Drone market to hit $37B by 2022

The worldwide market for drones, now $6.8 billion, is  anticipated to reach $36.9 billion by 2022, according to a new report by RnR Market Research.

“Drones Market Shares, Strategies, and Forecasts, Worldwide, 2016 to 2022” provides a comprehensive analysis of drones in nine different categories, illustrating the diversity of uses for remote flying devices. The use scenarios cover agriculture, oil and gas, border patrol, law enforcement, homeland security, disaster response, package delivery, photography, videography and others.

Army UAS have logged more than 3 million flight hours — 88 percent in combat situations in Iraq and Afghanistan, giving drones market credibility and paving the way for commercial drone markets to develop.

Now, UAV technology has reached a level of maturity that has permitted DJI to garner $1 billion in revenue in 2015, doubling the company’s revenue in one year. This achievement puts drone systems at the forefront of aerospace manufacturing.

According to the report, “Use of drones represents a key milestone in provision of value to every industry. Customized cameras are used to take photos and videos with stunning representations. Digital controls will further automate flying, making ease of use and flight stability a reality. New materials and new designs are bringing that transformation forward. By furthering innovation, continued growth is assured.”