Global UAV market to grow to $70.28 billion by 2029 due to increase in use of BVLOS operations, study saysNews
May 30, 2019
FREMONT, Calif. According to a new study from BIS Research, the global market for unmanned aerial vehicles (UAVs) generated $25.59 billion in 2018 and is estimated to grow at a CAGR of 8.45% during the forecast period to reach $70.28 billion by 2029, driven in large part by the increased use of UAVs for beyond-visual-line-of-sight (BVLOS) operations,.
The study, titled "Global Unmanned Aerial Vehicle Market: Focus on VLOS and BVLOS UAVs using Satellite Communications -- Analysis and Forecast, 2019-2029," finds that increased use of UAVs in such sectors as military and defense, homeland security, and commercial is another major factor behind the growth of the global UAV market, with the boost in adoption rates attributed to rapid technological advancements in the field of UAVs and communication technology.
Identified as major challenges for the UAV market are stringent government regulations for UAVs and the vulnerability of satellite communication links to cyberattacks.
For additional information on the market study, please visit the website.