Thursday, June 13, 2024

Commercial Sales Likely To Elevate Drone Industry To $90 Billion In 2030; Forecasts

By Staff Correspondent

The global unmanned aerial vehicles (UAVs) or drones market is expected to grow significantly over the next 10 years, with revenues reaching $90 billion in 2030 according to industry forecasts.

GlobalData’s latest report, Drones (2022) – Thematic Intelligence, reveals that the global drones market will expand at a compound annual growth rate (CAGR) of 19% between 2020 and 2030.

The strongest growth will come from commercial drones, which will record a CAGR of 33% between 2020 and 2030, with sales rising from $3.4 billion in 2020 to $57.0 billion in 2030.

Pinky Hiranandani, Principal Analyst in the Thematic Intelligence team at GlobalData, comments: “Commercial drones will be the largest revenue contributor to the overall drones’ market from 2025, surpassing military drones. The commercial use of drones will increase significantly over the next 10 years, as BVLOS operations become common. The agriculture and construction sectors will lead the commercial market, as drones help to improve efficiency and reduce costs in these sectors.”

Fuelled by commercial demand, several countries are re-evaluating their drone regulations. However, safety and security concerns mean that the regulatory process is likely to be slow.

In addition, the current limitations on the ability to manage drone traffic and control the airspace that drones use make it hard for regulators to relax existing limitations. The evolution of drone traffic management technology will help, but most initiatives are still in their early stages.

Hiranandani concludes: “Going forward, the drones industry has significant growth potential, which is reflected in the volume of M&A activity in the sector. An increasing number of well-established drone manufacturing firms are either acquiring or partnering with smaller firms with niche capabilities.

“These acquisitions or partnerships are often aimed at entering niche markets, where regulatory frameworks do not allow foreign companies to bid exclusively for domestic projects. As a result, favorable regulations around beyond visual line of sight (BVLOS) and unmanned airspace management will be key to the growth of drone applications.”


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