FAA Sees Massive Growth in the Consumer Drone Market

We know there’s a ton of movement in terms of regulating drones.

But that’s because there’s a ton of consumer drone growth, and it isn’t going to slow down anytime soon according to the FAA.

In fact, the domestic drone market in the United States could triple in size from current levels by 2023.

The reason why this is big news is that the FAA has always been bullish on domestic drone sales growth, but they apparently underestimated consumer enthusiasm for unmanned aerial vehicles…by a lot.

A report from the FAA reads in part, “A comparison of last year’s data with this year’s (2018) shows that the annual growth rate to be around 13 percent,' reads the report. ‘This continues to be substantial growth as anticipated from the introduction of drones as a recreation activity facilitated by falling equipment prices and improved technology, such as built-in cameras and relatively easy maneuvering.”

One huge upside to all this growth is that both drone production and ancillary services will create a ton of new jobs out there.

According to DPReview the market is posting an average growth rate of 24.7%.

This growth won’t continue for forever, however, and the FAA does see it leveling off as the market approaches 2030 and beyond. The slowdown will likely be due to market saturation and a leveling off in general demand due to loss of novelty.

One way that the FAA is monitoring the growth of drones is through their online registration system implemented in December 2015.

In fact, according to DPReview, “estimates 1.25 million drones are currently in use across the U.S. with growth projected to reach 1.4 million by 2023. Monthly owner registration for model aircraft averaged around 8,000 – 9,000 per month from January – December, 2018. The overall pace of registration has decreased to about half compared to the same period the year before.”

[DPReview]