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The global military drone market size stood at USD 12.55 billion in 2022. The market value is slated to rise from USD 14.14 billion in 2023 to USD 35.60 billion by 2030 at a CAGR of 14.10% during 2023-2030. The industry expansion is propelled by the rising investment in autonomous and artificial intelligence-based systems for the modernization of military drone technologies.
Fortune Business Insights™ presents this information in its report titled “Military Drone Market Size, Share & Russia-Ukraine War 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, and Others), By Application (Intelligence, Surveillance Reconnaissance and Targeting (ISRT), Combat Operations, Battle Damage Management, Logistics & Transportation, and Others), and Regional Forecast, 2023-2030”.
High Product Adoption in the Russia-Ukraine War Impelled Industry Expansion
The Russia-Ukraine war saw the adoption of drones for an array of military operations. Some of these included ISR (intelligence, surveillance, and reconnaissance), and target acquisition support. Besides, the involved countries also inked various agreements for drone procurement, propelling industry growth.
Varun Drone Maker and Australian Navy in Talks for USD 5 Million Contract
In March 2023, an Indian firm was in talks with the Australian Navy regarding the supply of its products. These also constitute the ‘Varuna’ drone. The firm is negotiating the project through its local partner for the sale of the Made-in-India drones. These drones were also ordered by the Indian Navy for deployment on large ships.
Escalation in Market Value Owing to Growing Cross-Border Conflicts
The military drone market growth is being impelled by the escalating number of border disputes over land control and ownership. Several countries have enhanced their military spending for the procurement of real-time surveillance drones for increasing situation awareness.
However, the high cost associated with the high-quality hardware systems may hamper market expansion to a considerable extent.
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Prominent Companies Enter into Collaborative Deals to Expand Product Reach
Leading market participants are focused on adopting a range of strategic initiatives for the expansion of their product reach. Some of these include partnerships, collaborations, and the rollout of new solutions. Other initiatives comprise an escalation in research activities.
Key Players Profiled:
Notable Industry Development
Further Report Findings
Table of Segmentation
CAGR of 14.10% from 2023 to 2030
Value (USD Billion)
By Product Type