Jane Edwards
A new Radiant Insights report predicts the worldwide market for commercial unmanned aircraft systems to be worth $4.8 billion by 2021, a compound annual growth rate of 21.5 percent from 2014 figures.
The market research firm said Friday demand for UAS’ navigation and visualization functions will drive growth in the commercial drone market over the next six years.
The report forecasts that drones used for agriculture, power line inspection, oil and gas mapping and package delivery operations would represent majority of sales by 2021.
Radiant Insights expects drones that logged millions of flight hours during combat situations and other military operations to boost market growth.
The report also listed Lockheed Martin, Boeing subsidiary Insitu, Northrop Grumman, Draganflyer, Textron and AeroVironment as among the market’s key players.
