FAA: the global commercial drone market is expected to triple in size by 2023

The report covers a wide range of perspectives in the aviation sector, including the us domestic and international aviation markets, cargo air traffic, space transportation and unmanned aerial vehicles.

As of December 31, more than 900,000 holders of model drones, which are mostly non-commercial equipment, had registered for the system since the FAA put it online in 2015, the FAA said.They estimate that there are about 1.25 million drones in use (no registration is required for personal model drones).It also forecasts a slowdown over the next five years as prices stabilise.

The report also looks at the development of so-called non-model drones (commercially focused devices) - each of which must be registered.For this category, nearly 15,000 drones are being registered each month, almost three times as fast as owners of non-model aircraft registered their drones at this time last year.More than 27,000 non-model drones had been registered by the end of 2018, the FAA said.

While the market for drone models appears to be slowing, the market for commercial drones is accelerating, and the FAA expects that growth to continue.It also forecasts that the market will triple in size by 2023, with 823,000 drones expected by then.The report also suggests that by later this year (or early next year), the number of commercial drones will exceed the government's forecast for 2022.

And with that growth, there will be new USES for drones.Companies such as amazon, Google, walmart and even 7-eleven have considered or are already experimenting with drone delivery, and a Baltimore hospital last month used drones to deliver organs to patients.As drones become more efficient and secure in operation, with longer battery life and continued integration, new business models will emerge, the report Outlines.