The global commercial drones market size is poised to grow by USD 20.39 billion during 2020-2024, progressing at a CAGR of almost 36% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
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Technavio has announced its latest market research report titled Global Commercial Drones Market 2020-2024 (Graphic: Business Wire)
The use of drones is highly preferred as they effectively deliver goods in a shorter time than road transport. The use of drones for delivery helps in overcoming the limitations caused by the increasing traffic congestion. Furthermore, drones are also intensively being deployed in disaster management applications and are being used to deliver food medical kits and other packages to the people disaster-hit regions. Additionally, drones are witnessing increased applications in the field of agriculture, weather forecasting, town planning, mining, and surveying. The high growth potential of the market has spurred venture capital investments in companies developing drones and their software. This has also led various governing bodies to legalize commercial drone operations. Thus, technological advances and its use in diversified applications will significantly influence the growth of the global commercial drones market during the forecast period.
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Report Highlights:
- The major commercial drones market growth came from software segment. The software segment primarily comprises of software solutions used in drones for real-time data analysis, along with services pertaining to upgradation, maintenance, and training, which are offered by market vendors to end-users. Moreover, the demand for software in drones is increasing to improve data analytics and extract the required data from a large amount of real-time data generated from various sectors including, infrastructure, energy, agriculture, and government.
- North America accounted for the largest commercial drones market share in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The expanding use of drones in various commercial applications such as agriculture and oil and gas pipeline surveys, construction purposes, and logistics will significantly influence commercial drones market growth in this region.
- The global commercial drones market is fragmented. 3D Robotics Inc., AeroVironment Inc., Autel Robotics, FLIR Systems Inc., Intel Corp., Parrot SA, Remote Monitored Systems PLC, SZ DJI Technology Co. Ltd., Trimble Inc., and Yuneec International Co. Ltd. are some of the major market participants. To help clients improve their market position, this commercial drones market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the global commercial drones market 2020-2024 is expected to have Negative and Inferior growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
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Technological Advances in Commercial Drones will be a Key Market Trend
The drone manufacturing companies are highly focused on developing advanced drone technologies that have broader applications to meet the growing demand from consumers and end-user industries. The developments in solutions, sensors, and technologies are swiftly leading to a change in size, shape, and applications of drones. Vendors are also using advanced technologies such as cloud computing, AI, DL, and ML to offer next-generation drones.
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Commercial Drones Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist commercial drones market growth during the next five years
- Estimation of the commercial drones market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the commercial drones market
- Analysis of the market's competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of commercial drones market vendors
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PART 01: EXECUTIVE SUMMARY
PART 02: SCOPE OF THE REPORT
- Preface
- Currency conversion rates for US$
PART 03: MARKET LANDSCAPE
- Market ecosystem
- Value chain analysis
- Market characteristics
- Market segmentation analysis
PART 04: MARKET SIZING
- Market definition
- Market sizing 2019
- Market Outlook
- Market size and forecast 2019-2024
PART 05: FIVE FORCES ANALYSIS
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
PART 06: MARKET SEGMENTATION BY PRODUCT
- Market segmentation by product
- Comparison by product
- Software Market size and forecast 2019-2024
- Hardware Market size and forecast 2019-2024
- Market opportunity by product
PART 07: CUSTOMER LANDSCAPE
PART 08: MARKET SEGMENTATION BY END-USER
- Market segmentation by end-user
- Comparison by end-user
- Infrastructure Market size and forecast 2019-2024
- Agriculture Market size and forecast 2019-2024
- Public safety Market size and forecast 2019-2024
- Energy Market size and forecast 2019-2024
- Others Market size and forecast 2019-2024
- Market opportunity by end-user
PART 09: GEOGRAPHIC LANDSCAPE
- Geographic segmentation
- Geographic comparison
- North America Market size and forecast 2019-2024
- Europe Market size and forecast 2019-2024
- APAC Market size and forecast 2019-2024
- South America Market size and forecast 2019-2024
- MEA Market size and forecast 2019-2024
- Key leading countries
- Market opportunity
PART 10: DECISION FRAMEWORK
PART 11: DRIVERS AND CHALLENGES
- Market drivers
- Market challenges
PART 12: MARKET TRENDS
- New developments and launches of commercial drones
- Growing number of acquisitions and partnerships
- Technological advances in commercial drones
PART 13: VENDOR LANDSCAPE
- Overview
- Landscape disruption
- Competitive scenario
PART 14: VENDOR ANALYSIS
- Vendors covered
- Vendor classification
- Market positioning of vendors
- 3D Robotics, Inc.
- AeroVironment Inc.
- Autel Robotics
- FLIR Systems Inc.
- Intel Corp.
- Parrot SA
- Remote Monitored Systems PLC
- SZ DJI Technology Co. Ltd.
- Trimble Inc.
- Yuneec International Co. Ltd.
PART 15: APPENDIX
- Research methodology
- List of abbreviations
- Definition of market positioning of vendors
PART 16: EXPLORE TECHNAVIO
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