August 23, 2021
A new report by Germany’s Drone Industry Insights is predicting that commercial drones will grow at a 9.4% compound annual growth rate (CAGR) through 2026, with a potential $41.3 billion industry.
The company said commercial drones, used in a vast majority of industries, represent a $26.3 billion market in 2021. The report said drone applications in the energy industry are set to earn just under $5.9 billion globally in 2021, with construction and agriculture not far behind.
The main driving force in the market are drone services (including mapping and inspections), which represent roughly 78% of global drone-related revenue. The company said some of these services experienced a positive impact from the pandemic by assisting with the remote drone delivery of coronavirus test kits and vaccines that let people keep a safe distance and avoid infection. The company said drone hardware is also forecasted to experience strong growth, despite the fact that the report excluded passenger drones through companies such as Joby, Archer and Lilium.
Regionally, Asia and North America are currently the strongest markets, led by China and the U.S. However, developing countries in South America and Asia will likely experience the fastest growth over the next five years, above 11% CAGR.
Drone Industry Insights is also currently running a global survey for its yearly Drone Industry Barometer, which is designed to measure how drone companies have subjectively experienced the past year, and how they feel about the direction of the drone market.
For more information about the Global Drone Market Report 2021-2026, click here.