The drone technology market is growing rapidly, and recent innovations and regulatory changes are only accelerating growth.
By DRONELIFE Staff Writer Ian M. Crosby
A report by Andrew McWilliams of BCC Research predicts sales growth of over 80% for the global drone technology market between 2020 and 2025. McWilliams expects that number to stand at $ 30 billion in 2020 and climb to $ 54.6 billion in 2025, for a total annual growth rate of 12.7%. This forecast is based on an analysis of the world market for drones and global market trends using data from 2018 and 2019. The study takes into account 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 release also provides an in-depth analysis of market dynamics that could potentially impact the Drone Market in the future, including market drivers and restraints, as well as growth opportunities and recent innovations in the industry.
The report divides the Drone Technology market by vehicle type as well as application. Vehicle types include unmanned ground vehicles (excluding driverless vehicles), unmanned surface vehicles, unmanned underwater vehicles, and unmanned aerial vehicles.
Which Sectors Are Leading the Drone Technology Market?
The applications are divided into the entertainment, defense, field service, logistics and warehousing sectors. Among these sectors with high growth potential, entertainment and defense should be highlighted. The entertainment sector is expected to grow from $ 4.4 billion to $ 9.1 billion between 2020 and 2025, with an average annual growth rate of 15.6%. During the same period, the defense sector is projected to grow from $ 17.7 billion to $ 29.6 billion, with an average annual growth rate of 10.8%.
McWilliams also discussed the high demand for drones in surveillance, reconnaissance and military combat, as well as commercial applications.
The report provides in-depth analysis of the major vendors in the global Drone Market with information about leading suppliers in the industry and detailed company profiles. Some of the companies examined in the report are General Atomics Aeronautical Systems Inc., Insitu Inc., AeroVironment Inc., SZ DJI Technology Co. Ltd., Oceaneering International Inc., and Northrop Grumman Corp.