- Market poised for future growth
- Public service sector to use drones for routine tasks
- Drones have a number of other commercial applications
The drones market is forecasted to reach $22.15 billion globally by 2022, according to Stratistics MRC. In 2015, the market was worth $5.93 billion, so this represents a compound annual growth rate (CAGR) of 20.7%.
Drones are flying robots controlled remotely or flown autonomously with the aid of onboard sensors and GPS systems. They also are known as unmanned aerial vehicles (UAVs) or unmanned aircraft systems (UASes).
This market is in the nascent stage and is poised for growth.
Public Safety Sector
The public safety sector is expected to witness a high level of growth. In 2022, this market is expected to have revenue totaling $1.15 billion, according to Arcluster, growing at a CAGR of 102.5%.
Over the next five years, drones are expected to be adopted across multiple public safety applications such as law enforcement, firefighting, medical services, search and rescue, and emergency management.
Drones can be used to perform basic tasks such as monitoring and surveillance, patrolling and a reduction in response time to emergencies.
This market is growing for two reasons: Drones lower the cost of continuous surveillance, monitoring and patrolling. Patrolling and surveillance data can be intelligently captured and transmitted in real time instead of with a feedback loop.
Other Commercial Uses
In addition to public safety, drones can be used in a variety of other sectors. By 2025, the drone-powered business solutions is expected to reach $84.31 billion globally, according to Grand View Research.
Commercial applications include media and the entertainment industry, which holds the largest share, agricultural and the military.
Military drones are used for border security, combat missions and spying. As the demand for actionable intelligence to fight terrorism, the market will grow.
However, challenges to the military segment include privacy concerns, government regulations, controlling drones accidents and the lack of professional pilots.
New areas for businesses to explore and expand have been opened by and the internet of things technology. In many sectors, the internet of things have been a topic of discussion because the technology offers seamless interactivity and connectivity.
For example, sensor networks can help agricultural companies monitor land and crops effectively with drones. Energy companies can use drones to survey operational equipment and power lines without the need for physical verification while insurance companies could easily monitor properties for claims and policies remotely with firsthand information.
Global Drone Market
- For many European companies, commercial drones and their applications are forecasted to be the next big export product.
- The drone services market is segmented into multi-rotor drones and fixed-wing drones.
- In 2015, North America was the dominant region in the drone services market. Asia-Pacific, however, is expected to witness the most growth.