Global Drone Market Size is Projected at a CAGR of 13.70 per cent during the Forecast Period 2019 to 2025 – Valuates Reports

November 14, 2019 5:18 pm

Drone or UAV (Unmanned Aerial Vehicles) are finding increasing application across the entertainment, farming, and energy sectors, which is expected to have a positive impact on market growth. Initially regarded as a military device, over the past few years, drones have established a significant presence in the business world.

Drone manufacturers and providers are developing custom-made industry-specific solutions to address their customers ‘ business needs effectively. Advances in drone technology have enabled producers to create a wide variety of designs in various dimensions, weights, and shapes that can carry distinct sensor payloads, making them helpful across a broad application base.

This report covers four main sections: competitor segment, product type segment, end-user / application segment, and geography segment. Furthermore, the report breaks down the drone market into three divisions (Small-scale, Medium-sized, Large) based on its type.

REGION WISE INSIGHT and TRENDS INTO THE DRONE MARKET

• North America accounted for the largest revenue of drone market share in 2018 and is expected to continue to lead over the next six years as a result of favourable government initiatives, to advance drone technology coupled with growing business demand for drone-acquired data.
• It is anticipated that Asia Pacific will experience the fastest CAGR in the next six years in the drone market. Countries like Singapore, Thailand, Indonesia, China, Hong Kong, Japan, and Malaysia are increasingly embracing the drone technology across a wide range of industries to counteract rising labour costs.
• The greater effectiveness of drones relative to manual labour is anticipated to drive their acceptance across the area for specific duties, especially in the agricultural industry. Increasing political tensions among many Asian nations are expected to increase demand. This is because UAV provides a flexible way to attack and observe the enemy from any geographic area without being tracked. As a result, these UAV work in their RADAR to increase their effectiveness.
• Aerial photography in the Asia Pacific area is expected to be the most profitable use of drones. It accounted for a market share of more than 30 percent. Drone market growth is credited with the increasing acceptance of drones for the purposes of aerial photography and imaging. The drones are widely being used for filming, photography in media and entertainment companies due to their cost-effectiveness, convenience, and ease of use.