Commercial Drones market to become a $43B opportunity by 2024
PRESS RELEASE: Hamburg, Germany – 12 June 2019 //
IoT Analytics, a leading provider of market insights & competitive intelligence for the Internet of Things (IoT), M2M, and Industry 4.0, today published an inaugural market report on drones titled “Commercial Drones Market 2019-2024”.
The research, undertaken in collaboration with the boutique research and consulting firm Drone Industry Insights, shows that the Commercial Drones market is accelerating in 2019 as ongoing investment and market consolidation continues. Spending on Drone-related hardware, software and services for both commercial and private markets is forecast to grow at a rate of 20.5% per year until 2024.
Over the past 20 years, drones have evolved from basic hobbyist toys to complex IoT devices. As more and more advanced IoT technology is being integrated into drones it is possible to have drones constantly connected and streaming data in real-time for instant analysis and decision making. Furthermore, 5G technology is expected to be a key driver for the drone market in the coming years with the main benefits being able to react to commands in real-time and enabling instant insights from the drones’ measurements in real-time due to the technology’s high data rate and low latency.
Drones have become more connected and more intelligent over time
Drone capabilities have rapidly expanded beyond consumer products, adding on-board intelligence for real-time remote control, video streaming, environment sensing capabilities and automatic self-landing. While in the 1990s, drones had no specific intelligence and uplink connectivity only, drones have nowadays become intelligent “IoT devices” that are constantly connected (via RF or 4G). Today’s drones cover a large number of IoT applications such as mapping, surveying, inspection, monitoring, photography & filming, and delivery of goods.multi-rotor drones equipped with sensors are being deployed in mines and quarries for underground gas detection. The drones are used to sense gas composition and density for improved work safety and shortening waiting times after blasts.
Report Content Overview:
The Commercial Drones market report forecasts a compound annual growth rate (CAGR) of 20.5% over the time frame of 2019-2024, with annual spending surpassing US$43.1 Billion by 2024. These numbers are based on the drone related revenue of the leading companies in the field, across 15 industry segments (including Agriculture; Arts, Entertainment, and Recreation; Construction; Educational Services; Energy (Utilities); Health Care and Social Assistance; Information; Insurance; Mining, Quarrying, and Oil and Gas Extraction; Professional, Scientific, and Technical Services; Public Administration; Real Estate, Rental & Leasing, and Industrial Plants; Safety & Security; Transportation and Warehousing; Waste Management and Remediation Services).
The market is broken down into three distinct categories of hardware, software, and services and presented across 6 regions (Asia, Europe, North America, MEA, South America, Oceania) including 62 countries. In addition, the report details regulations for 20 countries, provides analysis on 731 application examples and presents 5 trends. In developing the 322-page report, the analyst teams at IoT Analytics & Drone II studied over 1,000 technology companies that offer commercial drone solutions.
Commenting on the report findings, IoT Analytics Managing Director Knud Lasse Lueth said:
“Drones are a really hot technology area right now which is often underestimated and not widely covered. Many people only take notice of drones as a hobbyist toy or they hear about Amazon planning to use drones for order fulfilment. What they don’t realize is that commercial drones has become a billion dollar market in recent years in industries like energy, construction, and agriculture. Operators of windfarms, for example, are seeing a step-change improvement in costs and service level when using drones for remote inspection. We expect to see a myriad of drone success stories the coming years, driven by new drone intelligence and more favourable regulation.”
The Market Report is available to download HERE.
A sample of the market report can be downloaded HERE.
About IoT Analytics
IoT Analytics is the leading provider of market insights & competitive intelligence for the Internet of Things (IoT), M2M, and Industry 4.0. The specialized data-driven research firm helps more than 40,000 Internet of Things decision-makers understand IoT markets every month. IoT Analytics tracks important data around the IoT ecosystem such as M&A activity, Startup funding, company projects, use cases and latest developments. Product offerings include in-depth market reports, technical whitepapers, sponsored research, regular newsletter, as well as Go2Market and consulting services. As a research pioneer, IoT Analytics combines traditional methods of market research such as interviews and surveys with state-of-the art web-mining tools to generate high-caliber insights. IoT Analytics is headquartered in Hamburg, Germany.
