The projected growth in the drone service market in the next seven years is simply astonishing!
It is estimated, by economists, that in the midst of the COVID-19 crisis and the resulting economic uncertainties, the drone services market will grow during the period from 2021-2027 by a projected $124.1 billion worldwide. This is based on the analytical expectations that the drone market will be driven by a revised, compounded annual growth rate (CAGR) of 80.6%.
It is important to understand what CAGR means, especially in light of such large numerical projections. It stands for the Compound Annual Growth Rate, which is a measure of an investment’s annual growth rate over time, with the effect of compounding taken into account. It is often used to measure and compare the past performance of investments, or to project their expected future returns.
Aerial Photography & Remote Sensing are one of the sectors analyzed and projected to grow over 89.2% and reach a market size of $54.9 billion by the end of 2027. The coronavirus pandemic is proving to be a period in history that unleashed a series of unprecedented events that affect virtually every industry. The Aerial Photography & Remote Sensing market is resetting to a new normal which will continue to go through change after the COVID-19 era. Change is in the air for the foreseeable future, and markets as a whole, and will have to be more nimble than in the past, in order to be able to stay on top of upcoming trends, and manage uncertainty and change, and thus acclimate to the new and evolving conditions of the market.
The economic forecast is that the U.S. needs to readjust to a 74.1% CAGR. Within Europe, Germany is expected to reach over $2.1 billion to the region’s size over the next 7 to 8 years. In addition, over $5.5 billion worth of projected demand in the region will come from the rest of the European markets. In Japan, the Aerial Photography & Remote Sensing sector is expected to reach a market of $1.4 billion by the end of 2027.
The changing relationship between China and the rest of the world will influence competition and opportunities in the drone services market. Even considering this fluid situation, the world’s second largest economy is projected to grow at 66.2% over the next couple of years and add around $7.3 billion in the market.
The viewpoints concerning these many economic projections were based on careful research and validated by expert economists and those of influence in the market.
The economic projection for the future of the global drone market should be exciting to any drone enthusiast. The title of this blog is amazing: “The Global Drone Market Is Expected to Grow by $124.1 Billion by 2027.”
We can either sit on the sidelines and let the market do its thing, or we can jump in and take advantage of the opportunities before us in the next seven more years.