The utility of the Unnamed Aerial Vehicle (UAV) is steadily well-appropriated across the world. Many countries are increasingly adopting the technology for the stakes related to security, exploration, analytics, intelligence and more.
A new study by IHS reveals that, US demand and growing global expansion will drive the market for defense and security applications to achieve a compound annual growth rate of 6.4 percent, rising from $6 billion today to more than $11 billion per year by 2025.
The same study reveals that, the US continues to drive the market through significant research and development and production sales, but there are growing opportunities from Asia/Oceania, Europe and the Middle East.
Then, overall, sales in Asia/Oceania can almost double from $8 billion in total sales between 2016 and 2020 to more than $15 billion in sales between 2021 and 2025.
IHS Jane’s expects sales to more than double in China between now and 2025 to more than $9 billion due to growing investment and overall demand.
Strong growth is also expected in India, due to its significant border requirements. India is increasing its UAV budget to more than $3.5 billion over the next 10 years.
In Europe, sales are also increasing. Europe will spend $6.9 billion on UAVs sales between 2016 and 2020.