With 12.56% CAGR, Military Drone Market Size to Reach USD 21.93 billion by 2029

According to Exactitude Consultancy the Global Military Drone Market value is expected to reach USD 21.93 billion by 2029, growing at a 12.56% CAGR of Between Forecast Period 2023 and 2029.

PUNE, India, April 10, 2023 /PRNewswire/ -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Military Drone Market.

The global Military Drone Market Size is projected to reach USD 21.93 billion by 2029 from USD 9.30 billion in 2020, at a CAGR of 12.56% from 2022 to 2029. The global COVID-19 pandemic has been unprecedented and stunning, with military drones experiencing lower-than-anticipated request across all regions compared to pre-pandemic levels. Based on our analysis, the global market exhibited a decline of 1.42% in 2021 as compared to 2020. The military drone is defined as a remotely piloted unmanned aerial system.

Military drones are used for intelligence, surveillance, reconnaissance, and target acquisition during battlefield operations. The market is projected to witness significant growth in the defense sector, owing to its high surveillance capability. The military drone market share is driven by factors such as battle damage management, combat operations, and delivery and transportation services across the globe. Militaries across the globe are procuring drones to support their combat missions. Growing demand to provide real-time images is also a propelling battle damage management application.

Key Industry Developments:

• December 2021 - The South Korean government approved a proposal to domestically manufacture surveillance and reconnaissance drones by 2031. These drones are procured to improve the country's defense capabilities, particularly in the northwestern border islands.
• November 2021 - Boeing planned to convert retired U.S. Air Force Lockheed Martin F-16 jet fighters into sophisticated unmanned and manned target drones. The value of the contract was USD 49.7 million.

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Military Drone Market Overview

The military drone market has been growing rapidly over the past decade, driven by increasing demand for unmanned aerial vehicles (UAVs) for surveillance, reconnaissance, and combat operations. Military drones, also known as unmanned combat aerial vehicles (UCAVs), are remote-controlled or autonomous aircraft that can be equipped with a range of weapons and sensors.

The market is primarily driven by the rising demand for military drones for intelligence, surveillance, and reconnaissance (ISR) operations, as well as the increasing adoption of drone technology for combat operations. In terms of type, the military drone market can be segmented into fixed-wing, rotary-wing, and hybrid drones. Fixed-wing drones are more commonly used for long-range missions and surveillance operations, while rotary-wing drones are better suited for close-range operations and combat scenarios. Hybrid drones combine the benefits of both fixed-wing and rotary-wing drones.

In terms of application, the military drone market can be segmented into intelligence, surveillance, and reconnaissance (ISR), combat operations, target acquisition, and others. ISR is the largest application segment, accounting for a significant share of the market. Combat operations are also a key application area, with drones increasingly being used for airstrikes and other military operations.

The military drone market is dominated by a few major players, including General Atomics, Boeing, Northrop Grumman, and Lockheed Martin, among others. These companies are investing heavily in research and development to improve the capabilities of their drones and are also expanding their production facilities to meet the growing demand for military drones around the world.

Overall, the military drone market is expected to continue growing in the coming years, driven by increasing demand for unmanned aerial vehicles for a range of military applications. However, the market is also facing challenges related to regulatory issues, safety concerns, and the need for skilled operators and maintenance personnel.

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Who Should Buy? Or Key stakeholders

• Research and development
• Manufacturing
• End Use industries
• Aerospace & Defense
• Automotive
• Industrial and Manufacturing
• Semiconductor companies
• Government organization
• Investment research firms

Market Drivers

Rising Territorial Disputes to Propel the Growth of Military Drone Market

Nowadays, armed forces across the globe are focusing on strengthening their defense domain. Border security issues, as well as transnational security threats are responsible for increasing the defense expenditure of the emerging countries. The countries in Asia Pacific are undergoing border disputes. These countries are focusing on strengthening their defense security. China is mainly focusing on strengthening its defense domain. For instance, in 2019, the Government of China spent around USD 177.61 billion on the defense sector for the development of infrastructure facility of the armed forces and also to improve their combat capabilities. Similarly, India is also involved in spending a significant amount on its defense systems and infrastructure. In 2019, India spent around USD 61 billion on its defense sector.

