An article by Insider Intelligence shares:
The Rise of the Drone Industry
For years, the drone market was in a nascent phase and had yet to break into the mainstream. Then, in 2016, drone industry growth took flight when the Federal Aviation Administration (FAA) granted hundreds of new exemptions for companies to operate drones in the U.S. through FAA Part 107.
These exemptions included several new use cases in multiple industries, such as insurance, construction, and agriculture — each of which demonstrates the broad range of commercial drone applications.
The FAA helped push commercial drone market growth forward by formulating a regulatory framework with its consumer drone registry. Now, drone manufacturers and tech suppliers are doing all they can to capitalize on this and turn drones into a full-fledged industry.
Drone Market Stats & Sales
There’s no arguing the spike in drone industry growth that has occurred in the last few years – the drone services market size is expected to grow to $63.6 billion by 2025, and Insider Intelligence predicts consumer drone shipments will hit 29 million by 2021.
Sales of US consumer drones to dealers surpassed $1.25 billion in 2020, according to Statista. Goldman Sachs forecasts the total drone market size to be worth $100 billion—supported by this growing demand for drones from the commercial and government sectors.
Drone Market Trends and Forecasts
Drones for the enterprise hold the most potential in the broader drone market. Insider Intelligence defines enterprise drones as all unmanned aerial vehicles (UAVs) sold directly to a business for use in its operations.
Under that criterion, Insider Intelligence predicts total global shipments to reach 2.4 million in 2023 – increasing at a 66.8% compound annual growth rate (CAGR). Drone growth will occur across five main segments of the enterprise industry: Agriculture, construction and mining, insurance, media and telecommunications, and law enforcement.
Soaring to new heights, together.
Be sure to visit the BWU Technology Partnerships Initiative website to learn more about how our NEOFIX program drives economic growth, promotes policy and infrastructure to improve drone safety and efficiency in various industries, and ensures that drone technology is being used responsibly.