The global commercial drone market is expected to grow with a CAGR of 13% during the forecast period. Commercial drones are remotely piloted or autonomous aircraft used in commercial sectors. Such drones find applications in various sectors such as military, retail, and homeland security. Nowadays, commercial drones are also used in industries to transform their daily work. For instance, insurance companies use commercial drones for inspecting damaged assets, while farmers use them for collecting soil data and for monitoring crops, thereby boosting the demand for the commercial drone market.
Various companies are now exploring the use of drones as air taxis, air-ambulance, and others. At the same time, companies are also focusing on developing innovative commercial unmanned-aircraft vehicle system (UAVs) to provide better data at affordable cost.
The increasing participation of companies in the commercial drone market, technological advancements, and a decline in drone cost are some of the factors that are driving the growth of the drone market. Further, the rising usage of aerial data collection, along with photogrammetry and computer vision, will boost the growth of the commercial drone market. At the same time, rising traffic congestion problems, coupled with the growing urban population, will propel the demand in the commercial drone market.
Based on type, rotary blade drones dominated the market in 2018 owing to their compact design and easy maneuverability. However, limitations of space for rotary blade drones are obstructing the growth of the segment in recent years.
North America dominated the market in 2018 and is expected to show similar trends in coming years. The increasing number of drone manufacturers, coupled with a rise in applications of drone in the commercial sector, is driving the growth of the market in the region.
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