03:54 GMT +318 January 2019
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    Billion Dollar Drones: In 5 Years Global UAV Market Expected to Top $22Bln

    © AP Photo / Kirsty Wigglesworth, File
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    A new report shows that by the year 2022, the global market for unmanned aerial vehicles (UAVs) should reach $22.15 billion – a 20.7 percent increase from 2015, when the market was worth a little less than $6 billion.

    Military use of drones is expected to grow, though it’s only a subcategory of the market. The report from Statistics MRC shows a boost in commercial applications for UAVs as well. 

    Drones will see increasing usage in the public safety realm for search and rescue operations, medical services, emergency management, firefighting, law enforcement and other tasks.

    "Increasing demand in military applications to fight against terrorism and rising demand for actionable intelligence are the major factors propelling the market growth,” the report noted. "Whereas privacy concerns owing to stringent government regulations and lack of professional pilots are the factors hampering the market growth. Controlling accidents of the drones is the major challenge factor for the market."

    "The integration of drones into day-to-day business is presumed to significantly benefit agriculture, mapping and surveying, infrastructure maintenance, inspection, security and surveillance, and large-scale capital projects,” the report continued. “Mining and insurance are expected to leverage the potential expansion of integrating drones into their operations to drive process improvement by gaining easy accessibility to high-quality data."

    According to Grandview Research, which projects that the global drone market will be worth $84.31 billion by 2025, "[d]rones have now moved past the hobby realm and are increasingly being used for a wide range of applications. Businesses across the world are exploring new applications of drones in their day-to-day operations."

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    drone missions, Drone, United States
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