Drones Will Be $11 Billion Industry by 2024?
A new report says over the next 10 years, the amount of money spent each year on drone technology will double globally.
As reported by LiveScience.com, the new report released by aerospace research firm the Teal Group Corp estimates that $6.4 billion is currently spent annually around the world. They anticipate that growth to double in coming years and predict $11.5 billion spending on commercial and military drones by 2024.
Where is the Growth Coming From?
The US military already uses a variety of unmanned aerial vehicles (UAV) such as the Predator drone so often mentioned in recent media. Along with the US, military organizations from other nations will continue to invest in ramping up their drone armies.
The Teal Group expects the US military to continue to invest very heavily in drones over the next ten years.
What About Commercial Drones?
Today, nonmilitary drones make up a small chunk of today’s UAV market, with only 11% of drone technologies currently being developed for civilian or commercial uses. A modest increase in this segment is expected to grow past 14% by the end of this decade.
The report lumps nonmilitary drones of the future into three broad categories:
- Government UAVs: In the next ten years, drones will be used for things like law enforcement, border control, and wildlife research.
- Commercial UAVs: Mining, mapping, and agriculture are industries prime for almost-immediate drone use.
- Hobbyist UAVs: Hobbyist drone flyers, along with some professionals (think real estate or Hollywood) will take advantage of falling costs of drones and more market choices.
The report also predicts that UAV used for government purposes will have more access to airspace than other drones.
Image courtesy of livescience.com