The new commercial drones market research from Technavio indicates Negative growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Commercial Drones Market 2020-2024 (Graphic: Business Wire)
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“One of the primary growth drivers for this market is the Rise in Application of Drones,” says a senior analyst for the Industrials industry at Technavio.
The use of drones is highly preferred as they effectively deliver goods in a shorter time than road transport. Moreover, 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 used to deliver food, medical kits, and other packages to people stuck in disasters. Additionally, drones are witnessing increased applications in the field of agriculture, weather forecasting, town planning, mining, surveying, and several commercial uses. Therefore, 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.
As the markets recover Technavio expects the commercial drones market size to grow by USD 20.39 billion during the period 2020-2024.
Commercial Drones Market Segment Highlights for 2020
- The commercial drones market is expected to post a year-over-year growth rate of 35.48%.
- 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.
- Market growth in this segment will be faster than the growth of the market in the hardware segment.
- 41% of the growth will originate from the North America region.
- 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 US and Canada are the key markets for the commercial drones market in North America. Market growth in this region will be faster than the growth of the market in other regions.
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- The commercial drones market size is expected to accelerate at a CAGR of almost 36% during the forecast period.
- The commercial drones market is segmented by Product (Software and Hardware), End-user (infrastructure, agriculture, public safety, energy, and others), and Geographic Landscape (APAC, Europe, MEA, North America, and South America).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including 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.
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