LONDON--(BUSINESS WIRE)--The market in Europe for drone-related equipment, software and services will grow from €197 million in 2017 to €3.9 billion in 2037. This is according to a new market size and forecast model from independent research firm Verdantix. The assessment considers spending on drones across eleven usage scenarios relevant to commercial and industrial firms as well as civil government such as police, fire services and coastguards. The 2017 market size is based on a detailed analysis of the revenues of drones equipment vendors and solution providers.
“Our bottom-up drones market forecast covers a twenty-year time period and finds that the compound annual growth rate will be 16%” commented Verdantix Principal Analyst, Malavika Tohani. “We forecast that the 2018 to 2022 period will see annualized growth of 33%, followed by 18% up to 2027. This means that players in the European drones market need to establish their position immediately to benefit from the first phase of rapid expansion.”
Key findings of the Verdantix report, “Drones Market Size & Forecast 2017-2037 (Europe)” available for individual sale online include:
- European drones market worth €197 million in 2017 with site and volumetric surveys and vertical infrastructure inspections accounting for almost half of all spend
- France, Germany and the UK represent 57% of the 2017 drones market due to their economic size, legal frameworks and rapid technology adoption
- Drone equipment accounts for €108 million of spend in 2017 which is 55% of total spending
- Spending on drones in the European market will reach €1 billion in 2023, €2 billion in 2027 and €3 billion in 2033
- By 2037, environmental mapping, monitoring and impact assessment will be the largest usage scenario accounting for €1.7 billion of spend
- Spending on software for drone management and data analysis will increase from €35 million in 2017 to €1.5 billion in 2037 at a 21% CAGR
“There is no doubt that the versatility and cost effectiveness of drones will create an entirely new market” commented Verdantix CEO, David Metcalfe. “However, drones providers and investors need to be realistic about the current market size and future prospects given regulatory constraints. Drone providers like Aerialtronics, Aibotix, Airbot, Airware, CyberHawk, Delair-Tech, Drone Volt, Flyability, Microdrones, Parrot, Sky-Futures and Unifly are well-positioned to benefit from anticipated annual growth in demand of 33% over the next five years.”
To learn more about the drones market opportunity register to attend the complimentary Verdantix webinar ‘Drones: Forecasting The Commercial & Industrial Market Opportunity in Europe’ taking place on November 16th.