The global commercial drones market exhibits a substantially consolidated vendor landscape, notes Transparency Market Research on the basis of a newly published report. In 2016, only two competitors, DJI and Parrot S.A., held a maximum aggregate share of 75.0% in 2016. However, the competition is expected to intensify over the next few years as the number of players getting established in the market is expected to increase, and possibly could become fragmented.
Glimpses of a cutthroat competition are notably visible in current times as most companies are manufacturing drones with advanced functionalities and equipping them with numerous other technological aspects to attract more customers. One particular aspect where most companies are putting a lot of focus involves enhancing landing capabilities of commercial drones, along with quality of images captured.
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In terms of major players operating in the global commercial drones market, a few examples are: Aurora Flight, Denel SOC Ltd., Draganfly, Northrop Grumman Corporation, Lockheed Martin Corporation, Elbit Systems Ltd. and General Dynamics Corporation. As most of the local players have started to face intense competition from the larger and well-established businesses, the former are participating in crucial mergers and acquisitions in order to strengthen their presence.
According to experts from Transparency Market Research, the global commercial drones market had gained revenue worth US$2.8 bn in 2016, which is further expected to grow up to US$8.8 bn by the end of 2025. This growth is projected to occur at a fantastic CAGR of 13.8% during the forecast period from 2017 to 2025.
A growing application of commercial drones for various purposes such as surveillance, aerial photography, precision agriculture, and others, is primarily responsible for driving the global commercial drones market. With an increased usage of the latest editions of commercial drones in other end-use industries, this market is certainly expected to grow at a rampant pace in future.