Drone Industry Insights has just released its 2020 report, which features a five-year outlook. The drone market is set to be worth $42.8 billion by 2025. The latest report also outlines the biggest drone adopters, drone uses, and the impact the COVID-19 pandemic has had on the industry.
The major finding in the new report is that the drone market will be worth a massive $42.8 billion by 2025. The drone market is reported to make $22.5 billion in 2020 and is growing at a CAGR (Compound Annual Growth Rate) of 13.8%, with it expected to double by 2025.
The largest sector in the commercial drone industry its currently energy, with the transport and warehousing industry likely to shadow it within five years. This is in part due to the fact that the North American Industry Classification System (NAICS) has it included. The agriculture and construction industries are both reported to follow behind energy in the coming years.
Currently the US and China are leading the race to have the largest drone markets in the world with their combined revenue making up over two-thirds of the global drone market. By 2025, Asia is said to have the largest drone market, thanks to China, Japan, and most recently India becoming large hubs for drone deliveries and other trials.
Something we have previously looked at is how drones have benefited from the COVID-19 pandemic, although most of the supply chains closed and the businesses using the drones. Drones, especially medical and delivery drone usage, has shot up during the pandemic to allow governments to keep up with the demand of COVID tests and the ability to deliver goods to vulnerable people in the community.
Drone sales are reportedly going to double by 2025, with the commercial drone industry selling around 1 million units per year by 2021. The report has also stated the private and hobbyist drones sales will go down in the next five years.
You can download the full report from the Drone Industry Insights’ website with more great insights into the next five years in the drone industry.
What do you think of the findings from the latest Drone Industry Insights report? Do you agree with the predications? Let us know in the comments below.
Photo: Jorge Salvador