Drone cameras have become popular than ever due to their widespread use in diverse sectors and fields. Gone are the days when they were only used for event coverages and entertainment purposes, their commercial use is now providing lots of benefits to its users.
A prominent use of drone cameras has seen a rise in the recent times. They are now advised to be used by farmers for effective weed control. A number of traditional farming issues are now being solved by using high-end drone cameras that boast of effective features. They can help to conserve resources, effectively manage and control weed growth and cultivation related issues, etc.
Due to the growing use of drone cameras in various sectors, including agriculture, their sales, in the recent years, have seen a significant rise. In this post, we have shed light on key drone market analysis. Continue reading!
36% Increment in Revenue of Drone Industry
Records show that the number of drones sold globally in the years 2016 was 2.2 million. This high number of sales resulted in a significant increase in revenue that jumped to 36% from the figures as recorded in the previous year. The revenues earned by the drone industry as per statistics on drones were $4.5 billion.
Another study states, in the year 2016, the number of drones sold in the US was 2.4 million. The reason cited behind this difference in numbers is the different definition of drones followed by organizations. A drone considered by one company may not be considered by another organization. Either way, these numbers suggest the popularity of drones has increased and the future for this industry looks bright.
Consumer Drone Market on the Rise
Apart from the commercial use of drones, their consumer use has also increased. Thus, it can be safely said that the consumer drone market has also witnessed a surge. Taking the US statistics on drones in consideration, one can find that consumer drones that were priced over $300 made up 40% of the overall drone sales whereas drones in the price range of $50 to $100 consumed 25% of the sales figures.
It is expected that a number of drones sold in the consumer market will jump from 1.1 million to 3.55 million in 2021. The annual growth rate of drone sales during this tenure is predicted to be 26.4%. The sales figures of consumer drones doubled up during the year 2016-2017.
Number of Registered Drones
It has been made mandatory by the FAA for drone owners to register their gadgets. At the start of the year 2017, the number of registered drones, as released by the FAA, was 670,000. The figures witnessed a gigantic jump of over 100,000 in less than two-month time as it stood at 770,000.
Top Drone Manufacturers
Digging the drone market share, DJI is ranked on top among drone manufacturing companies. Other renowned companies for drone manufacturing include Parrot, Yuneec, and 3DR. Going by each company figure and drone market share, it is safe to conclude that DJI is going to maintain the top spot in the years to come since it earned the revenue of $2.7 during the year 2017 and no other company comes close to this figure.
The use of drones is not only confined to the consumer and commercial market, they are also used for military purposes. The basic purpose of these gadgets for which they are used for is surveillance. However, some countries also have high-end, advanced drones with enhanced features and functions that can be used during combat missions. 80% of drones used for military purposes are manufactured in the US and Israel. These countries are known as the major exporting companies of drones worldwide.
A Brief Glance at Commercial Drone Market
Shedding some light on commercial drone market, the sales figure, as per drone sales statistics, was $541 million (an estimated figure) in lieu of 105 deals that took place. Industry experts suggest the popularity of commercial drones, due to the introduction of extensive features, increased flight time, and easy control, is going to witness a great jump.
They believe more and more companies, in different sectors, will use these gadgets for cutting down their production cost and increasing their profitability. The use of these cameras is already making waves in the farming industry. As discussed above, farmers are now using them in growing, controlling, and cultivation of different crops including weed. It is expected that by 2024, the number of commercial drones is going to jump to a whopping $17 billion figure.
As per estimates, there will be more than 7 million drones sold in the US only by the year 2020. The USA is already ranked among the top countries where drones are widely used for commercial purposes and by hobbyists as well. The number is further expected to increase due to their growing popularity and application. Enhancement in their features and functions are making them popular than ever. Thus, their use in the commercial sector is expected to increase a great deal as well. As per FAA’s 2016 estimation, 442000 commercial drones will be in the air by the year 2021.
By going through these statistics on drones and its market analysis, it is safe to conclude that these gadgets are here to stay. The trends show an increase in the use of drone cameras for a variety of purposes. Drone manufacturers are on the lookout for new features and functions to add to the drones they are manufacturing. This ultimately is going to result in growth in the number of drones sold.
A factor that can affect this surge in drone manufacturing and sales is the change in laws prevailing to their application. Authorities of different countries have different laws in place when it comes to using commercial drones. Furthermore, in some countries, it is also required to take permission before using these drones.