Press Releases

Global Market for Drone Technology to Reach $52.2 Billion by 2023

October 04, 2018

WELLESLEY, Mass., Oct. 04, 2018– Due to being a multi-faceted flying device that has entertainment purposes, along with usage in the warehousing, painting and coating industries, the global market for drone technology will achieve great things within the next few years, according to a new report from BCC Research.

During 2018, the global market for drone technology was worth $23.6 billion. However, BCC Research estimates that it will reach a value of $52.2 billion by 2023, indicating a compound annual growth rate (CAGR) of 17.2%, according to Drone Technology and Global Markets.

Mobility promises to be the next frontier in the use of drones for end user industries, such as, agricultural, medical and surgical, security, defense, and ocean and space applications. Moreover, the reapplication of labor from moving goods to higher-value tasks leads to a decrease in turnaround time and an increase in operational efficiency.

Research Highlights

  • Major companies that are influencing the market include General Atomics, Insitu, AeroVironment, SZ DJI Technology, Autonomous Surface Vehicles, Oceaneering International, Lockheed Martin and Northrop Grumman.
  • Wireless communication with drones is one of the potential challenges for the industry. With technological advancements, the drone industry is expected to witness the commercialization of automated cars, which would further fuel the drone demand.
  • North America accounts for the largest share of the market, followed by Europe and the Asia-Pacific region.

“The utility of drones has grown rapidly in last few years because unlike manned aircraft, drones can fly or operate in the air for longer periods of time,” the report notes. “They are also less expensive than military aircraft, ships, or ground vehicles and there is no potential for the loss of human life for the operations crew.”

Editors/reporters requesting analyst interviews should contact Eric Surber at press@bccresearch.com.

Drone Technology and Global Markets( IAS104B )
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