Revenues of the global military unmanned aerial vehicles market are projected to grow from $3.87 billion last year to $5.26 billion by 2022, according to a report by Frost & Sullivan.
The market analyst said Wednesday that long-endurance UAV systems and advanced propulsion technologies could shape the market’s future growth.
Frost & Sullivan predicts the sector would see a slight decline in revenues in the medium term due to defense cuts in the U.S., but the decrease would be partially offset by the growing UAV adoption in Asia Pacific and Europe.
“The successful deployment of unmanned systems in Iraq and Afghanistan has generated global awareness on UAVs, triggering investments in R&D, and in turn, widening the spectrum of UAV applications,” said Aman Pannu, aerospace and defense principal consultant at Frost & Sullivan.
Pannu believes that offering UAV equipment rental and leasing services could help manufacturers boost their revenues.
The market analysis covers military drones with a maximum takeoff weight of more than 25 kilograms.