A new Research and Markets report predicts the worldwide market for multirotor drones will hit $2.28 billion by 2020 at a compound annual growth rate of 22.2 percent.
The report noted that the capability of drones to carry out missions in extreme conditions is one of the factors that drive market growth, the market research firm said Monday.
Airspace regulations and the lack of skilled aviators pose a challenge to the market’s growth, the analysis stated.
According to the report, global spending on multirotor drones has increased due to terrorist attacks with the U.S., Israel and Europe emerging as the main market players.
Research and Markets cited AeroVironment, 3D Robotics, Israel Aerospace Industries and DJI Innovations as some of the leading market competitors.