Prominent factors affecting the world commercial drone market include technologically advanced products, privacy and security concerns, rising demands of high resolution satellite imagery, and research & development initiatives. Majority of these factors have led to increase in adoption of commercial drones across different parts of the world.
Top impacting factors for global commercial drone market are elaborated below:
Digitization and technological advancements in camera, drone specifications, mapping software, multidimensional mapping, and sensory applications are expected to fuel the commercial drone market growth during the forecast period. Persistent innovations in the market and emergence of technologically advanced products, such as Mavic Pro by SZ DJI Technology Co., Ltd.; Hero5 camera by GoPro, Inc.; SPECTRO XR (Extra Range), a multispectral electro-optic system by Elbit Systems Ltd.; and M-19HD by Israel Aerospace Industries Ltd. launched by industry players, have increased the demand for the drone market in the recent years.
Privacy issues and national security regulations are expected to negatively affect the market in the coming years. Aerial services sometimes require filming and photography in civilian areas, which affects the privacy of people. Most of the countries in Asia-Pacific and the Middle East do not have effective rules for aerial imaging & mapping services. On the contrary, countries such as the U.S. and U.K. have regulations specified for aerial services, but there is a lack of clarity and implementation in the regulatory framework, which would negatively affect the commercial drone market growth.
Earlier, satellite imagery was a costly proposition, but now companies focus on developing technologically advanced, high precision, and cost effective imagery solutions. One such example is the WorldView-satellite by DigitalGlobe, which offers high definition panchromatic images. Satellites can perform services such as mapping, GIS, LiDAR, surveillance, and others. Additionally, satellite services do not have any regulatory issues as opposed to aerial imagery, thus negatively affecting the commercial drone market share during the forecast period.
Increase in demand for GIS, LiDAR, and mapping services from various sectors such as agriculture, energy, tourism, and others fuels the commercial drone market growth. The agriculture sector is experiencing effective changes in yield production, enhanced crop health management, and improved soil condition with the implementation of LiDAR, GIS, and other mapping services. Real estate and civil engineering sectors are advancing in terms of new technology adoption such as multidimensional modeling, architectural planning, and monitoring civil engineering projects. Additionally, drones are used for various purposes, including research & exploration, archeological surveys, mining, cargo management, telecom network management, oil & gas resource management, and others. The rise in application areas is expected to boost commercial drone market growth during the forecast period.
senseFly, Dragany Innovations, Xiaomi Inc., Sentera, LLC, General Electric Co., Quadrocopter, Identified Technologies, and others
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