India among market drivers
The adoption of drone across agriculture industry is growing with greater percentage in developing countries such as India, China, Saudi Arabia and South Africa, according to a report by ResearchAndMarkets.
This provides a potential opportunity for the drone service market, it said, putting the drone market at US$24.882 billion in 2027, growing at a CAGR of 51.1% over the forecast period of 2019-2027.
It was US629.2 million in 2018.
The drone service providers are gaining prominence in the commercial sector owing to the fact that the end users are seeking various ways to cut down operational cost in their business, said the report.
Owning a drone and maintenance of the machine involve significant cost and along with the same, the company has to hire a skilled drone operator which again incurs a huge cost.
Instead of owning a drone, various companies operating in the commercial sectors are opting for third-party drone service providers which enable them to cut down cost.
This factor is positively impacting on the growth of the drone service market, according to ResearchAndMarkets report on 19 Mar 2019.
Industries such as real estate and infrastructure and media & entertainment have adopted the technology heavily, which have facilitated the service providers to increase their annual revenue, and thus fuel the growth of drone service market.
Also, the drone service provider is experiencing significant demand for various services such as surveying, inspection, mapping and aerial photography from several other industries such as law enforcement, agriculture, and industrial among others.
Law enforcement agencies across the globe have deployed drones for various activities such as surveying, inspection and securing certain areas.
Leading companies in the drone markets are: CyberHawk Innovations Limited, Terra Drone Corporation, Sky-Futures, Measure Aerodyne Group, Skyspecs, Airinov, Zipline, Drone Volt and Flirtey.
Globally, the demand for drone service is largely influenced by an escalating demand of surveying, mapping & inspection; and supportive government regulations related to the adoption of drone across the world.
Furthermore, the governments of the developed economies such as the US, Canada, the UK, and Germany have undertaken different initiatives to propel the growth of drone service market in through implementing new rules and regulation for flying drones across the regions. fiinews.com