Will Drones Help Save The Global Economy?
Drones have been making their way into business for some time. With autonomous applications being the wave of the future, it’s no surprise that drones have become central to the operations of various markets. According to Business Insider, “drones have already broken through rigid traditional barriers in industries which otherwise seemed impenetrable by similar technological innovations.” However, can drone technology help overcome supply chain obstacles we are continually faced with?
Drone Technology
The outlook for commercial drones in 2022 is spectacular. Delivery service is even getting into the air with DroneUp after partnering with Walmart. The delivery service is available for packages up to 10 pounds for quick, safe delivery from a friendly neighborhood drone. Overcoming delivery obstacles is just one of the many issues we face with the current supply chain management. On a local level, this might just be one of the best ways to use drone technology to advance out of delivery issues.
Forbes explains how drone technology will help out in the boardroom and battlefield: “First, reduction in cost due to the miniaturization of hardware components and advancements in capability. Second, autonomous flight modes reduce risk and require very little pilot experience. Third, data analysis and output modes that provide ease of real-time imagery analysis.” So, what does drone technology look like in the future?
Drone Tech Industry Revenues
Drone tech industry revenue will reach $15 billion by the end of 2022–up from just $1.3 billion in 2016. This includes revenues from hardware, software/analytics and drone services. The rapidly increasing rates, that will turn into a vast number of commercial applications, will cause a six-fold increase in drone shipments. Drone shipments will surpass the 620,000 units shipped in 2022. However, the trend of using drone service providers rather than purchasing hardware will be the only way to temper this growth.
Supply and Demand in the Drone Tech Industry
Demand in the drone tech industry will be dominated by the USA and China. In 2022, drone tech will also account for more than 50 percent of the industry revenue. The US accounted for nearly one-third of industry revenues in 2016 and is predicted to remain the largest end market for commercial UAVs up to the end of 2022.
This technology sector has very favorable conditions for growth due to recently relaxed and transparent regulations from the FAA and the large size of the end market opportunities in almost every vertical. China will also increase its share of the global market over the next five years. It shows massive potential for UAVs in agriculture, police and fire, and infrastructure verticals. While this model does not include the military, industrial, robotic or aviation drone market, predictions could be as much as three to five times the size of the commercial market by 2030.
Drone technology is a rapidly growing market with dense computational density requirements. You’ll see more drones entering search and rescue operations. Drone tech is making its way into corporate America because it’s no different from searching for new hardware solutions. According to Forbes, “Drones are no longer the new kid on the block; they are mature, unmanned partners in efficient and affordable strategic success plans. UASs are widely recognized as an efficient and affordable business management tool with demonstrated success in performing a diverse range of functionalities.”
PCX is here to help you overcome supply chain obstacles with the most extensive electronics inventory on the market.