Thu, May 19, 2016
Expected To Expand At CAGR 27% Till 2021
A new report published by TechSci Research ... "Global Commercial Drone Market By Drone Type, By Application, By Region, Competition Forecast and Opportunities, 2011-2021" ... indicates that the rotary blade drone segment dominated the global commercial drone market in 2015, on account of its various technical features and benefits that enable these drones to perform intensely in photography, mapping, oil & gas sector and mining industry.
Moreover, continuing growth of the global mining market, which was valued at around $1.5 trillion in 2015 and is projected to grow at a Compound Annual Growth Rate (CAGR) of over 7% during 2016-2021, is expected to further boost the prospects of commercial utilization of drones in the mining sector over the next five years.
Rotary blade drones are designed to fly in all directions as well as hover at a fixed position. In 2015, these drone types accounted for a market share of over 75% in the global commercial drone market, due to their versatility and increasing application areas. The commercial drone market is projected to grow at a CAGR of 27% till 2021, with North America anticipated to continue its dominance as the largest commercial drone market through 2021.
Fixed wing drones, the other major drone type, are being widely used in precision agriculture and aerial mapping. Precision farming utilizes several technological advancements such as geo location tracking, data management, and crop health analysis in order to ensure better productivity as compared to conventional farming methodology.
Higher profitability and productivity, coupled with expanding global demand for crop yield are few of the factors poised to drive the global precision agriculture market at a CAGR of over 11% during 2016-2021, thereby propelling demand for drones used in the precision agriculture industry.
(Source: TechSci Research news release. Images from file)
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