ROCKVILLE, MD – The drone industry is predicted to develop at a CAGR of 25% between 2022 and 2032, reaching $279 billion, according to Fact.MR.

Drone technology aimed at supplying precision-based guided weapons is causing important advancements in the defense sector and is likely to be the backbone of global market growth, the research firm says.

From 2017 to 2021, the industry experienced a CAGR of 23.5%. During the Covid-19 pandemic, prospects dimmed across certain sectors, including manufacturing and hospitality, while deployment for general surveillance purposes, especially to check whether individuals adhered to lockdown norms, increased dramatically.

The fatal mix of stealth capabilities and enhanced video imagery is providing developed-country militaries with drones capable of wreaking considerable harm on enemy territory, the firm says. Emerging nations and war-torn areas, such as Syria, are innovating and employing cost-cutting techniques, such as the employment of cheap commercial quadcopters outfitted with improvised and low-intensity explosives in their military operations.

By product, military drones will accumulate 55% market revenue in 2022; The US will account for nearly two out of five drone sales in 2022 and beyond; China will emerge as the most opportunistic market, capturing a revenue share of 45%; the global drone market is expected to be valued at $30 billion by the end of the year.