Verdantix Forecasts The US Drones Market Will Grow From $631 Million In 2018 To More Than $6 Billion By 2037

NEW YORK--()--The US market for drone-related equipment, software and services will grow from $631 million in 2018 to $6.1 billion in 2037. This is according to a new market size and forecast model from independent research firm Verdantix. The assessment considers spending on drones across eleven usage scenarios relevant to commercial and industrial firms as well as government agencies such as the police, fire department and coastguard.

“Our drones market forecast covers a twenty-year time period and finds that the compound annual growth rate will be 14%”

“Our drones market forecast covers a twenty-year time period and finds that the compound annual growth rate will be 14%” commented Verdantix Principal Analyst, Malavika Tohani. “We forecast that the next five years will see annualized growth of 26% creating a $2 billion market by 2023. Suppliers in the US drones market need to establish their position immediately to benefit from this first phase of rapid expansion. Autonomous drones and relaxed regulations would significantly increase our predicted growth rates.”

Key findings of the Verdantix report, “Drones Market Size And Forecast 2017-2037” available for to purchase online and to Verdantix operational risk research clients include:

  • US drones market worth $631 million in 2018
  • 16% CAGR over 20 years with current regulatory outlook
  • US drones spending will reach $1.9 billion in 2023 and $3 billion in 2028
  • Drone equipment accounts for $323 million of spend in 2018 which is 51% of total
  • Spend on drone management software rises from $196 million in 2018 to $3 billion in 2037 at a 17% CAGR

“There is no doubt that the versatility and cost effectiveness of drones will create an entirely new market” commented Verdantix CEO, David Metcalfe. “However, drones providers and investors need to be realistic about the current market size and future prospects given regulatory constraints. Drone providers like Agribotix, Cyberhawk, DroneDeploy, Flyability, Insitu, MEASURE, Nearview, Parrot, Pelican Drones, PrecisionHawk, Sky-Futures and Yuneec are well-positioned to benefit from anticipated annual growth in demand of 26% over the next five years. This is also a big opportunity for consulting firms which run environmental and risk management projects such as Accenture, AECOM, Arcadis, ERM, Golder, Jacobs and Ramboll.”

Contacts

Verdantix
Paige Rigas
+1-347-338-1261
prigas@verdantix.com

Recent Stories

RSS feed for Verdantix