New market research has forecast that the unmanned aerial vehicle (UAV) market will reach $21.8 billion (£17.6 billion) by 2027, growing at a compound annual growth rate (CAGR) of 14.1%.
The report from Meticulous Market Research suggested growth will continue due to the falling cost of drone production.
It reads: “Rising adoption of UAVs in civil and commercial application, increasing deployment of UAV in border patrolling and combating terrorism, and regulations by the federal aviation administration (FAA) to permit the use of UAVs in several industries are the key factors driving the growth of the unmanned aerial vehicle (UAV) market.”
It does admit, though, that legislative restrictions on their use in certain countries may inhibit this growth.
The report also noted that slowed manufacture and export from China has created a possibility for drone companies based elsewhere – such as America’s Skydio – to catch up with DJI.
The report also breaks down the market by region, industry, and even drone type and component.
It can be viewed at the Meticulous Market Research website.