A commercial drone is an aerial vehicle, does not carry a human operator. It uses aerodynamic forces to lift the vehicle and can fly autonomously and is controlled by remote. The global commercial purpose drone market is expected to grow with a CAGR of about 55% during the forecast period of 2016-2023. The applications of commercial purpose drone include product delivery, rescue operations, high altitude mapping along with inspections, agriculture, security, search and land surveying. These applications are surging the growth of global commercial purpose drone market during the forecast period. However, increasing privacy concerns among consumers and lack of regulatory framework are the factors restraining the growth of the global commercial purpose drone market during the forecast period.
Geographically, North America held major share for commercial purpose drone market, in terms of revenue in 2016. The region is expected to dominate the market during the forecast period. The market is widely experiencing growth rate in the region because of increasing usage of commercial purpose drones in precision agriculture, irrigation equipment monitoring and cattle monitoring applications. Moreover, Asia Pacific is considered to be the fastest growing region during the forecast period in the field of commercial purpose drone market due to technological advancements such as Internet of Things in the region.
The growth in global commercial purpose drone market is also influenced by the presence of major players such as Parrot S.A. (France), Aurora Flight (U.S.), Denel Soc Ltd. (South Africa), DJI Innovations (China), Elbit Systems Ltd (Israel) etc. Product launches, Mergers & acquisitions etc. are some crucial strategies adopted by the major players to gain competitive advantage.
The global commercial purpose drone market is segmented into type and applications. The report further covers segments of type which includes single rotor, multi rotor, fixed winged and hybrid drones. Multi rotor segment held the largest share in terms of revenue in 2016 and is expected to remain dominant during the forecast period owing to increasing applications of multi rotor drone in agriculture and surveillance activities. In terms of applications, global commercial purpose drone market has been divided in precision agriculture, aerial photography, surveillance, survey mapping and energy. Aerial photography segment held the largest market share in terms of revenue in 2016 and is expected to dominate the market during the forecast period. The increasing applications of commercial purpose drones in media and entertainment industry for high definition images and video shots is a factor that will contribute to the growth of aerial photography segment during the forecast period.