25 Sep, 2015
Global drone market expected to reach $1.2 billion by 2020
Wellesley, Mass., September 24, 2015 (PRWEB) – Increasing usage of unmanned vehicles and new technologies in the commercial and defense sectors is primarily driving market growth. BCC Research reveals in its new report that drone types are penetrating regions around the globe in a host of different applications.
The global drone market is expected to grow from $725.5 million in 2015 to $1.2 billion in 2020, demonstrating a five-year (2015-2020) compound annual growth rate (CAGR) of 11.4%. Defense ($350.8 million) and field operations ($97.9 million) segments together totaled more than 60% of overall market share in 2015, with the latter segment projected to grow the fastest (13.9% CAGR) during the forecast period.
Drones are unmanned aerial vehicles controlled by operators or pilots from the land or programmed to follow pre-defined paths. Drone types include unmanned ground vehicles (UGVs), unmanned aerial vehicles (UAVs), unmanned surface vehicles (USVs), and unmanned marine vehicles (UMVs). Drones are used in logistics and warehousing, defense, healthcare, field operations and entertainment.
New technology is driving innovation in the development and usage of drones in agricultural, medical and surgical, security, defense, and ocean and space applications. Applications in both military and consumer markets are providing many opportunities for manufacturers. Increasing usage of unmanned vehicles and new technologies in the commercial and defense sectors is growing this market, as well.
In recent years, drone use has expanded in security, monitoring and patrolling applications. The industry has witnessed new applications like assisted driving and automated cars, which should drive market growth. Growing demand for home automation also will strengthen growth in the unmanned ground vehicle market for domestic applications like vacuum cleaners and lawn mowers. Companies such as iRobot manufacture UGVs for applications such as vacuuming, floor scrubbing, floor mopping, pool cleaning and gutter cleaning.
“Overall, companies across various industries, including oil, mining, gas exploration, mapping and surveying, are finding it easier than ever to integrate drones into their businesses due to new end-to-end software, hardware and cloud service OS for drones,” says BCC research analyst Sinha G. Gaurav. “Several companies are developing software that will help program drones, operate in different environmental conditions and utilize different applications. Agricultural drones, including those for fruit-picking, harvesting and autonomous plowing, are contributing to market growth in Japan. Additionally, worldwide adoption of UGVs in the industrial and medical industries for warehousing and distribution applications also is boosting growth.”
Drone Technology and Global Markets (IAS104A) examines drones classified as Unmanned Ground Vehicles (UGVs), Unmanned Aerial Vehicles (UAVs), Unmanned Surface Vehicles and Unmanned Marine Vehicles (AUVs). The report analyzes the market by type, application, technology, component and geography. Data from 2014, estimates for 2015 and projections of compound annual growth rates (CAGRs) through 2020 are provided.
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