Commercial Drones Will Become a Market Worth US$41.3 Billion Globally by 2026 Despite Pandemic, According to Study by Drone Industry Insights
The latest drone market report forecasts growth at 9.4% CAGR globally, with South America and India growing faster. Drone services will continue to drive market, while the Energy and Construction industries continue to adopt drones the most.
HAMBURG, Germany, Aug. 23, 2021 /PRNewswire-PRWeb/ -- Plenty of industries took a hard hit from the COVID-19 pandemic, yet drone technology is set to grow substantially despite these setbacks. According to a new Drone Market Report 2021-2026 by German company Drone Industry Insights (Droneii), the drone industry is set to grow at 9.4% CAGR (Compound Annual Growth Rate). This means that drones are on their way to become a US$41.3 billion industry by 2026, which is roughly what some estimated as the estimated value for COVID-19 vaccines in 2021.
Currently, commercial drones are used in a vast majority of industries and represent a global drone market that is already worth US$26.3 billion in 2021. According to the report, the drone applications in the Energy industry are on path to earn just under US$5.9 billion throughout the globe. Other industries such as Construction and Agriculture are not far behind, and some industries related to warehousing and insurance will grow at a more rapid pace in the next 5 years.
Drone services, such as mapping and inspections among dozens of others, represent roughly 78% of global drone-related revenue and are the main driving force in the market. Some of these also experienced a positive impact from the pandemic by assisting with the remote drone delivery of coronavirus test kits and vaccines that allowed people to keep a safe distance and avoid infection. Moreover, drone hardware is forecasted to experience strong growth as well, despite the fact that this report excludes passenger drones that have made headlines throughout 2021 through companies like Joby, Archer and Lilium.
Regionally, Asia and North America are currently the strongest markets, led by China and the United States respectively. However, developing countries in South America and Asia will experience the fastest growth above 11% CAGR.
The report, based on proprietary data and market models, is the latest edition of Droneii's yearly study on the global drone market. It analyzes the drone industry by segment (hardware, software, services), by industry sector (Energy, Construction, Agriculture, etc), by application method (e.g. Mapping & Surveying, Inspection, and Delivery among others) and provides a more in-depth look into all regional markets as well as a deeper analysis of the top 10 countries for drones.
Drone Industry Insights is also currently running a global survey for its yearly Drone Industry Barometer, designed to measure how drone companies have subjectively experienced the past year and how they feel about the direction of the drone market.
About Drone Industry Insights
Drone Industry Insights (Droneii) is a business intelligence company which carries out market research focused on commercial drones. It provides consulting services and customized reports on a variety of topics including drone market trends, drone applications, drone regulation, drone service providers, air mobility, and counter-drone technology among other topics. It was founded in 2015 is based in Hamburg, Germany. Droneii's customer portfolio includes: Airbus, EY, Hexagon, KPMG Belgium, Leica Geosystems, Lufthansa Technik, PwC Japan, among several others.
Media Contact
Ed Alvarado, Drone Industry Insights, +49 4064830858, ed.alvarado@droneii.com
SOURCE Drone Industry Insights
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