WASHINGTON — The global market for drones is expected to reach $22.15 billion by 2022, according to a new report from Statistics MRC.
While the military market for drones is only a subcategory of that market, military usage is also expected to grow. The report highlights the public sector applications for drone technologies, analysis on why the market is growing and other commercial applications.
The drone market was valued at $5.93 billion in 2015, making for a 20.7 percent compound annual growth rate for the predicted $22.15 billion market value in 2022.
Drone usage is expected to continue to grow for public safety use, in addition to military applications. In terms of public safety uses, drones can be used for law enforcement, firefighting, medical services, search and rescue operations, and emergency management. For military applications, drone technology can be used for border security, combat missions, intelligence gathering and surveillance.
The report highlights challenges facing military drone usage, including privacy concerns, government regulations, controlling drones accidents and the lack of professional pilots.
Drone technologies are expected to grow as a European export product, while Asia and the Pacific are expected to see the most regional growth in the global drone market.