Drone flight management market to grow by $15 billion by 2026: report
NewsOctober 05, 2022
NEW YORK, New York. A new report predicts that the drone flight management system market will grow by $15 billion between 2021 and 2026 for a compound annual growth rate (CAGR) of 29.92%.
An increase in legal acceptance of drone operations in commercial applications is driving much of the growht, while low battery life and low drone capacity are key inhibitors to growth potential, the report states.
Some of the main players in the market who are also significant defense contractors include AeroVironment, Elbit Systems, Northrop Grumman, Teledyne Technologies, Thales Group, and Boeing.
During the forecast period, 43% of the market growth will come from the Asia-Pacific region, according to the report.
"The availability of drones at a considerably lower cost, the lack of availability of labor, and the increase in technological adoption across industries are driving the growth of the regional market," the report states.
