Albany NY, United States, May 02, 2022 (GLOBE NEWSWIRE) -- Proliferating demand for drones in wide spectrum of industries notably for agriculture applications worldwide is pivoting enormous revenue generation in the commercial drones market. Multi-rotor drone technology has witnessed massive commercialization over the years, finds the authors of an in-depth study on the various growth dynamics of the commercial drones market. The global valuation of the market is projected to exceed US$ 11.30 Bn by 2031, advancing CAGR of 12.5% during the forecast period of 2021–2031.
Manufacturers are geared toward constantly bringing technological advancements, thus attracting investments by numerous industries to deploy commercial drones for wide range of usage. Evidently, over the past few years, developed and developing economies of the world have been witnessing rising demand for drone technology in surveillance & monitoring, inspection & maintenance, mapping &surveying, and precision agriculture.
The commercial drones market has been expanding rapidly on the back of rise in application of drones in filming & photography, increasingly by film making and media organizations to reach places that are difficult or impractical for humans. Use of the drone technology in aerial photography presented vast revenue opportunities to the global commercial drones market, found the authors of this TMR study.
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Key Findings of Commercial Drones Market Study
- Lucrative Prospects of Multirotor Drones for Surveillance and Aerial Photography: Drones are increasingly proving to be cost-effective and versatile in use in multiple industries. Advancements especially in multirotor drones, the study found, have opened up new vistas of opportunities in the commercial drones market. The demand has proliferated in surveillance and aerial photography applications, which has spurred lucrative opportunities. The authors of the TMR study on the commercial drones market observed that the use of drone technologies is attracting massive interest in promoting agricultural practices. Rise in use of commercial drones in precision agriculture is likely to generate some incredible avenues.
- Advancements in Video and Image Resolution Capabilities Catalyze Versatile Usage of Drones: Drone manufacturers are increasingly equipping advanced hardware and software with their products to boost the video and image resolution capabilities. Rise in use of drones for surveying difficult-to-reach areas and for mapping is expanding the profitable avenues considerably. Commercial use of robots in filming and photography is also expected to remain lucrative, asserted the study on the business intelligence study by TMR on the commercial drones market.
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Commercial Drones Market: Key Drivers
- The past few decades have witnessed significant decline in the cost of deployment of sensors for commercial applications. Reduced cost of payloads and the versatile use these can be put to are the major underpinnings for the expanding horizon in the commercial drones market.
- R&D in novel sensor and imaging technologies used in unmanned aerial vehicles, such as state-of-the art computing technologies and AI, are expanding the frontiers for use of drones in new applications. Equipping drones with such technologies has constantly advanced the capabilities of data capture and analytics, observed the TMR analysts scrutinizing lucrative avenues in the commercial drones market.
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Commercial Drones Market: Regional Growth Dynamics
- Asia Pacific is witnessing promising commercial prospects for various products in the commercial drones market. The past few years have witnessed the rise in application of the drone technology in surveillance, precision agriculture, and aerial photography in a number of economies notably in China, South Korea, and Japan.
- The North America commercial drones market is also projected to contribute sizable revenue opportunities for companies. The applications of drone technologies are growing rapidly in the media & entertainment and film industries.
Commercial Drones Market: Key Players
Some of the key players in the commercial drones market are Draganfly, Yuneec International, Elbit Systems Ltd., Lockheed Martin Corporation, Draganfly, DJI Innovations, Denel SOC Ltd., Aurora Flight, and Parrot S.A.
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Global Commercial Drones Market: Segmentation
Commercial Drones Market, by Type
- Multi-rotor Drones
- Single Rotor Drones
- Fixed Winged Drones
- Hybrid Drones
- Others
Commercial Drones Market, by Application
- Surveillance & Monitoring
- Filming & Photography
- Inspection & Maintenance
- Mapping & Surveying
- Precision Agriculture
- Others
Commercial Drones Market, by Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- U.K.
- Germany
- France
- Rest of Europe
- Asia Pacific (APAC)
- China
- Japan
- India
- Rest of Asia Pacific
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
- South America
- Brazil
- Rest of South America
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