UAS market to reach $133.5 billion by 2026, driven largely by military, study predictsNews
July 21, 2020
BANGALORE. The global unmanned aerial vehicle (UAV) market size is projected to reach $133.5 billion by 2026, up from $25.9 billion in 2019, at a combined annual growth rate (CAGR) of 26.4% during 2021 to 2026, according to a recent study by Valuates Reports, "Unmanned Aerial Vehicle Market Research Report 2020."
The rise in the procurement of military UAVs by global defense forces is one of the most significant factors projected to drive the growth of the UAV market size during the forecast period, the study authors found. Moreover, the study details the growing use of UAVs in various commercial applications -- such as tracking, surveying and mapping, precision farming, remote aerial sensing, and product distribution -- that will additionally fuel UAV market size.
North America is expected to hold the largest UAV market share, the study predicts, as the growing use of UAVs for border and maritime surveillance activities in countries such as the U.S. and Canada drive growth.
For additional information on this report visit the Valuates Reports website.