Global UAV market to reach $51.85 billion by 2025, analysts say
NEW YORK. The global market for unmanned aerial vehicles (UAVs) is expected to grow to $51.85 billion by 2025, up from $11.45 billion in 2016, according to a study by The Insight Partners titled "Unmanned Aerial Vehicle (UAV) Market to 2025 -- Global Analysis and Forecasts by Component by Type and Application."
The study finds that in 2017, the UAV industry experienced significant growth in vehicle sales as well as a marked increase in software licenses, a situation that has led to aggressive competition in the market, company layoffs, low barriers to entry, and reorganizations/consolidations.
The study predicts slower growth for the global UAV market in the near future, with the analysts stating that the absence of defined legal regulations will be the major restraining factor regarding the growth of the UAV market during the forecast period.
However, the analysis predicts that market growth will occur, due to factors such as the increasing military budgets of a number of countries and the expanded use of UAVs in the commercial sector.
For additional information on the UAV market study visit the Research and Markets website.