Global UAV market to be worth $102 billion by 2030: reportNews
August 15, 2022
NEW YORK, New York. A new report predicts that the global UAV market will achieve revenue of $102.5 billion by 2030, for a compound annual growth rate (CAGR) of 19.6% over the period of 2022 to 2030.
The report, from Research Dive, states that both commercial and non-commercial demand is driving the market, with fixed-wing drones dominating the market at $72 billion by 2030.
While commercial use of UAVs is growing, the military and defense sub-segment of the market is the dominant user, making up $65 billion of projected market share by 2030.
"UAV drones are used in military and defense operations for performing various roles across the borders, which is anticipated to push the growth rate of this sub-segment higher," the report states.
North America projects to be the biggest player in the market, with an expected CAGR of 16.8%, according to the report.
"The presence of large drone manufacturing industries in this part of the world along with the massive technological developments that are taking place in the countries of this region is estimated to help the market grow substantially in this region," the report adds.