Military cargo drones driving demand in global UAV market: reportNews
November 17, 2022
DUBLIN, Ireland. The use of uncrewed aerial vehicles (UAVs) for cargo delivery in military operations presents opportunities in the global UAV market, a new report states.
The report, from Research and Markets, predicts that the global UAV market will grow from $26.2 billion in 2022 to $38.3 billion by 2027 for a compound annual growth rate (CAGR) of 7.9%.
In addition to growing usage of cargo UAVs, the report states that "rising procurement of small drones for military applications like ISR [will] drive the small drone market growth during the forecast period."
The report further claims that the North American market accounts for 47% of the total market for UAVs.
"With the increased use of UAVs in commercial and military applications, their procurement is expected to contribute to the growth of the market in this region," the report states. "The US and Canada are increasingly investing in the development of drones owing to their surging demand. The use of UAVs for security applications is also projected to grow in the US from 2022 to 2027, owing to the ongoing counter-terrorism operations being carried out by the country worldwide."