With the increase in number of exemptions given by the FAA for the use of UAV drones in various commercial applications, the UAV drones market is expected to witness prominent growth during the forecast period. Under Section 333, FAA is exempting the use of small unmanned aerial vehicles weighing 55 pounds (under 25 kgs), including the payloads for the commercial applications. UAV drones are widely demanded for the commercial applications such as media and entertainment, inspection/monitoring, surveying/mapping, and precision agriculture among others.
commercial-drones-market
Among different types of drones, the rotary blade drones are highly preferred by the professionals and hobbyists. Its ability to hover at one place and fly in both horizontal and vertical directions makes it most convenient to be used for various commercial applications. Media and entertainment industry accounted for the largest share of 31% of the global UAV drones market in 2014. The precision agriculture application is expected to grow at the highest CAGR during the forecast period.
The global UAV drones regional market is mainly dominated by the Americas, followed by Europe and Asia-Pacific. The Americas dominates the global UAV drones market, while emerging Asia-Pacific UAV drones market is expected to witness prominent growth during the forecasted period. The Americas UAV market is expected to reach USD 3.74 billion by 2020, and it is expected to grow at a CAGR of 33.09% from 2015 to 2020. The United States is majorly contributing to the UAV drones market in the Americas region.
The growth of this market is propelled by increase in demand from media and entertainment industry, adoption of drones for precision agriculture, and continuous technology additions are some of the significant growth drivers for the UAV drones market. However, the scarcity of trained pilots, security and safety concerns, and air traffic management are the key factors that are restraining the growth of the UAV market. In addition to this, the development of low cost, reliable, and highly automated commercial drones pose a key challenge for the industry players.
The UAV drones market is dominated by the key players such as DJI (China), Parrot S.A. (France), 3D Robotics Inc. (U.S.), PrecisionHawk (U.S.) among others.
