Market Forecast indicates Military UAV market to grow with CAGR of 38.7%
The global military UAV market is projected to grow to USD 13.9 billion by 2026, at a CAGR of 38.7% from 2016 to 2022. Where the MUAV/MAVs are dominant in terms of units delivered and the UCAVs in terms value.
In recent years, there has been a growing use by militaries around the world of Unmanned Aerial Vehicles, more popularly known as drones. More than 10,000 UAVs are now operated or coming into service with militaries around the world. Their increased usage has mostly been driven by the operational experience of the US and Israel, as well as recent operations in Afghanistan, Iraq and Syria for intelligence, surveillance and reconnaissance (ISR) tasks with the US leading the way in terms of spending on research, procurement and support. Other countries are gaining and developing their own platforms in part to enhance their military intelligence capabilities, or as some exercise in national prestige to develop their own defense and aerospace industries.
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Global Solar-powered UAV Market 2016-2020
Source : Market Forecast