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Commercial UAV Market Will Reach Height of USD 2.07 billion By 2024

Global Commercial UAV Market is anticipated to reach USD 2.07 billion by 2022 due to its growing applications in defense and agricultural sectors. UAVs (Unmanned Aerial Vehicles) are miniature pilot-free aircrafts controlled by a remote and use aerodynamics services for aerial functions and navigation. They carry payloads like parcels, medical supplies, heavy material like fire extinguishers, etc., cameras to conduct military and commercial surveillances and perform both videography and photography.

Commercial UAV market is driven by factors like constant technological innovation for unmanned aerial vehicles, increase in demand due to security concerns, growing demands of high definition satellite pictures and rise in initiatives for research & development. The technological innovation like enhancements in cameras, mapping software, specifications of drone, sensory applications are fueling the commercial UAV industry.

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Most of the times, aerial services require surveillance in residential areas, which may disturb privacy of people. Hence, national security and privacy issues are expected to hinder commercial UAV market growth in the years to come. Moreover, strict regulations regarding aerial services in countries like U.K and U.S is negatively affecting the progress of the market of commercial UAV. Wide acceptance of UAV in different applications require extended regulatory framework that challenges the market, especially for security reasons.

Commercial UAV industry is categorized on the basis of type, application, and geography. On the basis of type, the market is divided into nano drones, rotary blade drones, fixed wing drones, and hybrid drones. Rotary drones hold larger market share of commercial UAV owing to its extensive use by professionals for aerial video surveillance(defense sector) and aerial photography (hobbyists).

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Based on application, commercial UAV market is split into military purpose, monitoring purpose, surveying and mapping, law enforcement and agriculture. Military segment is expected to lead the market of commercial UAV since UAVs can effectively reduce security damage, identify and strike targets, while making it an ideal asset for defense.

Geographically, commercial UAV industry is segmented as North America, Europe, Asia Pacific, and RoW. Owing to the increased application of UAV in residential security, commercial areas and military purposes, North America is expected to dominate the market. Moreover, the growing concerns regarding terrorism and security is stimulating the demand for UAV in emerging countries of Asia Pacific. The key players in commercial UAV industry include AeroVironment, Inc., 3D Robotics, Inc., SZ DJI Technology Co., Ltd., Leptron Unmanned Aircraft Systems, Inc., Trimble Navigation Ltd., Parrot SA, PrecisionHawk Inc., Aeryon Labs Inc., Yuneec International Co. Ltd., Insitu Inc., Xiaomi Inc., Sentera, senseFly, Quadrocopter, Dragany Innovations, LLC, General Electric Co., Identified Technologies, and others. Despite intense competition among manufacturers, DJI and senseFly sustain top rankings and gain significant percentage of Drone Deploy users in the market of commercial UAV.