South Korea unveils its TR-60 UAV, the world's fastest tiltrotor

This unmanned tiltrotor drone is able to take off and land vertically like a helicopter, while flying like an airplane.
Able to stay in the air for up to six hours, the TR-60 can reach speeds of up to 500 kilometers an hour, making it the fastest of its kind in the world.
Costing more than 90 million U.S. dollars, the Korea Aerospace Research Institute says it plans to complete development of the TR-60 by 2023 and begin mass production the following year.
Designed to operate in the stratosphere, the TR-60 can be used for surveillance, search and rescue, aerial reconnaissance, transportation and communication relays.

(KOREAN)
"Korea's current drone technology is said to be the seventh best in the world. But by 2023, we aim to be in the top five and climb to third or fourth by 2027."

Aerospace market analysis firm Teal Group says the global drone market was estimated at five.three billion dollars last year, but industry analysts expect it to more than double in less than a decade.
Korea's drone market is also projected to expand quickly growing more than 20 percent a year and reaching well over 500 million dollars by 2022.
But with global tech giants like Google and Facebook jumping into the market, Korea is expected to face some stiff competition in the years to come.