or a hobbyist tool for creating unique video content, UAVs are rapidly gaining recognition across various other industries like agriculture, architecture, mining and more where it is used for purposes beyond photography, videos, and surveillance.
According to the report, rotary blade UAVs accounted for the highest revenue share in the global commercial UAV market back in 2017. North America is likely to emerge as the leading contributor to the global revenue during the prediction period.
Some key insights from the report include:
- The global commercial UAV market is expanding due to rising applications in industries such as agriculture, media & entertainment, and mining.
- Technological advancements in the market with regards to miniaturization & improvement of components will accelerate the adoption of commercial UAVs.
- Growing investments by vendors towards technological advancements, along with declining costs of components would make UAVs more affordable in the coming years, thereby supporting market growth.
- Concerns pertaining to security and privacy are projected to hinder market growth during the forecast period.
- Regional players in North America are introducing high performance reasonably priced commercial UAVs, which will contribute to market growth in the coming years.
- Rising demand from developing economies and growing awareness are factors likely to provide several growth opportunities to the commercial UAV market in the future.
The popularity of commercial UAVs is increasing at a significant rate worldwide. UAVs offer high-resolution imagery with the ability to monitor and verify applications in numerous sectors including government, agriculture & forestry, civil engineering & construction, defense & intelligence, real estate, transportation, and others. UAVs are deployed across a plethora of applications including infrastructure planning, topographic mapping, mitigation of the impact of disasters, exploration of new energy sources, and monitoring drilling projects in the oil & gas industry. Moreover, commercial UAVs assist in green mapping, vegetation monitoring, vegetation damage due to leaching, tracking of fleet, traffic management, and much more. The device’s uses in the real estate industry involve augmented view of buildings and properties, and in the insurance sector for examining environmental risk through precise and updated geographical data.
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In terms of regional growth, North America amassed the highest returns in the global market in 2017 and is anticipated to lead the industry during the forecast period. Increasing applications in the commercial sectors have generated considerable product demand in the region. Its rising demand from media & entertainment and agricultural sectors will further boost market growth. Local industry participants are launching high performance low-cost commercial UAVs, while several key players have taken to partnership and expansion strategies in an effort to boost their market share in the North America commercial UAV market. Meanwhile, Asia-Pacific is anticipated to grow at the highest CAGR over the estimation period, cites the report.
The end-users mentioned in the commercial UAV market report comprise of energy, agriculture, public utilities, media and entertainment, government, construction, and others. The government sector, which mostly uses commercial UAVs for security and law enforcement tasks recorded the highest market share in 2017, cites the report.
The report also provides an in-depth analysis of the commercial UAV market drivers, restraints, and opportunities over the estimation timeline. A detailed analysis of the report in terms of type, end-user, region, and competitive ranking analysis has also been included in the report. In addition, company profiles of major market contenders have been elaborated in the report under the heads of business overview, product benchmarking, financials, and recent developments.
The well-known companies operating in the commercial UAV market include SAIC, Israel Aerospace Industries, Parrot SA, DJI Innovations, Elbit Systems Ltd., PrecisionHawk Inc., BAE Systems PLC, AeroVironment, Inc., 3D Robotics Inc., Aeryon Labs Inc., Denel Dynamics, and Aurora Flight among others. The key growth strategies observed in this business space include launching innovative products and teaming up with other market leaders to design new products and suffice the rising consumer needs and requirements, thereby augmenting the global commercial UAV market growth during the foreseeable timeline.