Global Military Drone Market Size To Grow At A CAGR Of 9.50% During 2023-2028, Aided By The Increasing Focus On Border Security
The ‘Global Military Drone Market Size, Share, Growth, Analysis, Trends, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global military drone market, assessing the market based on its segments like product, technology, range, system, application, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.
Military Drone Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): Around USD 12.99 Billion
• Forecast CAGR (2023-2028): 9.50%
• Forecast Market Size (2028): Nearly USD 22.4 Billion
Remote surveillance has become a major part of security agencies for various operations such as border security, thermographic inspection, and law enforcement, among other purposes. Due to the rising competition among manufacturers for making drones with advanced technologies, the military drone market is likely to experience exponential growth during the aforementioned period.
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One of the major driving forces of the market is the increasing military budget of various countries with an emphasis on improving border security and surveillance. Governments of various countries are increasing their spending on drones as they are much more cost-effective when compared to aircraft.
Organisations are discovering new applications for unmanned aerial vehicles, as manufacturers develop custom UAVs for specific tasks, propelling the military drone market development. One such application is the delivery of cargo through drones as they are stealthy and can stay afloat for longer periods than aircraft.
Military Drone Industry Definition and Major Segments
Military drones are unmanned aircraft that are either controlled by ‘pilots’ from the ground or are operated autonomously. They are currently the best tool that every security agency utilises to carry out surveillance, intelligence gathering, remote sensing, and combat missions, without endangering human life. These drones are increasingly being used for security purposes as they can fly for a much longer time compared to military aircraft.
The market for military drones can be categorised based on product into:
• Fixed Wing
• Rotary Wing
Based on technology, the market is bifurcated into:
• Remotely Operated Drones
• Semi-Autonomous Drones
• Autonomous Drones
Based on range, the market for military drones is segmented into:
• Visual Line of Sight (VLOS)
• Extended Visual Line of Sight (EVLOS)
• Beyond Visual Line of Sight (BVLOS)
The military drone market, based on system, can be divided into:
The market segment, based on application, include:
• Intelligence, Surveillance, Reconnaissance, and Targeting (ISRT)
• Combat Operations
• Battle Damage Management
• Logistics and Transportation
The regional markets for military drones include:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
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Military Drone Market Trends
The military drone market is anticipated to experience exponential growth with the increasing focus on implementing advanced technologies in surveillance systems such as artificial intelligence and machine learning, providing the market with increased opportunities for growth.
Companies are incorporating advanced sensors, LiDAR (light detection and ranging), infrared, and thermal imaging systems, as the demand for improved surveillance grows from customers.
There has been a growing demand for high-tech stealth drones as they are extremely efficient for conducting complex and covert operations in enemy territory. The visible stealth of drones is being improved by decreasing their dimensions and painting the body as similar as possible in colour to the sky or nearby surroundings.
Key Market Players
The major players in the global military drone market report include Saab AB, General Atomics, Lockheed Martin Corporation, Trexton Inc., Elbit Systems Ltd, Thales Group, BAE Systems Plc, Northrop Grumman Company, AeroVironment Inc., and Hindustan Aeronautics Ltd, among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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