The global commercial drones market has been foretold by Transparency Market Research (TMR) to hold a significantly consolidated characteristic as only two companies, viz. DJI and Parrot S.A. secured close to a 75.0% aggregate share in 2016. One of the prominent business strategies adopted by companies to collect a sizable share in the market could be to manufacture drones with advanced functionality and constantly enhance their technological aspects to draw more customers. Companies have also been focusing on improving the landing capabilities of commercial drones and their image quality. A report by TMR has spoken more about the nature of the vendor landscape and future competitive scenarios.
The global commercial drones market has been anticipated by TMR to rise at a 13.8% CAGR during the forecast tenure 2017-2025. In 2016, it bagged a revenue of US$2.8 bn. However, by 2025, the revenue could increase to an US$8.8 bn. In terms of a segmentation by application, the market could witness the dominance of aerial photography until the end of the forecast tenure. In 2016, this application segment grabbed a larger share of 25.0%. On the basis of a regional segmentation, North America has been foreseen to attain a king’s share in the near future, continuing from its 35.0% share achieved in 2016.
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Since the past few years, there has been a growing application of commercial drones for various purposes such as surveillance, aerial photography, and precision agriculture. The increasing usage of the latest editions of commercial drones has found them important applications in other end-use industries as well. End users receive improved and high-quality videos and images with the use of the latest features of commercial drones. The consumer electronics market has testified the inclusion of a variety of improved video and image formats supporting televisions and smartphones due to the rise of a number of technological developments in the recent years.
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Manufacturers have been encouraged to develop improved editions of current commercial drones with better features and characteristics because of the escalating requirement of high-quality images. Furthermore, the increase in market competition and the number of products available in the industry has upped the expectations of players when it comes to growth.
Nonetheless, the international commercial drones market has been prognosticated to retain growth on the back of a swelling usage in developed economies. Additionally, human errors that arise out of site designs have been worked upon by several manufacturers. The market could receive a strong boost in its growth due to the increasing application of commercial drones for delivering and transporting purposes.