March 19, 2020
According to the research report titled ‘Asia Pacific Commercial Drone/Unmanned Aerial Vehicle (UAV) Market Size By Product, Technology, Application, Industry Analysis Report, Countries Outlook, Growth Potential, Competitive Market Share & Forecast, 2018 – 2024’, available with Market Study Report LLC, Asia-Pacific commercial drone/unmanned aerial vehicle (UAV) market is expected to surpass USD 5 billion by the year 2024.
Favorable government initiatives regulating the adoption of commercial drones and increasing testing of drones for commercial applications are major factors driving the market growth. In 2017, for instance, Civil Aviation Administration of China amended the regulations pertaining to licensing and commercial applications of UAVs, hence enabling drones to travel in dense residential areas. Focus of federal agencies to improve the safety of drones and security of data will also favor the market outlook.
The report states that aerial photography segment is presumed to expand substantially during the forecast period. Commercial drones are extensively used for photography, videography, and filming by media & entertainment firms owing to their ease of use, convenience, and low cost. Increasing utilization of drones for imaging and aerial photography is fueling the segmental growth.
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As per regional analysis, India commercial drone market is expected to grow with a CAGR of 32% during 2018-2024. Legalization of drones for commercial usage along with rising number of start-ups across the region are stimulating the business scenario in India.
The prominent companies operating in Asia-Pacific commercial unmanned aerial vehicle (UAV) industry are Intel Corp., Hoverfly Technologies, Ehang Inc., Yuneec International, Parrot, Xiaomi, 3D Robotics, Walkera, and DJI.
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