Customer-focused innovation within the UAV industry set to drive sector growth over the next three years, a new market report has claimed, with the global UAV market set to reach £15.2 billion in the next three years.
The report, from Research and Markets, comments on the shifts in demand of UAVs in recent years and states that the trend is anticipated to continue in the next few years, owing to their cost saving advantage across commercial applications.
The rise in their demand across the developing nations and new emerging applications are expected to open several new opportunities for the UAV market in the years to come.
In its three-year report, which analyses some of the drone industry’s major players including the Airbus Group, BAE Systems and Lockheed Martin, Research and Markets predicts that the global UAV sector will tip $21.5 billion (£15.2 billion) by 2021 due to rapid increases in applications, changing public acceptance and evolving demand.
The new predictions from Research and Markets aligns with other reports from industry experts. Earlier this month it was revealed that the industry will grow three times in volume by 2020 by technology analytics firm Counterpoint.
As well as recent findings by Counterpoint, PwC carried out a report last year that found drones have the potential to disrupt a variety of industries, estimating the market for current business services and labour that could be done by drones at over $127bn (£94bn) globally.
A market study from Report Linker, which was published at the end of last year, predicts that the target drones market is projected to grow from $3.79 billion (£2.92 billion) in 2016 to $6.20 billion (£4.78 billion) by 2022, at a CAGR of 8.55% from 2016 to 2022.