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Military Drone Market to Reach USD 30.86 Billion by 2029; Expanding Military Spending and Rising Military Drone Procurement by Defense Forces to Fuel Market Growth

June 27, 2022 | Aerospace & Defense

The global military drone market size is anticipated to hit USD 30.86 billion in 2029. Fortune Business InsightsTM 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 System (Airframe, Avionics, Propulsion, Payload, Software, Others), By Application (Intelligence, Surveillance Reconnaissance and Targeting (ISRT), Combat Operations, Battle Damage Management, Logistics & Transportation and Others), and Regional Forecast, 2022-2029”, observes that the market size stood at USD 10.25 billion in 2021 and USD 11.73 billion in 2022, and is expected to exhibit a CAGR of 14.82% between 2022 and 2029. The rising military drone procurement by defense forces and expanding military budgets are expected to foster the growth of the market.


The market experienced an exceedingly harmful impact of the coronavirus pandemic. The reduced purchases of defense equipment and fewer military contracts have affected the market growth. Moreover, various countries, such as Israel, India, the U.S., and France, cut their defense budgets and allocated those funds to healthcare sector. However, the cross-border disputes and terrorism grew during the pandemic, which bolstered the demand for military drone.


Northrop Grumman’s Ground Segment Modernization Program to Magnify Industry Growth


In August 2021, Northrop Grumman Corporation’s Q4 Ground Segment Modernization Program began testing to enhance situational awareness of pilot and sensor operator. The system is anticipated to complete its operation tests and evaluations by October 2022. The modernization efforts will help in enhancing overall mission capabilities due to the systems’ ability to detect and deter threats around.


Expanding Military Spending to Fuel Market Growth


The swelling defense expenditures by several countries, such as Saudi Arabia, Russia, India, and China, to purchase and upgrade their defense systems are expected to boost the global military drone market growth. In 2020, the U.K., the U.S., Russia, India, and China accounted as the top five nations with the largest defense budgets standing at USD 59.2 billion, USD 778 billion, USD 61.7 billion, USD 72.9 billion, and USD 252 billion, respectively.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/military-drone-market-102181


Key Players Adopt Ingenious Strategies to Attain Growth


The market is fragmented due to the presence of key military drone producers with robust product portfolios. Northrop Grumman Corporation, Lockheed Martin Corporation, and Thales Group are predicted to dominate the market in the coming years. Moreover, the market’s low entry barriers propose an increase in new entrants, which is likely to create a highly consolidated marketplace. Recently, General Atomics Aeronautical Systems displayed an airborne manned-unmanned teaming via a modified King Air 200 and MQ-20 Avenger in September 2021.


Notable Industry Development-



  • August 2021- Northrop Grumman’s Global Hawk has been undergoing integration and testing of the next-generation cockpit displays for enhancement of situational awareness of sensor operator and pilot as well under the Ground Segment Modernization Program.


List of Key Market Players-



  • General Atomics Aeronautical Systems Inc. (U.S.)

  • Northrop Grumman Corporation (U.S.)

  • Elbit Systems Ltd. (Israel)

  • Israel Aerospace Industries Ltd. (Israel)

  • AeroVironment Inc. (U.S.)

  • Lockheed Martin Corporation (U.S.)

  • Thales Group (France)

  • Boeing (U.S.)

  • BAE Systems (U.K.)

  • SAAB Group (Sweden)

  • Textron Systems (U.S.)


Further Report Findings-



  • North America is projected to gain the largest military drone market share. The key players present in the region, such as General Atomics Aeronautical Systems Inc., Northrop Grumman Corporation, and others, are expected to flourish the market growth. The growing technological developments due to extensive R&D activities and increasing investments are expected to fuel the region’s market growth.

  • According to the segmentation based on technology, remotely operated drones segment is expected to attain the highest growth in the global market.


Table of Segmentation-





















































  ATTRIBUTE



  DETAILS



Study Period



2018-2029



Base Year



2021



Estimated Year



2022



Forecast Period



2022-2029



Historical Period



2018-2020



Unit



Value (USD billion)



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



  • Payloads

    • Cameras

    • CBRN Sensors

    • EOIR Payload

    • Radar

    • LiDAR

    • Others



  • Software

  • Others



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)

    • U.S. (By Application)

    • Canada (By Application)



  • Europe (Product Type, Technology, Range, System, Application, Country)

    • U.K. (By Application)

    • Germany (By Application)

    • France (By Application)

    • Italy (By Application)

    • Spain (By Application)

    • Russia (By Application)

    • Rest of Europe (By Application)



  • Asia Pacific (Product Type, Technology, Range, System, Application, Country)

    • Japan (By Application)

    • China (By Application)

    • India (By Application)

    • Australia (By Application)

    • Southeast Asia (By Application)

    • Rest of Asia Pacific (By Application)



  • Rest of World (Product Type, Technology, Range, System, Application, Country)

    • Latin America (By Application)

    • Middle East & Africa (By Application)




Military Drone Market
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