Autonomous BVLOS Drone Market is Anticipated to Gain Moderate CAGR by 2029


Posted July 30, 2021 by bisrsrch

The global autonomous BVLOS drone market has gained widespread importance with the growing need for improved productivity, speed, and efficiency.
 
The growth of the autonomous BVLOS drones, is majorly due to the emergence of new commercial applications, increase in safety, and reduction inspection cost and monitoring applications. The growing need for enabling real-time intelligence, surveillance, and reconnaissance (ISR) information about the remote areas has become an essential need for military operations.

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Commercial application is expected to have the highest growth rate during the forecast period 2021-2029. As of now due to stringent rules and regulations for operating UAVs in BVLOS range for commercial applications, the market of BVLOS drones is expected to be zero for the year 2018, 2019, and 2020. However, it is expected that by 2021, the market for commercial end user may start. Among commercial applications, the oil and gas sector is expected to have the highest growth rate in future.

The autonomous BVLOS drone market has witnessed various forms of market dynamics across different regions of the globe. Also, the drone manufacturing companies have recently witnessed a rising demand from countries such the U.K., India, Italy, Germany, and others. The following figure represents the global autonomous BVLOS drone market by region. It includes North America, Europe, Asia-Pacific, and Rest-of-the-World.

The global drone industry is presently one of the most competitive industries, with the leading players actively competing against each other to gain a greater share in the industry. The competitive landscape of the drone industry exhibits an inclination toward emerging strategies and developments by market players. The key players that are actively participating in the BVLOS drones include Flytrex Aviation Limited, General Atomics Aeronautical Systems, Inc., Insitu, Inc., Matternet, Inc., senseFly, Silvertone UAV, SmartPlanes AB, AeroVironment, Inc., Airbus S.A.S, BAE Systems, Elbit Systems Ltd, Israel Aerospace Industries Ltd, Northrop Grumman Corporation, Saab AB, and Textron Systems.

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The prominent players in the autonomous BVLOS drone market have adopted key strategies of product launches, contracts, mergers, and acquisitions to expand their business. The companies are also involved in some of the other developments that include demonstration, integration, and business expansion, among others. Also, the funding scenario in the drone market is quite noteworthy. Most of the funding is likely to come from sources such as seed money from the public sectors, investors, and companies with adequate cash reserves that are committed to drive the market and are willing to invest. Numerous investments have taken place in the recent past in the drone space, which shows a significant degree of interest of industry leaders in this market.

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Issued By BIS RSRCH
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Categories Business , News , Technology
Tags autonomous bvlos drone , autonomous bvlos drone market
Last Updated July 30, 2021