The small unmanned aerial vehicle market is projected to grow by the end of 2019 at a 22 percent compound annual growth rate to a total market value of $582.2 million, according to a recent MarketsandMarkets report.
The six-year global forecast on the small and man-portable UAV market classifies the technology based on trends, propulsion, payload, application, region and country.
By analyzing the historic and forecast industry values, contributing factors to demand, industry challenges and competition, MarketsandMarkets said it sees continued growth due to increasing civil and military UAV applications.
“Despite (budget cuts), the UAV market is booming and lot of money is spent on the research and development of small UAVs,” the market research firm said.
It named Australia, China, France, Germany, India and South Korea as growth regions because of their mini and micro UAV market segments.