"We Envision Growth Strategies Most Suited
to Your Business"
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-
List of Key Market Players-
Further Report Findings-
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
|
By Technology
| |
By Range
| |
By System
| |
By Applications
| |
By Geography
|