August 15, 2016 by Canadian Underwriter
The global commercial and military drone market will reach US$4.2 billion by 2025, with a compound annual growth rate of 9.2%, a new report has suggested.
Research and Markets, a global market research store, released their 90-page Commercial and Military Drone Market Assessment and Forecasts 2016-2025 report on Monday. North America will lead in the deployment of commercial drones with 1.4 million by 2025, the report said.
The company added that by 2018, aerial drones (also known and unmanned aerial vehicles, or UAVs) will be used by nearly every major manufacturing company to control logistics. By 2021, Research and Markets said in a press release, “UAVs will be used [by] nearly every automobile manufacturer in metropolitan areas and along major highways to provide ubiquitous wireless coverage based on a combination of LTE, 5G, and satellite communications.”
The hardware sales segment will contribute 57% of total drone infrastructure revenue, Research and Markets said. The commercial drone market segment comprises hardware, software and services. For example, drone hardware includes fixed wing drones, rotary bland drones, nano-drones, and hybrid drones. Commercial drone market segments assessed include energy and propulsion, automation systems, collision avoidance systems, cybersecurity, on-board (distributed) data processing and distributed communications (communication data links and radio).
This report evaluates the commercial drone market – by segments, products, technology and application verticals – including the use of UAVs in military and defence-inspired commercial applications. The report assesses the market outlook and provides detailed forecasts for revenue and deployment globally, regionally, and within major countries through 2025, including Canada.
An aerial drone or UAV is any aircraft that operates without direct human intervention from within or on the aircraft, Markets and Research explained in the release. UAVs are anticipated to play an unprecedented role in B2B services with an especially important role within product and service delivery systems, including logistics support and supply chain management.