Drone Industry Outlook
The Association for Unmanned Vehicle Systems International (AUVSI) states, “the drones are coming.” And with them, they are going to bring jobs as well as an economic impact due to the changes in the drone industry, especially with the introduction of part 107 by the Federal Aviation Administration (FAA).
Drone Industry Growth
Business Insider defines drones as “aerial vehicles that can fly autonomously or be piloted by a remote individual.” Using this definition, they expect:
- Sales to go past $12 billion in 2021,a compound annual growth rate (CAGR) of 7.6% from 2016’s $8.5 billion
- Consumer drones alone to hit 29 million in 2021, a CAGR of 31.3%
- 805,000 in 2021 enterprise drones, a CAGR of 51% from 2016’s 102,600
The military drone market is mature with the Department of Defense (DOD) looking to increase its more than 7,000 drones in 2012 by 50 more at an estimated cost of $2.9 billion.
Estimated Economic Impact
The FAA 2015 prediction deadline for integrating drones into the national civilian airspace forecasted:
- $82.1 billion in economic impact by 2025
- 100,000 jobs by 2025
Who Will Buy Drones?
In a report by Markets and Markets, North America leads the forecast by 45% as the dominant regional market. Domestically in the US, agricultural drone applications will dwarf all others accounting for $75.6 billion of the total economic impact by 2025, according to AUVSI. Government facilities follow up by $3.2 billion while all other sectors combed will take up $3.2 billion of the economic impact.
Based on application: Aerial photography and remote sensing is expected to lead.
Based on duration of service: Short duration service is expected to lead.
Drone Economy Among States
AUVSI observes that the drone economy will not be spread in an even manner. The domestic drone boom will hugely benefit:
Other states that will still benefit albeit in a small manner are:
*These states are home to AIM: San Francisco Bay, California – Metro, Houston, Texas, Dallas, Texas – Metro, Orlando, Florida – Metro and Indianapolis, Indiana.
Small Model Hobbyists Drone Growth Prediction
The FAA predicts the hobbyists’ fleet to more than triple in size from 1.1 million vehicles in 2016 to more than 3.5 million in 2021. This represents a CAGR of 26.4%.
The drone industry is expected to grow. Take Aviation Institute of Maintenance’s Unmanned Aircraft Systems course to become a part of this industry. This course is offered at the Aviation Institute of Maintenance – Manassas VA, Chesapeake VA, Atlanta – Metro GA, Oakland Metro CA, Dallas –Metro TX, Houston TX, Kansas City MO, Philadelphia PA, and Las Vegas NV campuses.