Jay Clemens
A new ASDReports study projects the commercial unmanned aerial vehicle market to reach $1.27 billion by 2020 from $15.22 million in 2014, up 109.31 percent year over year during the forecast period.
The report indicates that an increase in demand for law enforcement applications contributes a major portion to the market’s growth, ASDReports said Feb. 26.
Other market drivers are energy and power, manufacturing, infrastructure, media and entertainment, agriculture and scientific research sectors.
ASDReports noted that rotary blade drones accounted for 72 percent of the commercial drones market in 2014, in addition to fixed wing, nano and hybrid drones.
It ranked the Americas as representing the largest market for commercial UAVs in 2014, adding that it expects the region to achieve the highest growth between 2014 and 2020.
The report profiles F. Airware, Drone Deploy, DJI, Precision Hawk, SenseFly Ltd, 3D Robotics, VDOS Global, Trimble UAS and AeroVironment as among the tier-one market players.
