The drone tech market is growing fast, and recent innovations and regulatory shifts are only speeding growth.
By DRONELIFE Staff Writer Ian M. Crosby
A report by Andrew McWilliams from BCC Research projects over 80% growth in revenue for the global drone technology market between 2020 and 2025. Sitting at $30 billion in 2020, McWilliams expects this figure to rise to $54.6 billion in 2025, amounting to a compound annual growth rate of 12.7%. This projection is based on an analysis of the global market for drones and global market trends using data from 2018 and 2019. The study considers factors such as market size, market forecast, and market share. In addition to these economic trends, this report takes into account technological developments, government regulation and market competition, as well as regional dynamics, current industry trends, and an analysis of relevant patents.
The publication also includes an in-depth analysis of market dynamics that could potentially impact the drone market going forward, including market drivers and restraints, as well as opportunities for growth and recent innovations in the industry.
The report divides the drone tech market by both vehicle type and application. Vehicle types include unmanned ground vehicles (excluding driverless cars), unmanned surface vehicles, unmanned underwater vehicles and unmanned aerial vehicles.
Which Sectors are Leading the Way in the Drone Tech Market?
Applications are divided into sectors of entertainment, defense, field operations, logistics and warehousing. Highlighted among these as sectors with high growth potential are entertainment and defense. The entertainment sector is projected to rise from $4.4 to $9.1 billion between 2020 and 2025, with a compound annual growth rate of 15.6%. In the same period, the defense sector is projected to rise from $17.7 to $29.6 billion, with a compound annual growth rate of 10.8%.
McWilliams also discusses the high demand for drones within the areas of surveillance, reconnaissance, and military combat, as well as commercial applications.
The report includes in-depth analyses on the major vendors in the global drone market, with information on leading suppliers of the industry and detailed company profiles. Some of the companies that are examined in the report include General Atomics Aeronautical Systems Inc., Insitu Inc., AeroVironment Inc., SZ DJI Technology Co. Ltd., Oceaneering International Inc., and Northrop Grumman Corp.
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