Buckle up and screw on your hats, dronies: The currently booming market in unmanned aerial vehicles (UAV) is set to blast into the stratosphere over the next several years.
Valued at $19.5 billion in 2019, the global market for all types of airborne drones is expected to surpass $55.6 billion by 2027, according to a new forecast by Research Dive.
Military and defense applications are projected to continue to dominate about half of total spending during that period. However, business in consumer drones is set to outpace the security side in annual rates of growth for most of the coming decade.
Feds, farmers, fans
The Research Dive study foresees military procurement of drones expanding at a breakneck 20.8% compound annual growth rate through 2027. Tucked in beside typical defense applications (i.e., surveillance and warfare) are the use of drones by federal agencies to monitor pesticides, fertilizers, water, and seed effects on vast agricultural areas.