Commercial drone market projected to grow 109% CAGR
Markets and Markets, a Dallas, TX research firm, in an 189-page $4,650 report, is projecting that the global commercial drones market will grow at a compounded annual growth rate (CAGR) of 109.3% and reach $1.27 billion by 2020.
Another recent research report from IDTechEx, supports Markets and Markets’ estimates: Electric Drones: Unmanned Aerial Vehicles (UAVs) 2015-2025 projects the market will reach $4.5 billion by 2025.
The Markets and Markets report, Commercial Drones Market by Type (Fixed Wing, Rotary Blade, Quad Rotor), Technology (Energy & Propulsion System, Automation, Collision Avoidance), Application (Government, Agriculture, Manufacturing, Retail) & Geography – Global Forecast to 2020, evaluates by technology as well as by application, type and geography.
- Technologies such as energy and propulsion systems, type and level of automation, collision avoidance, cybersecurity, onboard processing and communication data links and radio spectrum.
- Applications include inspection and spraying for agriculture, forestry and fisheries; first responder and law enforcement; security and monitoring of oil and gas, electrical grids and other distribution networks; general retail, factory, warehouse and campus surveillance; media and entertainment, and scientific and environmental research.
The list of companies profiled includes many defense contractors transferring their technologies into the commercial arena along with newcombers specializing on commercial unmanned aerial systems such as DJI, Trimble, 3D Robotics, Precision Hawk, DroneDeploy and senseFly.
Missing from their list of companies examined for their report was Parrot, a Paris-based company previously known for consumer and car products. Through acquisition and in-house invention, Parrot’s founder, CEO and Chairman Henri Seydoux has turned his company into one that now derives 34% of their revenue from consumer and commercial drone businesses.