The Teal Group predicts rapid growth for the Commercial UAS industry over the next few years. The Teal Group, which provides support for the FAA commercial UAS forecasts, estimates that the civil UAS industry will be the most dynamic growth sector of the world aerospace industry. The aerospace and defense market firm’s analysis, 2019 World Civil UAS Market Profile and Forecast project that non-military UAS production will total $88.3 billion over the next decade, soaring from $4.9 billion in 2019 to $14.3 billion in 2028.
Philip Finnegan, Teal Group’s director of corporate analysis and author of the study added his insights about the growth of the commercial UAS market in a press release:
“The foundations for rapid growth are being laid. Venture capital investment in the sector has soared and technology giants increasingly envisage drones as part of their future. Regulators are loosening airspace rules. Governments are turning to UAS to monitor borders and provide public safety.”
Commercial UAV Growth
The Teal Group study reports that commercial UAV use will surpass the consumer drone market in 2023, becoming the largest segment. Finnegan stated several factors for this growth:
“The growing promise of the civil market is attracting the world’s leading technology companies, driving ever faster development of systems and business applications. As corporate clients move from proof of concept to fleet deployment the market will soar.”
The largest area of growth in the commercial UAS market will be in industrial inspections. The firm estimates that construction will be the largest segment of industrial inspection because 10 of the largest worldwide construction firms are deploying or experimenting with UAS.
Agriculture will also be a growth sector for UAS, with the potential for tremendous growth. However, Agriculture’s adoption of UAS will be slower than industrial inspections. Agriculture’s growth in the commercial UAS market has been largely due to Japan’s use of high value spraying UAVs.