The Drone industry is expeditionary growing in the past few years because of its endless applications and it changed human lives for the better. Therefore I think, it’s safe to say drones are not only the present they are the future.
In 2022, the global drone market is worth an estimated US$30.6 billion and the Drone Industry analytics and insights predict that it would reach $43.1 billion by 2024. Just as the growth and applications of the internet and GPS, Drones are also beyond the early dedicated purposes and are heavily used in different industries and applications. Because of that this Drone Industry is generating more golden opportunities for society. So in this article, we would talk about 10 facts about the Drone Industry opportunities that you should know.
1. The Drone industry is expected to reach $43 billion by 2024.
In the past few years, Drones were able to get drastic and impressive improvements and growth because of Technological developments such as artificial intelligence (AI). Because of the quality of those improvements and capabilities. Because of those technical improvements, capabilities, and low cost, drones were considered and tested in different industries and applications.
At present, Drones have revolutionized emergency services, construction services, survey/ mapping services, aerial photography and videography industry, and even the taxi industry. Because of the less manpower requirement and reduced cost, businesses are so interested and investing highly in the drone industry. Not only businesses but also day-to-day users such as photographers, surveyors, farmers, engineers, etc are also interested in the drone industry for their applications.
Because of that, the consumer market for drones is huge and still growing every day. In 2022, the drone market is worth an estimated US$30.6 billion, and insights projects it would reach $43.1 billion as production costs decrease and the technology behind drones advances.
2. Drone pilots make a fortune by being a drone pilot.
Most drone pilots work as freelance contractors for companies and small businesses. Sometimes, drone pilots have built their own service companies. Most of the time, drone pilots supply their services to companies and small businesses by,
- Capturing aerial cinematic shots for advertisements.
- Capturing aerial footage.
- Constructing Orthomosaic maps and photogrammetry.
- Aerial photography and videography.
- Inspections.
Usually, US drone pilots make $50,000 a year and it can vary on the application and industry they are on. Here are some estimated drone pilots’ salaries per year in different industries.
- Mapping and Surveying: $88,000
- Construction: $79,000
- Real Estate: $77,000
- Film and Videography: $69,000
3. Investment remains high.
Because many investors are interested, trust, and see the endless potential in the drone industry, investment remains high. Since 2012, investments totaled close to $3 billion dollars they are focused on decreasing prices and optimizing of drone components (e.g: sensors, batteries).
As I mentioned before, because of the massive commercial market potential and the technological developments in artificial intelligence (AI), this industry has endless potential and investors are willing to pour in endless cash.
4. The majority of investments funded startups are concentrated in China, Israel, and the US
The majority of investments funded startups are concentrated in China, Israel, and the US and interestingly, each of them has a different focus within the market.
- China has dominated the consumer market and hardware solutions with Da-Jiang Innovations (DJI)
- US companies focus on developing specific commercial hardware solutions or end-to-end software for commercial applications. Therefore the race for advanced commercial solution development has been led by US companies and startups.
5. Rapidly expanding market
Since drones were created, it was evolved to more commercial and civil uses such as business, security surveillance, and monitoring. Literally, almost every industry has room for this technology. From real estate, construction, mining, public safety insurance, journalism, agriculture, transportation, energy, telecommunication, education, and the list still goes on. As this technology keeps improving and entering different areas of different industries, the drone market expands rapidly.
6. No need a university degree to take advantage.
Even though now there are many universities offering bachelor’s degrees in the US, there is no need for a university degree to become a drone pilot. If you want to be a professional pilot, there are certificate programs available for a shorter period that prepare you for the drone pilot market. Most of the time, it requires experience and knowledge same as the certificate to handle the drone in different situations and get the job done (aerial photography and videography, inspections). Sometimes, basic drone pilot training is enough for some drone applications such as drone mapping because almost every drone movement is automated and managed by software.
7. Businesses and civil government are highly interested.
As Goldman Sachs estimates, over $13 billion would be spent by civil government and businesses between 2016 and 2020 to put drones in the skies. Not surprising because of the endless applications and low cost.
For example, an oil and gas company would usually hire a $ 2,500-an-hour helicopter crew for the job when they are about to conduct its required monthly pipeline inspection. But right now, they can perform pipeline inspection cheaper faster, and more efficiently.
8. Huge opportunity in repairs and training drones
As the Drone industry has a huge consumer market, many people are looking forward to learning flying drones and getting licenses (SPL, PPL, CPL). As those require knowledge and skills and some supervision there is a huge opportunity and demand for experienced drone instructors, drone schools, and training programs.
As drones usually could get damaged or require some upgrades and replacements, there’s also an opportunity for drone repair and customization. If you are mechanically inclined with knowledge of electronics drones, sales repair and customization could be a lucrative business for you in addition.
9. Huge opportunity in filming and photography.
In the early days, getting aerial photography and videography was so expensive because they usually, required helicopters and pilots. But now anyone can capture cinematic aerial shots using drones comparably far less cost. Also now we see more and more sweeping aerial shots in movies, TV shows, and documentaries.
The present aerial photography and videography industry is completely led by drones and some people are passionate about it. As now it’s a very demanding industry, drone photographers and videographers are able to make a fortune from that. Also, it’s worth mentioning that Drone was the first tool that made it possible to access aerial photography and videography for any user.
10. Drone in education
As I mentioned before, drones have dominated many industries and sectors. It also has become an educational tool in the classroom. Across the u.s. drones are being used in the classroom from elementary to middle to high schools as well as in community and four-year degree colleges working with drones.
As the drone is an exciting electronic with physics, mathematics, electronics, and programming, it’s a huge opportunity for teachers to wake the interest of the students in those subjects rather than doing traditional work.