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Drone market to grow to close to $50 billion by 2023




drone market

Analysts predict that the market for UAVs will grow from $17.82 billion to $48.8 billion by 2023.The forces that are causing this growth include the speed at which technological advances in drone manufacturing are being deployed as well as the record demand for drone-generated data applications in the consumer sector.

In 2017 it is estimated that military drone manufacturers hold the largest market share but this will change by 2023 with commercial drone manufacturers expected to obtain the lead the in marketshare on the back of expected robust demand in the commercial sector for drones and drone-related applications. Some of the market growth in commercial drones is also expected to come from the more permissive laws that are being applied across the world in countries that were once skeptical of drones in the civilian drone market.

It is further estimated that the single most important component for drones going forward will be the camera. Cameras are used by drones for video surveillance and photography/videography, and have a wide range of uses in both security, defense, and commercial environments.

drone market

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