New research shows that the global consumer drone market size is expected to reach $4.19 billion by 2024.
A new report by Grand View Research shows that the market’s substantial growth prospects can be attributed to surging eminence of drone flying as hobbies, such as photography and racing.
Consumer remotely piloted aircraft (RPA) have gained prominence owing to their ability of high-resolution image and video capturing, novel design concept, as well as operational intervals.
Upcoming favorable initiatives by regulatory bodies, such as the FAA and the European Aviation Safety Agency (EASA), and increasing governmental spending on such advanced RPAs are anticipated to drive the industry growth over the forecast period, according to the report.
However, new regulations that require owners to register their drones could hamper the industry’s growth, according to the report.
Key findings from the report 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 more than 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.