Mary-Louise Hoffman
A Grand View Research report predicts the use of unmanned aerial vehicles for law enforcement and agricultural activities will put the commercial UAV industry on track to hit $2.07 billion in value by 2022.
The research firm said Thursday it found that drone applications in the government sector accounted for more than 40 percent of the market’s overall revenue last year.
Public sector organizations have deployed UAVs to perform search-and-rescue, mapping and scientific research missions, the report states.
The report also showed that rotary-wing drones accounted for more than 75 percent of market share during 2014 and North America contributed to more than 55 percent of the industry’s global revenue last year.
Europe and Asia Pacific are forecast to see an increase in demand for commercial drones through 2022.
Grand View Research identified BAE Systems, Boeing, Elbit Systems, General Atomics, Lockheed Martin, Northrop Grumman, Textron and AeroVironment as among the key commercial UAV builders.
