Drone technology aimed at supplying precision-based, guided weapons is causing important advancements in the defense sector, and is likely to be the backbone of global market growth. According to Fact.MR’s latest analysis, the drone industry is predicted to develop at a CAGR of 25% between 2022 and 2032, anticipated to reach USD 279 billion.
From 2017 to 2021, the industry experienced an impressive incline at a CAGR of 23.5%. During the Covid-19 pandemic, prospects dimmed across certain sectors, including manufacturing and hospitality, while deployment for general surveillance purposes, especially to check whether individuals adhered to lockdown norms, increased dramatically.
The fatal mix of stealth capabilities and enhanced video imagery is providing developed-country militaries with drones capable of wreaking considerable harm on enemy territory. Emerging nations and war-torn areas, such as Syria, are innovating and employing cost-cutting techniques, such as the employment of cheap, commercial quadcopters outfitted with improvised and low-intensity explosives in their military operations.
The market study suggests that:
- By product, military drones to accumulate 55% market revenue in 2022
- Construction industry to emerge as an opportunistic application sector, expanding at an 18% CAGR
- U.S to account for nearly 2 out of 5 drone sales in 2022 and beyond
- China to emerge as the most opportunistic market, capturing a revenue share of 45%
- Global drone market is expected to be valued at US$ 30 Bn by the end of 2022
“Increasing global uncertainty resulting out of an international arms race is prompting nations to strengthen existing military capabilities to ensure national security, providing immense scope for the drones market”, says a Fact.MR analyst