A boom in commercial drones is set to drive rapid growth in civil unmanned aerial vehicles (UAVs) over the next decade, with production expected to almost triple by 2028, according to research published today.
According to the 2019 World Civil UAS Market Profile and Forecast, published by Teal Group, global non-military drone production is set to climb from $4.9bn in 2019 to $14.3bn in 2028 – representing a compound annual growth rate of 12.6%.
And while consumer drones have been key to much of the industry’s growth so far, it is commercial drones that are expected to drive the bulk of the future increase, with the commercial market expected to increase eight times its current size to $9.5bn in 2019.
Boom in commercial drones expected as market conditions mature
Over the next few years we are set to see the rollout of a host of commercial drone offerings, with the likes of Amazon finally bringing long in-development projects to market, while specialised markets such as industrial inspection are also set to surge.
And according to Teal Group, this will translate into the dramatic predicted growth in the manufacture of such drones.
“The growing promise of the civil market is attracting the world’s leading technology companies, driving ever faster development of systems and business applications,” said Philip Finnegan, Teal Group’s director of corporate analysis and author of the research.
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“As corporate clients move from proof of concept to fleet deployment the market will soar.”
Key to this, the company argues, is that market conditions have matured to the point where technology, investor backing and regulations are now creating an environment for the industry to take off.
“The foundations for rapid growth are being laid,” said Finnegan.
“Venture capital investment in the sector has soared and technology giants increasingly envisage drones as part of their future. Regulators are loosening airspace rules. Governments are turning to UAS to monitor borders and provide public safety.”