Overview and Scope
Military drone refers to unmanned aerial vehicles that are specifically used for military purposes such as border surveillance, battle damage management, combat operations, communication, delivery, and anti-terrorism weaponry.
Sizing and Forecast
The military drones market size has grown strongly in recent years. It will grow from $15.8 billion in 2023 to $17.22 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to increasing military expenditure, increasing the use of military drones, increasing government funding for military drones and low interest rates.
The military drones market size is expected to see strong growth in the next few years. It will grow to $22.03 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to an increase in government funds and increasing internal and external security threats. Major trends in the forecast period include strategic mergers and acquisitions, focus on use of 3d printing, use of the internet of things (iot), focus on implementing autonomous systems and focusing on implementing emerging technologies such as artificial intelligence (ai).
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Segmentation & Regional Insights
The military drones market covered in this report is segmented –
1) By Drone Type: MALE, HALE, TUAV, UCAV, SUAV
2) By Technology: Remotely Operated, Semi-Autonomous, Autonomous
3) By Type: Fixed-Wing, Rotary Wing, Hybrid
4) By Application: Search And Rescue, National Defense, Military Exercises, Other Applications
Asia-Pacific was the largest region in military drones market in 2023. Western Europe is expected to be the fastest-growing region in the global military drones market share during the forecast period. The regions covered in the military drones market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
Increasing government funding for military drones to enhance efficiency in military operations boosts the demand for the production of military drones. For instance, in May 2021, according to an article published by the National Defense Industrial Association, a US-based trade association for the United States’ government and defense industry, in fiscal year 2021, the US Defense Department allotted $7.5 billion for a range of robotic platforms and associated technologies. For the purchase of unmanned systems, the Navy and Air Force each received about $1.1 billion, the Army received $885 million, the Marine Corps $70 million, and SOCOM $90 million. Hence, the increasing government spending on unmanned drones is driving the military drone market demand.
Key Industry Players
Major companies operating in the military drones market report are Lockheed Martin Corporation, Northrop Grumman Corp, Thales Group, The Boeing Company, Raytheon Technologies, General Atomics Aeronautical Systems, Inc, Aerovironment, Inc, Elbit Systems Ltd, Israel Aerospace Industries Ltd, Textron Inc, Central Aircraft Manufacturing Company, ChemChina, China Academy of Launch Vehicle Technology, China Communications Construction Company, China Electronics Corporation, China National Chemical Engineering, Babcock International, BAE Systems, BMARC, BMT Group, British Aerospace, Państwowe Wytwórnie Uzbrojenia, Państwowe Zakłady Inżynierii, Polish Armaments Group, Polish Navy Shipyard, Gyrofly Innovations, Drone Livre, Santos Lab, Alexandria Shipyard, Arab American Vehicles, Arab Organization for Industrialization
The military drones market report table of contents includes:
1. Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
…………
- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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