This specific segment of the global drone market includes models that can be flown beyond the operator’s immediate sight — in other words, they are able to fly longer distances. The market is divided into both civil and commercial segments, as the technology has broad applications, including (but not limited to) package delivery, critical infrastructure inspection, aerial surveying and mapping, mining, construction, firefighting, and search and rescue missions.
According to a separate report from BIS Research, the Beyond Visual Line of Sight drone market generated around $19 billion of revenue in 2019. Companies that are actively innovating and growing in the market include AeroVironment, FLIR Systems, Kratos Defense & Security Solutions, and Draganfly.
Growth and Factors
The Research and Markets report projects that the BLVOS market will expand at a compound annual growth rate (CAGR) of 25.91% between 2021 and 2029. In total, the market is expected to reach a value of $34.65 billion by the end of that period, which would be an 82.4% increase.
The factors driving market growth in the immediate future include the further usage of this drone technology by the military segment, which currently has the largest market share in the autonomous BVLOS drones market, as well as the creation of new drones. “The use of autonomous BVLOS drones was mainly limited to the military in the past,” said the report. “However, presently, these drones are being vigorously adopted for commercial purposes, for aerial mapping, surveying, and inspection purposes over long distance.”
An increase in the demand for drone delivery services will also play a role in expanding the market in both the civil and commercial sectors, according to the report. Plus, the applications of the technology just keep increasing, while more and more customers search for boosted efficiency and industrial productivity. All this is driving competition and innovation in the market.
Enthusiasm for drones has been on the rise for years due to the constant revelations about their vast applications. Therefore, it’s not surprising that the market is projected to see such massive growth in the next decade. Persistent demand from major commercial and civil players is also a positive harbinger that the market will yield high revenue numbers going forward.
About the Author
Jemima is a journalist who enjoys reporting on business, particularly small business and entrepreneurship.