Will Drones Provide a New Opportunity for Insurers in the 2020s?

We have all seen the sci-fi future, where drones deliver food, deter crime and er…fight wars using lasers. But let’s not go there. Let’s think of drones that gauge flood damage, help with major construction projects and replace cars and light vans when it comes to online shopping deliveries. It could happen, and if that future vision does translate into reality, then all those drones will need to carry insurance, just in case a hefty Just Eat chicken jalfrezi falls from the sky and ruins someone’s wedding day photos.

If you want some data on the global drone cover market, then these guys have a report;

Global Consumer Drone Market is estimated to grow significantly in the forecast period owing to the increasing number of consumers encompassing the defence and entertainment sector. Consumer drones or UAVs are effectively navigated without a pilot on board the vehicle. They come in wide range of sizes and are extensively used for defence and entertainment purposes. Usually covering large areas like geographical surveys or wildlife poaching, consumer drones are paving the way for market growth.

Consumer drones market is being driven by integration of artificial intelligence and advanced machine learning algorithm. Moreover, increase in demand for UAVs stimulates the existing market players to use technologies such as geo-fencing and collision detection technology. These modernizations improve security, which makes the systems ideal for recreational and non-recreational uses. They also comply with the aviation authorities coupled with government initiatives and growing awareness are driving the consumer drone industry.

As compared to the military drones that are powered by solar energy, consumer drones run on batteries, which are expensive and need to be charged from time to time. This is expected to hamper the growth of consumer drone market. Additionally, strict regulations and security issues associated with drones are again obstructing the market growth. Gimbal, a payload holder attached to the drone, carries and stabilizes camera’s rotation and positioning to record smooth images and films. The growing efficiency of camera gimbals is a rising trend in the consumer drones industry.

The market of consumer drone is categorized on the basis of product type, technology, application, and geography. On the basis of product type, the market is divided into rotary blade drone, fixed wing drone, and hybrid drone. The rotary blade drones leads the consumer drones market in the past and is expected to continue its dominance in future as well due to its characteristics like robustness, durability, and wide applications. Hybrid drones are also expected to gain popularity in the forecast period owing to its growing application in photogrammetry and features like long endurance flight, higher payloads and durability.

On the basis of application, the consumer drone market is split into security purposes, aerial photography, plus gaming and hobbyist purposes.

Geographically, the consumer drone industry is segmented as North AmericaLatin AmericaEuropeAsia Pacific, and Middle East & Africa. Owing to the growing adoption of drones for entertainment purposes, increasing investments, and government support, North America is expected to lead the market of consumer drone in the near future.

The major players in consumer drones industry include Autel Robotics, EHang Inc., Guangdong Cheerson Hobby Technology Co. Ltd, Parrot Drones SAS, 3D Robotics, Inc., Hobbico, Inc., Horizon Hobby, LLC,SZ DJI Technology Co., Ltd., Mota Group, Inc., and Yuneec International Co. Ltd.

Browse 80 page research report with TOC on “Global Consumer Drone Market” at: https://www.millioninsights.com/industry-reports/consumer-drone-market

About alastair walker 12560 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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