Commercial drone market to grow at CAGR 27 percent to 2021

May 17, 2016  - By
Image: GPS World

According to a new TechSci Research report, the commercial drone market is projected to grow at a CAGR of 27 percent until 2021, with North America anticipated to continue its dominance as the largest commercial drone market through 2021.

The report, “Global Commercial Drone Market By Drone Type, By Application, By Region, Competition Forecast and Opportunities, 2011-2021” considers use and growth of rotary-blade and fixed-wing drone types.

According to the report, the rotary-blade drone segment dominated the global commercial drone market in 2015 because of its various technical features and benefits that enable these drones to perform intensely in photography, mapping, oil and 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 CAGR of more than 7 percent during 2016-2021, is expected to further boost the prospects of commercial use 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 more than 75 percent in the global commercial drone market because of their versatility and increasing application areas.

Fixed-wing drones are the other major drone type, and these drones 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 percent during 2016-2021, thereby propelling demand for drones used in the precision agriculture industry.

A sample report is available.