UAV market to surge almost 50% in coming years: reportNews
October 14, 2022
CHICAGO, Illinois. The worldwide market for unmanned aerial vehicles (UAVs) will grow from $26.2 billion in 2022 to $38.3 billion by 2027 for a compound annual growth rate (CAGR) of 7.9%, a new report predicts.
The report, from Markets and Markets, states that increasing adoption of unmanned aircraft in commercial applications as well as increasing procurement of UAVs by military forces worldwide is driving the growth.
"Rising demand for military C4ISR [command, control, communications, computers, intelligence, surveillance and reconnaissance ISR] capabilities is driving the demand for UAVs," the report continues. "C4ISR powered by AI uses machine learning to identify and classify tanks and other vehicles, improves image feeds, and also provides driving assistance by giving early warning on obstacles and changing ground conditions. Governments are also quickly adopting these technologies to improve their defense arsenal."
China is a growing driver of the market, the report states, noting that it is one of the prime manufacturers of drones globally.
"China focuses on the procurement of tactical UAVs owing to their increased applications in the civil and defense sectors," it states. "UAV manufacturers in the country have witnessed an increased demand from various countries of Asia Pacific, Africa, and the Middle East. This is positively affecting the growth of the UAV market in China."