Jay Clemens
Research and Markets has released a new report that projects the unmanned aerial vehicle market to reach $10.57 billion in value by 2020.
The growth represents a 7.73 percent from the $6.76 billion value recorded in 2014, Research and Markets said Friday.
North America represented 69 percent of the global UAV market in 2014 and production and demand of this system in the U.S. and Canada could influence the UAV market share of these countries over the next six years.
Declining defense budgets in the North American and European countries could impede the growth of the UAV market, the report says.
Research and Markets says the Asia-Pacific region accounts for the second highest share in the UAV market and the U.K., Russia, Germany and France are potential growth markets in the European region.
