March 19, 2020
According to the research report titled ‘Europe Commercial Drone/Unmanned Aerial Vehicle (UAV) Market Size By Product, Technology, Application, Industry Analysis Report, Countries Outlook, Growth Potential, Competitive Market Share & Forecast, 2018 – 2024’, available with Market Study Report LLC, Europe commercial drone/unmanned aerial vehicle (UAV) market is expected to surpass USD 2 billion by the year 2024.
Advancements in technology pertaining to UAVs (unmanned aerial vehicle) is the major factor driving the growth of Europe commercial drone market. The integration of advanced algorithms in UAVs along with declining prices of drones are creating lucrative avenues for growth. Additionally, favorable government regulations which legalize the use of commercial drones is further aiding the market expansion. However, rising security and safety concerns regarding the use of drones along with strict federals directives with respect to payloads and range of UAVs may hinder the overall market growth.
Considering the application spectrum, emergency management segment is presumed to expand substantially during the forecast period. Advancements in drone technology including high-resolution cameras, emergence of IoT-based drones, and integration of AI in drones are fueling the segmental growth.
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As per regional analysis, UK commercial drone market is expected to register moderate growth during 2018-2024. Mixed perspective about the development of civilian drones for commercial applications, such as relaxation of certain rules to allow testing of Amazon Prime Air Delivery, in tandem with integration of anti-collision and VLOS technology will impel the UK market outlook.
senseFly, Intel Corp., Cyberhawk Innovations Ltd., Yuneec International, 3D Robotics, Parrot, and DJI are the prominent companies operating in Europe commercial drone industry.
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