San Francisco, Sept. 10, 2015 (GLOBE NEWSWIRE) -- The global commercial drone market size is expected to reach USD 2.07 billion by 2022, according to a new report by Grand View Research, Inc. Increased utility in law enforcement and agricultural applications is expected to play a pivotal role in market growth over the forecast period. Having made their presence felt in the military sector, these Unmanned Aerial Vehicles (UAVs) have gradually gained prominence in the commercial sector and are foreseen to surpass the growth observed in the former.
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Prominent retailers and e-commerce players have experimented the use of drones to deliver packages to consumers in a much shorter duration as compared to the traditional delivery media. The use of drones for retail is pending government approval, particularly in the U.S. Once regulatory clearance is obtained, drones are expected to revolutionize the retail sector.
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Further key findings from the study suggest:
- Government applications which include law enforcement, infrastructure, and research & development contributed to over 40% of the market revenue in 2014. Commercial drones have garnered importance in search and rescue missions, scientific research, and mapping. Agriculture is expected to emerge as a lucrative application sector over the forecast period. These UAVs aid farmers by taking snapshots of a vast array of fields and providing crucial data pertaining to soil and crops, thereby assisting in crop management. Use of UAVs in retail is expected to transform the industry dynamics and is foreseen to positively shape market growth.
- Rotary blade drone accounted for over 75% of the market share in 2014. Its popularity can be attributed to the fact that it is capable of flying in every direction as well as hovering in a fixed position, which its fixed wing counterparts cannot achieve. Fixed wing drone is more suited for aerial mapping, undertaking topographic surveys, and terrain modeling of larger areas which include stockpiles & mine sites.
- North America contributed to over 55% of the global revenue in 2014, which can be attributed to high production and increased use in law enforcement and agricultural activities. The regulatory scenario is Europe is more conducive to market growth as opposed to the U.S., which is expected to play a pivotal role in high penetration of commercial drones in Europe. Asia Pacific stands to witness high proliferation of commercial UAVs over the forecast period. Countries such as Japan and Australia have emphasized on the use of UAVs in agriculture.
- Key market participants include Parrot SA, The Boeing Company, Textron Inc., Northrop Grumman, Lockheed Martin Corporation, Israel Aerospace Industries, General Atomics, Elbit Systems Ltd., DJI, BAE Systems PLC, and AeroVironment Inc. Strategic alliances with government agencies and collaborations with prominent technology providers are some of the strategic steps taken by market players to gain a foothold in the industry.
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For the purpose of this study, Grand View Research has segmented the global commercial drone market on the basis of product, application, and region:
Commercial Drone Product Outlook (Revenue, USD Million, 2012 - 2022)
- Fixed wing
- Rotary blade
Commercial Drone Application Outlook (Revenue, USD Million, 2012 - 2022)
- Media & Entertainment
Commercial Drone Regional Outlook (Revenue, USD Million 2012 - 2022)
- North America
- Asia Pacific
- Latin America
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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Source:Grand View Research