Valuate Finds Increasing Applications In Entertainment, Agriculture And Energy Sectors

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.

The information is included in a Global Drone Market analysis recently released by Valuates.

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.

Among the factors driving the growth are UAV's ability to perform dangerous duties with greater accuracy and cost-effectiveness compared to standard techniques, such as inspection of utility pipelines; implementation of commercial drone services, and; formulation of regulatory policies for optimal use of drones and increasing awareness of UAVs.

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 favorable 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 Compound Annual Growth Rate (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 labor costs.

(Source: Valuates news release. Image from file)

FMI: reports.valuates.com