The global consumer drone market size is expected to reach USD
4.19 billion by 2024, according to a new report by Grand View Research, Inc.
The substantial growth prospects of the market can be attributed to surging
eminence of drone flying as hobby initiatives such as UAV photography and
racing. Administrative support through permitting drone flying for
non-commercial purposes in select geographies is stimulating the growth of
global consumer drone market.
Consumer UAVs have gained
prominence owing to their ability of high-resolution image and video capturing,
dynamic novel design concept, as well as adequate operational intervals.
Upcoming favorable initiatives by regulatory bodies, such as Federal Aviation
Authority (FAA) and European Aviation Safety Agency (EASA), and increasing
governmental spending on such advanced UAVs are anticipated to drive the
industry growth over the forecast period.
An emerging trend in the
industry is the development of drones with hydrogen fuel cells that in the back
end conserve energy and supply power to UAVs, thereby enabling longer flight
hours. Furthermore, dynamic concept design and enhanced flight capability of
UAVs have revolutionized the gaming, electronics, and associated hobby markets.
Aerial photography enthusiasts
are profoundly accepting drones in complimenting their hobby of exploring and
capturing dynamic images and videos. The introduction of high-resolution HD 4K
cameras and advanced Gimbal systems by manufacturers are presumed to boost the
adoption of UAVs in photography and nature exploration.
However, smaller flight time
due to shorter battery life of drones, as well as registration obligations, to
regulate the issuance of official drone registration certificate in select
geographies are anticipated to challenge the industry growth over the forecast
period.
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Further key findings
from the report
suggest:
·
Multi-rotor
drones dominated the overall market, both in terms of revenue and volume. They
accounted for over 85% of the overall volume share in 2015 and are poised to
witness significant growth over the next eight years. Multi-rotor drones are
increasingly used in racing and photography applications. The ability to
perform under extreme conditions and development of various innovative
applications are the primary factors driving the increased adoption of
multi-rotor drones.
·
Nano drones are
anticipated to witness significant growth over the forecast period, growing at
a CAGR of over 30% from 2016 to 2024. The growth in demand for nano drones can
be attributed to their portability and efficient application in photography and
security applications. These small-sized drones incorporate a low cost of
maintenance, operation, and production. Manufacturers are increasingly
integrating nano drones with gimbaled sensors to provide effective controlling
and extend its application base.
·
Projected to grow
at an estimated CAGR of close to 30%, from 2016 to 2024, prosumer application
segment dominated the overall market share, both in terms of volume and revenue
in 2015. Rapid increase in aerial photography can be attributed to the growth
of photography as a hobby and aligned technologies. Moreover, FPV racing is
being increasingly promoted as a recreational hobby in some regions owing to
rising adoption of UAVs in the gaming segment.
·
Drones’ demand in
toy/hobbyist application was estimated to be over 270 thousand units in 2015
and is presumed to witness substantial growth in the near future. It is
envisioned to surpass prosumer application segment in terms of volume by 2018.
The growth in this segment can be attributed to increasing adoption of drone
flying as a hobby initiative and customized UAV fabrication.
·
Asia Pacific is
anticipated to witness considerable growth over the next eight years, growing
at a CAGR of close to 35% from 2016 to 2024. The region incorporates
substantial growth potential owing to the increasing development of innovative
technology solutions for drones and aiming to manufacture them at a lower cost.
Increasing investments by Japan and China for the development of
multifunctional drones for various applications is expected to drive the
regional industry growth in the recent future.
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About Grand View
Research
Grand View Research, Inc. is a U.S. based market research and
consulting company, registered in the State of California and headquartered in
San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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