With all the new technology developing around drones, it shouldn’t be surprising that they’re becoming a juggernaut industry all their own. Drones are changing everything from warehouse management to aviation security. They’re even carving a niche in the hobbyist market.
However, we haven’t seen exactly how big the drone industry could become in 2022 until recently. Data titan Research and Markets, which bills itself as “the world’s largest market research store,” released its projections for how much money might be in the UAV market in 2022. And it’s big news.
Drone News: Global UAV Market Could Reach More Than $58 Billion in 2026
According to Research and Markets’ report, which they released on January 18, 2022, the global UAV market could fly as high as $58 billion by 2026. To put that in perspective, some experts expect the global firearm and ammo market is aiming for just under $10 billion by that time.
The global drone industry’s value has nearly doubled since 2020 estimates. That year, experts valued the worldwide UAV market at $27.2 billion. That’s a compound annual growth rate (CAGR) of 13.9% over the analysis period, in comparison to 6.15 percent for firearms.
What’s Driving the Growth in the Global UAV Market?
Research and Markets’ report appears to indicate that the growing use of drones in non-military applications has significantly impacted their market cap. Particularly, the report notes their growing use by law enforcement agencies worldwide.
If you thought the US had the global UAV market cornered, you’d be wrong. The US only accounts for about $9.2 billion of the global UAV market share. In contrast, China clocked in at around $11 billion. That’s probably not much of a surprise, considering China has emerged as a global manufacturer for drones and drone parts, according to the report.
One thing appears clear: the global UAV market is red-hot right now and showing no signs of slowing down anytime soon.
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