2020 Drones Market (Commercial & Consumer) Growth, Trends, Market Size and Forecasts By TBRC
LONDON, March 9, 2020 /PRNewswire/ -- TheBusinessResearchCompany.com announces adding two reports on Drones Industry under machinery manufacturing category. Global Commercial Drones Market Report 2020 and Global Consumer (Recreational) Drones Market Report 2020 are two individual reports spread across 200 pages.
Use Of Commercial Drones For Last-Mile Delivery
The global commercial drones' market was valued at about $3.45 billion in 2018 and is expected to grow to $7.13 billion at a CAGR of 19.9% through 2022. Commercial drones are being considered by companies that have last-mile delivery as their main business operation. The drones will help reduce cost per delivery and delivery time, thus increasing profits, which will in turn increase the growth of the commercial drones' market. According to a McKinsey report, if companies save 40% of their delivery costs using drones, then they will enjoy a 15-20% increase in their profit margin and a 15-20% decrease in their product or service prices. For example, in March 2019, Zomato, an Indian food delivery company, conducted experiments to enable drone delivery in their value chain.
Commercial Drone Manufacturers Prefer Drone Leasing
Drone leasing is the preferred option for most companies seeking to save on drone-related investments. Many entry-level companies that do not have sufficient financial backing can aid themselves with leasing drone-related solutions rather than purchasing them at full price. For example, Kespry and LiDARUSA are companies that focus on leasing commercial drones to other companies.
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Popularity Of Aerial Photography Will Drive The Consumer Drones Market At 18% CAGR
The rising popularity of aerial photography is driving the consumer (recreational) drones' market. The global consumer drones' market was valued at about $2.09 billion in 2018 and is expected to grow to $4.05 billion at a compound annual growth rate (CAGR) of 18.0% through 2022. Photography enthusiasts are increasingly using drones to capture photographs and videos from a birds-eye view which would otherwise require high-end video cranes. This increase in popularity has led consumers to purchase hobbyist drones and use them for photography purposes, thus driving market growth. According to the United States Federal Aviation Administration, there were 1.1 million small, hobbyist drones in 2016, and this is expected to triple in number to 3.5 million by 2021.
Consumer drones market are unmanned aerial vehicles used for the purposes of entertainment and to have simple-to-use controls targeted for general public usage rather than for commercial purposes. Commercial drones are multi-functional flying devices used by entities to collect and consolidate data, conduct safety and security checks and inspection. The commercial drones market mainly comprises of fixed wing drones, rotary blade drones and hybrid wing drones, supported by a variety of services and used for a variety of applications.
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Government Regulations In The Consumer And Commercial Drones' Market
Manufacturers of consumer drones market are regulated by ministries and other regulatory bodies related to aviation. For instance, the Federal Aviation Administration regulates all aspects of civil aviation and drone usage in the USA. According to the Federal Aviation Administration's (FAA) Small Unmanned Aircraft Rule (Part 107), drones must weigh less than 25 kilograms including payload, and fly at a maximum altitude of 400 feet above ground level. Also, hobbyists must register their recreational drones under part 107 and get an approval from the FAA before flying their drones.
According to the Federal Aviation Administration's 14CFR part 107 rule, commercial drones must weigh less than 55 pounds including payload at takeoff, fly within LOS under 400 feet from ground level, and fly only during daylight or civil twilight under 100 mph.
Growing Popularity Of Consumer Drones Market Equipped With Artificial Intelligence
Drone manufacturers are increasingly using artificial intelligence to enable automation of consumer drones. Consumer drones that fly beyond the controller's range and line-of-sight are being equipped with self-navigating technology through the integration of deep-learning algorithms and other machine learning methods. Drones are usually controlled using a wireless remote controller. However, with artificial intelligence, flight instructions can be programmed within the drone itself. Using variables such as target location, engine rotor speed, height, air-speed velocity and other environmental factors, the drone can learn how to fly by itself and make self-corrections whenever necessary. For example, Skydio has created a drone called the R1, which uses machine learning to maneuver itself in mid-air and follow a person (target) wherever they go.
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