Pune, India, May 23, 2023 (GLOBE NEWSWIRE) -- The global military drone market had a valuation of USD 10.25 billion in 2021 and is expected to expand from USD 11.73 billion in 2022 to reach USD 30.86 billion by 2029, indicating a compound annual growth rate (CAGR) of 14.82% throughout the forecast period.
The military drone market refers to the industry that deals with the production, sale, and deployment of unmanned aerial vehicles (UAVs) specifically designed for military purposes The market for military drones has experienced significant growth in recent years due to advancements in technology, increasing defense budgets of various countries, and the growing demand for unmanned systems in modern warfare. Military drones offer several advantages over manned aircraft, such as cost-effectiveness, increased endurance, and the ability to operate in hazardous or inaccessible environments.
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List of Key Companies Profiled in the Military Drone Market Report:
- Textron Systems (US)
- BAE Systems (UK)
- Thales Group (France)
- AeroVironment, Inc. (US)
- Elbit Systems Ltd. (Israel)
- General Atomics Aeronautical Systems, Inc. (US)
- SAAB Group (Sweden)
- Boeing (US)
- Lockheed Martin Corporation (US)
- Israel Aerospace Industries Ltd. (Israel)
- Northrop Grumman Corporation (US)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast CAGR | 14.82% |
| 2029 Value Projection | USD 30.86 Billion |
| Market Size in 2022 | USD 11.73 Billion |
| Historical Data | 2018-2020 |
| No. of Pages | 160 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
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| Military Drone Market Growth Drivers | Increasing Military Spending and Growing Procurement of Military Drones from Defense Forces to Boost the Market Growth |
| Rising Cross Border Conflicts in Several Countries to Fuel Market Growth |
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COVID-19 Impact:
The COVID-19 pandemic outbreak has generated unparalleled uncertainty across the global economic spectrum. Many businesses are struggling to cope with the rapidly changing circumstances. Governments are modifying, altering, and developing new policies and measures to navigate their countries out these challenging times. We, at Fortune Business Insights™, are also taking solid efforts to generate intelligent analysis on different markets and providing detailed assessment of the impact of this pandemic on your business.
Segmentation:
By Product Type
- Fixed Wing
- Hybrid
- Rotary Wing
By Technology
- Remotely Operated Drones
- Semi-Autonomous Drones
- Autonomous Drones
By Range
- Visual Line of Sight (VLOS)
- Extended Visual Line of Sight (EVLOS)
- Beyond Line Of Sight (BLOS)
By System
- Airframe
- Avionics
- Propulsion
- Electric Propulsion Engine
- Turboprop Engine
- Turboshaft Engine
By Applications
- Intelligence, Surveillance Reconnaissance and Targeting (ISRT)
- Combat Operations
- Battle Damage Management
- Logistics & Transportation
- Others
By Geography
- North America (Product Type, Technology, Range, System, Application, Country)
- Europe (Product Type, Technology, Range, System, Application, Country)
- Asia Pacific (Product Type, Technology, Range, System, Application, Country)
- Rest of World (Product Type, Technology, Range, System, Application, Country)
Market Driver
Promising Advancements in Autonomous UAVs to Boost Growth
The introduction of the artificial intelligence (AI) in UAVs has triggered an unprecedented wave of innovation in drone technology. Several companies and start-ups are actively researching and developing UAVs armed with autonomous tools powered by AI and machine learning (ML) capabilities, which is fueling the military drone market growth. For example, Lockheed Martin, the aerospace & defense behemoth, offers a drone designed for field use called ‘Desert Hawk III’ that can be operated by a single user. The drone can chart its upcoming flight path and even train the operator on how to deploy and maneuver it in the field. Similarly, another US-based defense company, AeroVironment, has a novel line-up of military drones called the Raven series, which can fly autonomously along a route using GPS coordination and computer vision. Such innovations are intensifying technology-based conflicts between countries and widening the scope of this market.
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Regional Insights
Massive Investments in Drone Technology to Drive Market Growth in North America
The market size in North America stood at USD 3.8 billion in 2019 and the region is expected to retain its dominant position throughout the forecast period. The central factor propelling the regional market growth is the large-scale investments being made by the governments and private defense companies and OEMs in the US and Canada in UAV technology.
Europe occupies a strong position in the military drone market share owing to the increasing adoption of tactical drones for conducting surveillance operations. Their demand has also spiked in recent years due to the increasing threat of terrorist attacks. In Asia Pacific, market growth will be led by the steadily rising military expenditures of India and China.
Competitive Landscape
Core Competitors to Strategically Invest to Broaden Operational Horizons
The competitive dynamics of this market are being shaped by the activities of dominant players in the defense industry such as Boeing and Textron. These players are heavily investing in R&D to diversify their offerings and expand their operations through government contracts and private partnerships.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments –Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights-Impact of COVID-19 Pandemic on Global Military Drone Market
- Impact of COVID-19 Pandemic on the Global Military Drone Market
- Steps Taken by the Industry/Companies/Government to Overcome the Impact
- Key Development in the Industry in Response to COVID-19 Impact
- Global Military Drone Market Analysis, Insights and Forecast, 2018-2029
- Segment Definitions
- Market Analysis, Insights and Forecast – By Product Type
- Fixed Wing
- Hybrid
- Rotary Wing
- Market Analysis, Insights and Forecast – By Technology
- Remotely Operated Drones
- Semi-Autonomous Drones
- Autonomous Drones
- Market Analysis, Insights and Forecast – By Range
- Visual Line of Sight (VLOS)
- Extended Visual Line Of Sight (EVLOS)
- Beyond Visual Line of Sight (BVLOS)
- Market Analysis, Insights and Forecast – By System
- Airframe
- Avionics
- Propulsion
- Electric Propulsion Engine
- Turboprop Engine
- Turboshaft Engine
- Payload
- Cameras
- CBRN Sensors
- Electronic Intelligence Payload
- Radar
- LiDAR
- Others
- Software
- Others
- Market Analysis, Insights and Forecast – By Application
- ISRT
- Combat Operations
- Battle Damage Management
- Logistics Operation
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Rest of the world
TOC Continued...!
Industry Developments:
- June 2020: The Thales Group entered into an agreement with the State of North Dakota to establish a statewide unmanned aircraft systems network to conduct beyond visual line of sight (BVLOS) operations. Thales will be coordinating with a consortium of companies based in North Dakota and facilitate systems integration as well as provide engineering services.
- February 2020: BAE Systems successfully completed the maiden test flight of the Persistent High Altitude Solar Aircraft (PHASA-35) in South Australia. Backed by Australia’s Defence Science and Technology Group and UK’s Defence Science and Technology Laboratory, the PHASA-35 has been engineered to stay airborne for up to a year and is touted to be game-changer in the drone surveillance domain.
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