The drone industry is booming, but this is just the beginning. The Federal Aviation Administration predicts there will be 7 million drones in the sky by 2020 and about 2.7 million will be commercial. Economically, Global Market Insights predicts the commercial drone market will reach $17 billion by 2024. As a result, commercial UAS markets are expected to experience drastic growth, which will have dramatic implications for business capabilities and expansion worldwide. Looking even further, BCG estimates the industrial drone fleet in Europe and the United States will reach $50 billion by 2050 with more than 1 million aircraft in the sky.
UAS payloads and hardware will become more advanced and line of sight is expanding rapidly. In the near future, BCG predicts that commercial drones will be able to fly farther and higher for a longer period of time. These new UAS capabilities will likely bring about new legislation and regulations. Additionally, BCG anticipates that more jurisdictions will permit UAS usage and loosen regulations which will further boost the demand for commercial crafts.
Huge corporations like Amazon, Facebook and Google, have been investing in and benefiting from UAS for some time now. However, access to commercial drones is not limited to these global giants. A wide range of businesses can benefit from commercial UAS technology in some way. Plus, the market is becoming more accessible to smaller businesses and operations worldwide. The FAA predicts that 42% of commercial drones deployed in 2020 will be used for industrial inspection and 22% for real estate. We are also likely to see UAS growth for precision agriculture, security and surveillance, aerial imaging, survey mapping and so much more in coming years.
Global demand for UAS technology is rapidly opening the door for more technology careers in the future. At FlightWave, we’re excited to be a part of this booming industry and contribute discoveries and advances in UAS technology.