Global Drone Market Predicted to Grow Five-Fold Through 2020
The world drone market is forecast to grow at better than a 30-percent annual clip to $6.0 billion by 2020, according to a recent report from Innova Research.
Innova estimated the market was worth $1.1 billion in 2014. Innova is a Shanghai-based market research and consulting firm focusing on emerging technologies.
The report focuses on civilian drones and divides them into two categories: consumer drones and commercial drones. The commercial drone segment is further split by industry sector, including their use in logistics and retail deliveries.
“Although the consumer drone segment is larger than the commercial drone segment in terms of revenue at present,” said Richard Jun Li, vice president of Innova Research, “we believe that the future growth opportunities in the drone market are with the commercial applications, mainly due to the rapidly increasing adoption of the drones in various commercial sectors.”
The report found that commercial drones will lead growth in the world market in the next five years. In 2019, revenue from the commercial drone segment is forecast to overtake that from the consumer segment.
The easing of regulatory restrictions on drones is anticipated to take place in 2017, which will result in a boom in the world drone market in 2018 and following, especially in the commercial sector.
Fixed-wing drones are forecast to grow at the highest rate among the drone types in the forecast period. While multi-rotor drones will remain the largest drone type through 2020.
The U.S. is will continue to be the largest market for drones over the next five years, but higher growth rates are expected for emerging countries, such as China.