Commercial Drones Market 2019-2024 – Market Report Structure – 322 pages in total
1. Executive summary
2.1 Drones: Where Did They Come From?
2.2 Drones: What Do They Look Like?
2.3 Drones: What Can They Be Used For?
2.4 Drones: Their role in the Internet of Things
2.5 Drones: The impact of 5G
2.5 Drones: Industry Segmentation & Landscape
3. Scope and Methodology
3.3 Market Model
4. Commercial Drone Regulations
4.2 Drone Readiness Index
4.3 Commercial Drone Regulations: Country Breakdown
4.3.15 South Africa
4.3.19 United Kingdom
4.4 International Standards: ISO Drone Regulations
5. Drone Market 2019-2024
5.1 Commercial Drone Market by Segment
5.1.1 Market Forecast 2019-2024
5.1.2 Market Forecast by Region 2019-2024
5.1.3 Market Forecast by Country 2019-2024
5.2 Commercial Drone Market by Industry
5.2.1 Market Forecast 2019-2024
5.2.2 Market Forecast by Region 2019-2024
5.2.3 Market Forecast by Country 2019-2024
5.3 Commercial Drone Market by Method
5.3.1 Market Forecast 2019-2024
5.3.2 Market Forecast by Region 2019-2024
5.3.3 Market Forecast by Country 2019-2024
5.4 Commercial Drone Market by Unit Sales
5.4.1 Market Forecast 2019-2024
5.4.2 Market Forecast by Region 2019-2024
5.4.3 Market Forecast by Country 2019-2024
5.5 Private Drone Market by Segment
5.5.1 Market Forecast 2019-2024
5.5.2 Market Forecast by Region 2019-2024
5.5.3 Market Forecast by Country 2019-2024
5.6 Private Drone Market by Unit Sales
5.6.1 Market Forecast 2019-2024
5.6.2 Market Forecast by Region 2019-2024
5.6.3 Market Forecast by Country 2019-2024
5.7 Drone Market by Region & Country
5.7.1 Drone Market North America
5.7.2 Drone Market South America
5.7.3 United Kingdom
5.7.4 Drone Market Middle East & Africa
5.7.5 Drone Market Asia
5.7.6 Drone Market Oceania
5.8 Competitive Landscape –Leading Drone Manufacturers
6. Drone Industry Applications
6.1 Drone Applications Overview
6.1.1 Use Cases by Countries
6.1.2 Use Cases by Year
6.1.3 Use Cases by Drone Configuration
6.1.4 Use Cases by Manufacturer
6.2 Drone Applications by Industry
6.2.1 Use Cases by Industry
6.2.2 Application Methods by Industry
6.2.3 Drone Configurations by Industry
6.2.4 Sensor Types by Industry
6.2.5 Output Data by Industry
6.3 Drone Applications by Application Method
6.3.1 Use Cases by Application Method
6.3.2 Drone Configurations by Application Method
6.3.3 Sensor Types by Application Method
6.3.4 Drone Manufacturers by Application Method
6.4 Use Cases by Mission Type
6.4.1 Share of Use Cases by Mission Type
6.4.2 Drone Configurations by Mission Type
6.4.3 Industrial Sectors by Mission Type
6.4.4 Mission Type by Application Method
6.4.5 Sensors by Mission Type
6.4.6 Output Data by Mission Type
6.5 Examples of Drone Applications
7. Trends and Perspectives
Appendix A: Industry Definitions
Appendix B: Table of Figures
About IoT Analytics
Companies Mentioned (selection from report)
3D Robotics, Autel Robotics, DJI, GoPro, Holy Stone, Intel, Kespry, Parrot, SenseFly, Yuneec etc.
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