The report ‘Global UAV Market 2022-2026’ lists the opportunities and challenges lying ahead for this sector
A recent report released by Technavio expects the global Unmanned Aerial Vehicle (UAV) market to grow by $32.41 billion at a CAGR of 18.41% during the forecast period 2021-2026. The latest market research report titled ‘Global UAV Market 2022-2026’ lists the following factors for the estimated growth in the UAV sector:
- A growing global inclination toward unmanned technologies in the defence sector
- Cheaper alternative to fighter jets
- Entry of miniaturized EO/IR systems into the market
In the upcoming years, the development of alternate propulsion technologies for UAVs is a major driving force for the UAV market growth, says the report.
Given the nascent size of the sector, market vendors will have to face the ‘non-uniformity’ challenge of laws and regulations, in addition to some serious constraints like low endurance and SWAP and bandwidth challenges.
The study says that a sharp focus on the growth prospects in the fast-growing segments will bear fruits for market participants. However, slow-growing segments also require proper attention to flourish in the coming times.