Drones quickly captured the public's attention and became a sensation. As capital flooded into the drone market, the pace of development accelerated rapidly. However, as homogenized drones continued to evolve, the long return cycle of the market gradually eroded investor enthusiasm. Today, drones are shifting toward industry applications, but it’s unlikely for any single company to become a dominant player in the short term.
Zhang Lei, a tech-savvy individual, initially focused on research and development in consumer-grade drones—primarily used for aerial photography and entertainment. In 2013, with the technology maturing, he decided to start his own business. But after some time, his small team of three or four people had to disband due to financial challenges, forcing him to return to a corporate role. In October 2016, he recognized the vast potential of drones in agricultural plant protection and shifted his focus to developing intelligent flight control platforms for industry-level applications.
Despite the promising future, industry drones face several challenges, including scene adaptability, after-sales support, and limited endurance. Industry insiders believe that the technological and market foundations for industrial drones are still weak. While the potential is clear, both companies and investors must wait for the right moment before commercial value can be realized.
The drone phenomenon first gained widespread attention through TV shows like “Where Dad Goes.†In February 2015, a news story about singer Wang Feng using a drone to deliver a ring at Zhang Ziyi’s birthday party caught the public’s eye. By 2015, consumer-grade multi-rotor drones had matured, making them more affordable. A high-definition drone could be purchased for around 3,000 yuan, capable of flying up to 500 meters.
That same year, the rise of drones in Shenzhen sparked an explosion in the consumer drone industry. People and capital poured in, and many entrepreneurs found it easy to secure funding just by mentioning "UAV" in their business plans. According to an insider, "As long as you write 'UAV' on your proposal, you can get angel investment without knowing much about the technology or the team."
Civil drones are generally divided into two categories: consumer and industrial. Consumer drones are mainly used for aerial photography and entertainment, while industrial drones have a wide range of applications, such as agriculture, power line inspection, oil pipeline monitoring, logistics, and medical rescue.
From 2014 onward, Zhang Lei felt the industry was moving too fast. Having gone through every stage of the drone chain—from R&D to entrepreneurship to sales—he believed he had a better sense of the market than most. He also noticed how the tech community was heavily involved in the drone boom. Zhang Wei, a former Beihang University researcher, observed that many students were competing to start drone-related ventures.
When Zhang Lei left zero-level control to start his own business, he built a small team, similar to what large companies would do. After working for nearly six months, he realized the complexity of the business. "There was no financing at all," he said. Many entrepreneurs like him faced similar difficulties.
Zhao Guocheng, founder of a newly listed drone company, described the 2015 drone market as "crazy." The pace of capital inflow was accelerating, and according to a Civil UAV Market Analysis Report, investments in drone manufacturers and application developers more than doubled in 2014. DJI secured a $75 million Series B round, with a valuation of $8–$10 billion. In Shenzhen, where the market was most active, over 300 drone companies existed, with annual sales exceeding 20 billion yuan.
Li Da, a market researcher from a drone association, noted that "within 100–200 meters, you can find a factory producing all drone parts."
By the end of 2016, the market began to cool down. The influx of low-cost, generic drones made competition fiercer, and the long return cycle eroded investor interest. Early leaders like DJI started to face challenges, and startups without core technology or sufficient capital struggled to survive.
"At least nine out of ten drones on the market are from DJI," Zhang Lei said. "Other brands struggle to compete." Even companies like Zero-Degree Intelligence, once a leader, experienced layoffs. Zhang Lei, who had previously sold consumer drones, moved to focus on core algorithms.
Meanwhile, Yihang, another star company from the consumer wave, recently appeared in social media with a sign stating, "Guangzhou Yihang owes loans for 19 months." Many industry insiders attributed the crisis to "lack of core technology" and "inability to adapt."
In addition to internal struggles, external issues like "black flying" incidents raised safety concerns, prompting stricter regulations. The Civil Aviation Administration issued new rules to manage UAV operations and real-name registration.
DJI saw a slight decline in sales in 2016, even in regions like Xinjiang, where it had a strong presence. It began exploring various sectors of the industrial drone market.
While the consumer market is slowing down, the industry sector remains a promising area. Zhao Hao, a venture capitalist, believes that after the investment frenzy, the competition will be between technical strength, supply chain management, and capital. He expects more consumer drone companies to close or transform in 2018.
Zhang Wei, director of Xingyi Capital, argues that consumer drones haven’t met real, high-frequency needs. He believes the industrial drone market may see faster growth.
Industrial drones have been in the game for years. Yiwate, for example, focused on the industry since 2010. Zhao Guocheng, founder of Yiwate, sees the industrial drone market as a "blue ocean." With deeper applications and higher commercial value, it requires close communication with customers and continuous improvement.
The technological advancements from consumer drones have laid the groundwork for industrial ones. From 2013 to 2016, UAV patents surged, with breakthroughs in key technologies like flight control and wireless communication.
But have industrial drones found a business scenario that truly creates value? They can be applied across industries—agriculture, power inspection, security, medical treatment, and more. Li Da recalls a police exercise where drones intercepted suspects and transmitted real-time HD footage.
In fire protection, drones help locate fire sources and drop fire suppression bombs. In agriculture, subsidies for plant protection drones have opened new opportunities for pesticide spraying and sowing.
However, challenges remain. Scene adaptability, obstacle avoidance, and limited battery life are still major hurdles. Localized after-sales service is critical for industrial drones, as delays in repairs can cost businesses valuable time.
Zhang Lei believes that unlike the consumer market, industrial drones won’t see a one-size-fits-all success. The transition to industry is a consensus, but the road ahead is still long.
Michael Moritz, founder of Sequoia Capital, believes drones are the future, but he questions how many companies can survive the long-term burn. The question remains: who will be the next big name in the drone industry?
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