Drone market will grow by 45% in volume in CY 2018: Counterpoint

The benefits drones can deliver to multiple industrial segments are growing and most notable to consumers is their application in photography and videography segment.

By Priyanka
|

According to a new report by research firm Counterpoint, drone market will grow by 45 percent in volume in CY 2018 mainly due to faster growth in the commercial sector.

Drone market will grow by 45% in volume in CY 2018: Counterpoint

 

Commercial applications are growing due to falling prices and technological innovations such as collision avoidance, autonomous flight mode, home return and first-person-view (FPV) which have made drone systems relatively easy to use across a wide variety of applications, the report said.

The firm noted that drones are rapidly developing from hobbyist photography and videography and finding a strong commercial application. The benefits drones can deliver to multiple industrial segments are growing and most notable to consumers is their application in photography and videography segment, with many video production companies now heavily relying on drones for much of their aerial footage.

However, sectors ranging from agriculture to energy, to insurance, to mining and much more are all seeing considerable benefits from the use of drones.

Counterpoint said drone delivery is often positioned as a promising area of drone deployment. Several companies are testing their potential ranging from package delivery (Amazon Prime Air) to providing emergency support services (e.g. Flirtey, Zipline) where drones can be used to deliver supplies in remote or otherwise difficult to reach areas. This is critical in situations where conventional overland or air supplies are difficult due to availability, resources or difficult terrain. Below is a quick overview of the impact of drones in various segments.

We believe that, currently, in the commercial segment, companies are driving value mainly from media and entertainment, agriculture and construction industry. Going forward, commercial drone usage would increase in emerging sectors like insurance, telecom, and delivery with a rise in drones as a service model, the firm added.

Furthermore, as per Counterpoint Research, the commercial drone hardware market is estimated to be around $ 0.7 billion by 2020 growing at a CAGR of 33 percent p.a. with Average Selling Price (ASP) almost double when compared to the consumer drone segment

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