The global small UAV market will reach $582 million by 2019, according to a forecast by research firm MarketsandMarkets. This represents a compound annual growth rate of 21.7 percent from 2014.
Despite defense budget cuts in the U.S. and other nations, the small UAV market will continue to boom in both the military and civilian spheres, the report predicted. "India, South Korea, China, Germany, France and Australia are the new growth regions, due to their developments in the mini and micro UAV segments," said the study. Major players will continue to be firms such as AeroVironment, SAAB, Israel Aerospace Industries, and Thales Group.
The study examined the market by various trends, including growing use of mini-, micro-, and hand-held UAVs. It also broke the market down by propulsion, including hydrogen, electric, solar and lithium ion systems.