The global military drone market size is projected to reach USD 23.78 billion by 2027, exhibiting a CAGR of 12.12% during the forecast period. Expanding military spending in major world economies will be a critical growth determinant for this market, finds Fortune Business Insights™ in its report, titled “Military Drone Market Size, Share & COVID-19 Impact Analysis, By Product Type (Fixed Wing, Hybrid and Rotary Wing), By Range (Visual Line Of Sight (VLOS), Extended Visual Line Of Sight (EVLOS), and Beyond Line Of Sight (BLOS)), By Technology (Remotely Operated Drones, Semi-Autonomous Drones, and Autonomous Drones), By Application (Intelligence, Surveillance Reconnaissance and Targeting(ISRT), Combat Operations, Battle Damage Management, Logistics & Transportation and Others), and Regional Forecast, 2020-2027”. Recent estimates released by the Stockholm International Peace Research Institute (SIPRI) show that the total global military expenditure rose by 3.6% from 2018 levels, reaching USD 1,917 billion in 2019. The biggest spenders were the US, China, India, Russia, and Saudi Arabia, who together accounted for 62% of this staggering rise. The demand for unmanned aerial vehicles (UAVs) is expected to skyrocket in view of the increased military spending as countries are aggressively strengthening their defense arsenal to deter hostile parties and effectively raise the safety and security of their borders and their citizens.
The COVID-19 pandemic outbreak has generated unparalleled uncertainty across the global economic spectrum. Many businesses are struggling to cope with rapidly changing circumstances. Governments are modifying, altering, and developing new policies and measures to navigate their countries out of these challenging times. We, at Fortune Business Insights™, are also taking solid efforts to generate intelligent analysis on different markets and providing a detailed assessment of the impact of this pandemic on your business.
Get Sample PDF Brochure (Includes COVID-19 Impact Analysis):
List of Top 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)
The report states that the global market value stood at USD 10.53 billion in 2019 and provides the following:
- Quantitative and qualitative analysis of the key drivers and restraints shaping the market growth;
- Actionable insights into regional developments and their impact on the market;
- The detailed evaluation of the various market segments; and
- Careful examination of the prominent players and their dominant strategies.
Promising Advancements in Autonomous UAVs to Boost Growth
The introduction of 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 the market for the military drones.
Massive Investments in Drone Technology to Drive Market Growth in North America
The market size for military drones 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.
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.
Inquire Before Buying This Research Report:
KEY QUESTIONS ANSWERED:
- What is the market size and growth rate of the global and regional market by various segments?
- What is the market size and growth rate of the market for selective countries?
- Which region or sub-segment is expected to drive the market in the forecast period?
- What Factors are estimated to drive and restrain the Endoscopic Ultrasound Market growth?
- What are the key technological and market trends shaping the market?
- What are the key opportunities in the market?
- What are the key companies operating in the market?
- Which company accounted for the highest market share?
- 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 a game-changer in the drone surveillance domain.
View Related Reports:
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune – 411045, Maharashtra, India.
US :+1 424 253 0390
UK : +44 2071 939123
APAC : +91 744 740 1245
Email: [email protected]
Connect us via Social Media Channels: