UAS for military use will reach $34.34 billion by 2031, report predictsNews
August 17, 2022
PORTLAND, Ore. The global market for unmanned aerial systems (UASs) used for military purposes, which generated $11.60 billion in 2021, is expected to total $34.34 billion by 2031, experiencing a combined annual growth rate (CAGR) of 11.7% during that period, according to a new market study from Allied Market Research.
The study authors found that key to growth in the military UAS market in the next decade will be an upsurge in countries' military spending, additional demand for improved surveillance solutions, and across-the-board modernization of defense capabilities. The study also reveals that a major factor that could hamper growth in some areas is the high cost of military UAS equipment.
Based on application, the intelligence, surveillance, reconnaissance, and target-acquisition segment contributed to the largest military UAS market share in 2021, accounting for more than two-fifths of the global market, and the study found that this segment will continue to maintain its topmost market share to 2031. The study authors also predict that the delivery and transportation segment is estimated to grow at the highest CAGR of 13.3% during the study period.
For additional information visit the Allied Market Research website.