The Global Market for Commercial Drone is predicted to grow at a 23.6% CAGR during 2020-2026 period owing to the rising implementation of machine learning algorithms and AI to enhance the capabilities of autonomous drones. The fixed-wing drones segment expected to boost market growth at a significant rate. Fixed-wing drones are preferred in activities such as topographical surveys, aerial mapping, and terrain modeling in larger areas due to their long-term flying ability at high altitudes. Followed by fixed-wing drones, the hybrid drones segment expected to contribute substantially to the global market over the forecast period based on the fact that they can provide increased range, power, and payload size compared to their battery-powered counterparts.
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Camera digitization and technological advances, drone features, mapping software, multidimensional imaging, and sensor applications are going to drive the growth of the demand for commercial drones throughout the forecast period. Persistent technology advances and the introduction of technologically advanced devices, such as Mavic Pro from SZ DJI Technology Co., Ltd.; Hero5 camera from GoPro, Inc.; SPECTRO XR (Extra Range), a multispectral electro-optic system from Elbit Systems Ltd.; and M-19HD from Israel Aerospace Industries Ltd. introduced by industry players, have raised drone market demand in forecast period.
The growing demand for drones in various commercial applications, rapidly growing approvals from regulatory bodies such as the FAA to drone companies, coupled with increasing investments in drone companies, are amongst the main reasons for driving the global market for commercial drones over the forecast period. Moreover, the use of drones in industrial applications offers enhanced productivity through improvement in graphics visualization and also reduces the cost of the project.
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During various phases of disaster management, commercial drones seem to be very useful because they support search and recuse teams to find disaster-affected areas and assist during disaster response. Drones also help emergency managers in determining a critical situation and preventing entry into a dangerous zone. The use of drones has proved notable improvement in the accuracy of surveying, primarily in the construction and real estate sector.
The major market players in the Commercial Drone are focusing on explaining their portfolio of services in the global market. Such as The Boeing Company, Parrot SA, 3D Robotics, Strat Aero, Thales Group, Lockheed Martin Corporation, Textron Inc., Israel Aerospace Industries, Northrop Grumman, Prox Dynamics AS, Turkish Aerospace Industries Inc. and other prominent players.
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