Portland, OR, Aug. 28, 2019 (GLOBE NEWSWIRE) -- According to the report, the global commercial drones market accounted for $2.67 billion in 2016 and is estimated to reach $10.28 billion by 2022, registering a CAGR of 25.2% from 2016 to 2022.
Advent of technologically advanced product and increased demand for location-based services have boosted the growth of the global commercial drone market. However, privacy and security concerns and high-resolution satellite imagery hamper the market. On the contrary, increased application areas for GPS, LiDAR, and mapping service and increased growth in the smartphone market are expected to create lucrative opportunities in the near future.
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The global commercial drones market is segmented on the basis of type, application, and geography. Based on type, the market is divided into fixed wing drones, rotary bade drones, hybrid drone segment. The rotary blade drones segment held the largest share in 2016, accounting for more than three-fifths of the market. However, the hybrid drone segment is estimated to register the fastest CAGR of 28.3% during the forecast period.
On the basis of application, the market is divided into agriculture and environment, media and entertainment, energy, government, construction & archaeology. The agriculture and environment segment dominated the market in 2016, contributing more than one-fourth of the market. However, the construction & archaeology segment is projected to register the fastest CAGR of 28.0% during the forecast period.
The global commercial drones market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific is estimated to register the fastest CAGR of 28.2% during the forecast period. However, the market across North America held the largest share in 2016, accounting for nearly two-fifths of the market.
The market report includes in-depth analysis of the major market players such as SZ DJI Technology Co., Ltd., AeroVironment, Inc., 3D Robotics, Inc., Parrot SA, PrecisionHawk Inc., Leptron Unmanned Aircraft Systems, Inc., Aeryon Labs Inc., Yuneec International Co. Ltd., Trimble Navigation Ltd., and Insitu Inc.
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