According to the Graphical Research new growth forecast report titled “North America Commercial Drone/Unmanned Aerial Vehicle (UAV) Market analysis based on Product, Technology, Application, Industry Analysis Report, Countries Outlook, Growth Potential, Competitive Market Share & Forecast, 2018 – 2024”, estimated to exceed USD 7 billion by 2024.
The rise in adoption of smartphones, demand for aerial services, and demand for drone services for commercial applications impacts the market growth. The legalization and adoption of commercial drone in the market by government authorities has brought many new valuable avenues for business and usability in the market. Factors such as regulations regarding the security and privacy, use of satellite imagery hamper the market growth of the drone. Moreover, increased application areas for drones has created lucrative opportunities for players present in the market.
The autonomous mode of operation of a civilian UAV drone is estimated to be the fastest growing mode of drone in the market with a CAGR of 23.4% in the forecasted period. This can be attributed to the technological advancement and utilization of drone capabilities, such as, with the use of thermal and hyperspectral sensors in flight to capture and experience immersive view from drones.
Leading players are aiming to explore new technologies and applications to meet the growing demands of customers. Collaborations and acquisitions would enable them to enhance their product portfolios and expand into different geographies. Emerging economies would provide opportunity for growth and expansion. Vendors are developing specialized solutions for small and medium-sized businesses to meet their specific business requirements.
The usage of drone technology in agricultural practices has been on a significant rise in the civilian UAV market, with the farmers being provided decision making insights through big data analytics. This has helped the farmers in understanding their crops better for enabling maintenance and balance of their crop production, with efficient deployment methods such as, crop spraying, aerial spraying, crop monitoring, soil & field analysis and health assessment.
Canada is the fastest growing country in the commercial drone market in the North America region with a CAGR of 27%, due to the government’s take on adoption and exploration of commercial drones to cater innovation with technology in unmanned vehicles. It is estimated that the country utilizes about three- fourth of its drones for recreational purposes and the remaining one fourth in for non-recreational purposes.
North America commercial drone market consists of both multinational companies with wide product portfolio and regional player or SMBs that offer niche products and services. Some of the major market players are Parrot, 3D Robotics, Yuneec International, Cyberhawk Innovations Ltd., Intel and senseFly.
North America Commercial Drone Market Growth, By Product
- Fixed Wing Drone
- Rotary Wing Drone
- Hybrid Drone
North America Commercial Drone Market Analysis, By Technology
- Remotely Operated Drone
- Semi-autonomous Drone
- Autonomous Drone
North America Commercial Drone Market Statistics, By Application
- Aerial photography
- Emergency Management
- Inspection & Monitoring
- Remote Sensing & Mapping
- Wildlife Research & Preservation