Chinese drone maker DJI is dominating the market – despite being blacklisted by the U.S.
Drones of several varieties have been used on the battlefield during Russia's invasion of Ukraine, including makes from DJI.
The global drone market is expected to grow from $30.6 billion in 2022 to $55.8 billion by 2030, according to a report by Drone Industry Insights. DJI dominates more than 70% of that market.
DJI's first commercially successful product was the Phantom drone, which DJI founder Frank Wang claims made DJI the first company to bring "military-grade technology" to the public.
"The unfortunate thing is that (DJI drones are) very reliable. So, it's become a product of choice, even for those who want to use a drone inappropriately," Adam Welsh, DJI's Head of Global Policy, told CNBC.
A recent controversy around DJI products being used for warfare isn't the only problem the company has faced.
In December 2021, the Shenzhen-based drone maker was placed on an investment blacklist by the U.S. government, banning American investors from buying or selling shares in the company.
That move is largely symbolic, however, since DJI is a private company.
Watch the video above to understand why the Chinese drone maker is dominating the market – despite being blacklisted by the U.S.