The global unmanned aerial vehicles sector will achieve compound annual growth of approximately 11% over the next five years, it has been claimed.
A comprehensive research report from Market Research Future, which was created with inputs from industry experts and companies, predicts that the market is on course for double-digit growth between now and 2021.
The expansion will be driven by significant demand and procurement of UAVs in civil and commercial applications, with analysts noting the cost-effectiveness of acquiring and operating drones in comparison to manned aircrafts and helicopters.
While the market research found that a growing list of commercial applications and financial factors is driving the UAV sector, it also highlighted that low endurance and stringent regulation of unmanned systems have the potential to stunt the overall growth.
The report, which looked at the global landscape of UAVs, found that the EMEA and Asia Pacific markets are benefiting from growing defence spending in response to counter national security threats, but collectively they account for less than half the market.
The US, at 56%, still accounts for the majority of drone spending worldwide.