PWC Report Estimates Business Use of Drones Will Exceed $125B

agricultural drone industry is growing

Drone technology is significantly gaining prominence, especially in capital projects. It is critical for the project owners to adopt the leading edge technology to optimize their return on investment. 

The drone revolution is affecting industries that range from agriculture to film making. According to PwC’s study, the global market value for business services that use drones is over $127 billion. The value quantifies the impact of drone technology through examination of commercial applications across different sectors.

Drone technology in the study is not limited to drones alone but their broader applications in business. Therefore, the term drone powered solutions refer to the more general uses of the drones in the study. The purpose of drone technologies helps enterprises to create new operating models. As such, the following is a summary of the findings of the PwC report.

Key Commercial Drone Applications

The commercial drone applications are suitable for sectors that require high-quality data as well as mobility. Different businesses require drone powered solutions in their operations and management.

commercial drone industry growing according to PwC report

The following list involves major commercial drone applications.

  • Infrastructure: Drone technology plays a crucial role in several infrastructure industries like construction, roads, railways, oil, and gas as well as energy. In development, drones provide accurate and reliable data at every stage of the process. The contractors can also use drone technology to conduct building inspection. Drone powered solutions can also involve maintenance, investment monitoring as well as asset inventory.
  • Transport sector: Drone powered solutions are gaining prominence in the transport sector. Drones can play an essential role in the delivery of small parcels and parts. Large companies are exploring the possibility of using drones in the delivery of goods within short distances of up to 10 kilometers. Drones are cheaper and efficient compared to road transport.
  • Insurance: The insurance sector can immensely benefit from drone operations through risk assessment, risk monitoring, and claims management. Drone technology can help prevent fraud which contributes to losses in the insurance sector. Drones can also play a role in assessing the extent of damage caused by natural disasters and they provide reliable data.
  • Media & entertainment: The media industry is probably the most popular field among drone-powered solutions. The technology is used for photography as well as filming, and it is trendy in different areas. Drones also play a significant role in the advertising industry. People can also use drones for entertainment purposes mainly racing.
  • Telecommunication: Workers in the telecommunications sector can use drones for monitoring infrastructure as well as identifying problems.
  • Agriculture: The Agric sector is also embracing drone technology to perform tasks such as crop supervision, field analysis as well as health assessment of both crops and animals. The technology also works well in performing duties like spraying the plants in the field, and they are convenient. You do not need to go into the field; you deploy a drone to do the work. Drones can also help agriculture to become a data-driven industry.
  • Security: Many companies are adopting drone technology to enhance their security. A drone plays a pivotal role in monitoring different sites within a certain area, and you do not need to conduct physical checks.
  • Mining: The mining industry also uses drones to perform various tasks like planning, monitoring the environment to detect problems like erosion and search for defects within the mining infrastructure. Drones can also be used for exploration purposes as well as monitoring production processes in real time.

agricultural drone industry is growing

Drivers And Barriers To The Drone Powered Solutions

Drivers

Many drivers can promote the use of drone-powered solutions in various businesses. Well outlined regulatory frameworks can drive the adoption of drone technology. People want clear laws that can guarantee the safety and efficiency of drones in their companies.  

The growing demand for precise and perfect data in the category of geo-informatics is also driving the market for drones. Drones are becoming direct competitors of manned aviation and satellite technology in data gathering. Drone technology also enhances data processing, and they also promote the accuracy of data. Drone powered solutions are reliable, and they present new technological opportunities that can encourage people to invest in the latest technology. 

Barriers

The drone industry also faces obstacles that can block rapid adoption in different sectors. Safety issues are significant barriers in the rapid adoption of drones by many people. Some people are still skeptical about the safety of drone-powered solutions which leads to mandatory drone regulation. Regulation may impact on the people’s desire for technology.

The market growth of drone-powered solutions is prompting authorities in various countries to consider privacy issues. Drones fly above properties that belong to different individuals and companies that can compel them to defend their property rights. Such a development can be a barrier to drone adoption by other interested users.

Insurance coverage and availability can also be barriers to drone use. The owners of the drones will be expected to have comprehensive policies for their machines in case they crash.  Drone insurance buying guide can also give you insight into other benefits that you can get from investing in drones insurance. 

Major Stakeholders Of Commercial Drone Applications

The primary stakeholders in the commercial drone sector include manufacturers, research and development as well as the regulators.

The manufacturers of drones are among the major stakeholders in the drone sector. The drone industry is booming, and more players are expected to penetrate it. Key manufacturers of drones are from Europe, Asia, and North America. There are also different types of drones.

Research and development are vital components of the drone sector likely to become a mass industry soon. The main groups in the research and development involve startups, universities, and large entities. They cover aspects like artificial intelligence, image processing, communication, and controls as well as drone detection and avoidance technology.

The regulators are also among the major stakeholders of the drone industry. The regulators set up the regulatory framework and drone operation legislation. They are also responsible for outlining the requirements for drone pilots.

Reference link: www.pwc.pl/clarityfromabove