The global consumer drone market size is expected to reach USD 4.19 billion by 2024, according to a new report by Grand View Research, Inc. The substantial growth prospects of the market can be attributed to surging eminence of drone flying as hobby initiatives such as UAV photography and racing. Administrative support through permitting drone flying for non-commercial purposes in select geographies is stimulating the growth of global consumer drone market.
Consumer UAVs have gained prominence owing to their ability of high-resolution image and video capturing, dynamic novel design concept, as well as adequate operational intervals. Upcoming favorable initiatives by regulatory bodies, such as Federal Aviation Authority (FAA) and European Aviation Safety Agency (EASA), and increasing governmental spending on such advanced UAVs are anticipated to drive the industry growth over the forecast period.
An emerging trend in the industry is the development of drones with hydrogen fuel cells that in the back end conserve energy and supply power to UAVs, thereby enabling longer flight hours. Furthermore, dynamic concept design and enhanced flight capability of UAVs have revolutionized the gaming, electronics, and associated hobby markets.
Aerial photography enthusiasts are profoundly accepting drones in complimenting their hobby of exploring and capturing dynamic images and videos. The introduction of high-resolution HD 4K cameras and advanced Gimbal systems by manufacturers are presumed to boost the adoption of UAVs in photography and nature exploration.
However, smaller flight time due to shorter battery life of drones, as well as registration obligations, to regulate the issuance of official drone registration certificate in select geographies are anticipated to challenge the industry growth over the forecast period.
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Further key findings from the study suggest:
- Multi-rotor drones dominated the overall market, both in terms of revenue and volume. They accounted for over 85% of the overall volume share in 2015 and are poised to witness significant growth over the next eight years. Multi-rotor drones are increasingly used in racing and photography applications. The ability to perform under extreme conditions and development of various innovative applications are the primary factors driving the increased adoption of multi-rotor drones.
- Nano drones are anticipated to witness significant growth over the forecast period, growing at a CAGR of over 30% from 2016 to 2024. The growth in demand for nano drones can be attributed to their portability and efficient application in photography and security applications. These small-sized drones incorporate a low cost of maintenance, operation, and production. Manufacturers are increasingly integrating nano drones with gimbaled sensors to provide effective controlling and extend its application base.
- Projected to grow at an estimated CAGR of close to 30%, from 2016 to 2024, prosumer application segment dominated the overall market share, both in terms of volume and revenue in 2015. Rapid increase in aerial photography can be attributed to the growth of photography as a hobby and aligned technologies. Moreover, FPV racing is being increasingly promoted as a recreational hobby in some regions owing to rising adoption of UAVs in the gaming segment.
- Drones’ demand in toy/hobbyist application was estimated to be over 270 thousand units in 2015 and is presumed to witness substantial growth in the near future. It is envisioned to surpass prosumer application segment in terms of volume by 2018. The growth in this segment can be attributed to increasing adoption of drone flying as a hobby initiative and customized UAV fabrication.
- Asia Pacific is anticipated to witness considerable growth over the next eight years, growing at a CAGR of close to 35% from 2016 to 2024. The region incorporates substantial growth potential owing to the increasing development of innovative technology solutions for drones and aiming to manufacture them at a lower cost. Increasing investments by Japan and China for the development of multifunctional drones for various applications is expected to drive the regional industry growth in the recent future.
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About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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