Development in FPV Systems to Drive Demand for Racing Drones
Over the past one and a half decades, drones have evolved from laboratory experiments to flying vehicles that are available at brick & mortar and online stores. Technological advancements have paved the way for use of intricate components and parts that have significantly improved the stability and control of modern-day drones. Furthermore, progress in the battery technology has played an imperative role in the development of current generation of drones. In the current scenario, drones have a broad range of applications, including aerial photography, disaster management, precision agriculture, geographic mapping, and weather forecast. More recently, the dwindling prices of first-person view (FPV) systems have led to a significant rise in the number of drone hobbyists across the globe.
The meteoric rise in the number of casual drone users, along with notable advancements in the drone technology has led to significant demand for racing drones in the past few years – a trend that is expected to continue during the forecast period. In addition, the inception of multiple drone racing leagues across the world is likely to provide a significant boost to the racing drones market in the near future. Thus, despite being at a relatively nascent stage, the racing drones market is poised to grow at a staggering pace during the forecast period (2019-2027).
Manufacturers of Racing Drones Focus on Aerodynamic Optimization
The racing drones market, which is expected to reach a market value of ~US$ 237 Mn in 2020 is projected to witness three-fold growth during the forecast period to reach a market value of ~US$ 786 Mn by 2027. At present, multi-rotor drones that are currently deployed for drone racing have not updated, in terms of technology, and have tremendous room for improvement.
Stakeholders in the racing drones market have recognized the same and have stepped up their effort toward the development of highly advanced and cutting-edge drones with improved capabilities.
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Racing Drones Market: Competition Landscape
Detailed profiles of providers of racing drones have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
Racing drones is a new and evolving market, owing to the introduction of FPV drone racing events across the world. Drone racing is well established in regions such as North America and Europe. However, as for the Asia Pacific region, it is still a new concept and is being adopted at a rapid rate.
Players, such as
YINYAN Model Tech MFT.
Tian Yu Hi-tech Co. Ltd
hold a prominent share of the racing drones market. Furthermore, these players offer a wide range of racing drones and their components. They provide products across the world through established distributor networks.