NEW YORK, Dec. 8, 2016 /PRNewswire/ --
Considered in the past as a military weapon, drones are now entering every part of society. Sales of drones to businesses and consumers will more than triple to become a $2 billion market by 2020. Better performing and affordable drones will make their way into our airspace within the next several years.
Sales of drones: dollars vs. units
There are currently two major markets for drones with very different growth prospects: the military market, which accounts for the vast majority of demand in dollar terms, and the consumer market, which accounts for over 99 percent of all units sold. US Department of Defense spending for drones is forecast to climb at a moderate pace through 2020 due to tight budgets and a shift in focus to smaller, less expensive vehicles. Consumer and commercial applications, on the other hand, are in the early stages of development. Over the next decade, civilian uses are expected to grow at robust rates similar to those posted by smartphones following the introduction of the iPhone in 2007. However, the military will continue to be a key developer of drone technology.
With so many possible uses for drones, there is a wide spectrum of those that want to use them or sell them:
- Consumers (photography, toys)
- Military & law enforcement
- Software companies
- Utilities (electric, water, natural gas)
- Retailers (Amazon, Best Buy, Toys R Us, Walmart)
- Government agencies
- Insurance companies (State Farm, Allstate)
- Energy suppliers (Exxon Mobil, Shell)
This study analyzes the US drone market. It presents historical demand data (2005, 2010, 2015) plus forecasts (2020, 2025) by product type, drone type and market. The study also assesses market environment factors, analyzes the indus- try structure, evaluates company market share and profiles US industry players such as Boeing, AeroVironment, Northrup Grumman, General Atomics, SZDJI Technologies and Textron.
Freedonia's market research studies provide timely access to reliable, unbiased analysis from which to benchmark performance and answer critical questions: Is your business growing faster or slower than the overall market? Is your organization gaining or losing market share? Which products and markets are the most desirable to explore for expansion? Are there industry trends or competitor activities that present a threat or opportunity to your business?
Studies offer a great ROI and can help business leaders make informed, analytically driven decisions. When considering the time, effort, and expertise that goes into it, our off-the-shelf research saves our clients time and money.
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