Moreover, companies such as Lockheed Martin Corporation, Raytheon Company, and Northrop Grumman Corporation are looking forward to bagging contracts from the U.S. government. Government contracts are propelling the military UAV market growth during the review period.

Increasing Preference for Modern Warfare Techniques to Fuel Growth

The growing demand for the drone is estimated to accelerate over the forecast period due to the increasing need for military drone technology for surveillance as well as reconnaissance activities. Rising internal and external threats are compelling the government to use aerial imaging platforms to tackle the enemy-occupied areas and endorse public safety. Government agencies across the globe are supporting various drone manufacturers to develop high-tech drones for public safety. For instance, in December 2017, the French Defense Agency financed Eli stair's AirWatch project, a small drone-box used for aerial surveillance. This system supports law enforcement, crisis management, firefighting, and perimeter security.

Regional Analysis

North America is the largest market in the military drone and projected to be dominant throughout the review period. It would occur due to the rising investments in the field of military drone for developing high-tech drones to support several military applications. Increasing research and development (R&D) activities, coupled with venture capitalist activities in the field of UAVs are propelling the growth of the military drone market in the U.S. Besides, the increasing usage of military drones for border surveillance as well as maritime surveillance activities in countries such as the U.S. and Canada is projected to boost the market in North America.

Asia Pacific would also showcase considerable growth in the military UAVs and is expected to grow at the highest CAGR during the forecast period. This growth is majorly attributed to the high demand for military drones from countries including China, India, and Japan. The Chinese military mainly focuses on the development of technologically advanced military drones to ensure the security of its widely spread international borders. Recently, Japan developed advanced UAVs for combat military operations. They are primarily used for ballistic missile tracking. Furthermore, the Indian government and the aerovironment collaborated to manufacture Raven, an advanced hand-launched drone. Increasing defense spending of armed forces in the region is also projected to boost the military UAV market revenue in this region during the forecast period.

The Middle East & Africa would also exhibit a lucrative opportunity for military drone. Israel is the largest exporter of military drones for the defense sector across the globe. In Turkey, increased deployment of UAVs and their sub-systems are anticipated to boost the market growth. South Africa is also adopting UAVs to carry out surveillance activities. The growing demand for rotary-wing drones for military applications in the region would also propel market growth. In Latin America, Mexico is developing a military drone that will be used to monitor forest fires. This, increasing usage of UAVs in the region for security mission would help in the growth of the market.

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Key Market Segments: Military Drone Market

Military Drone Market By Product Type, 2022-2029, (USD Billion)

• Fixed Wing
• Hybrid
• Rotary Wing

Military Drone Market By Range 2022-2029, (USD Billion)

• Extended Visual Line of Sight (EVLOS)
• Visual Line of Sight (VLOS)
• Beyond Line of Sight (BLOS)
• Others

Military Drone Market By Technology, 2022-2029, (USD Billion)

• Remotely Operated Drones
• Semi-Autonomous Drones
• Autonomous Drones

Military Drone Market By System, 2022-2029, (USD Billion)

• Airframe
• Avionics
• Propulsion
• Payloads
• Software
• Others

Military Drone Market By Application, 2022-2029, (USD Billion)

• Intelligence, Surveillance Reconnaissance and Targeting (ISRT)
• Combat Operations
• Logistics & Transportation
• Battle Damage Management
• Others

Military Drone Market By Regions, 2022-2029, (USD Billion)

• North America
• Europe
• Asia Pacific
• South America
• Middle East and Africa

Frequently Asked Questions About This Report

• How big is the Military Drone Market?
• What is the Military Drone Market growth?
• Which segment accounted for the largest Military Drone Market share?
• Who are the key players in the Military Drone Market?
• What are the factors driving the Military Drone Market?

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About Exactitude Consultancy

Exactitude Consultancy is a market research & consulting services firm which helps its client to address their most pressing strategic and business challenges. Our market research helps clients to address critical business challenges and also helps make optimized business decisions with our fact-based research insights, market intelligence, and accurate data.

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SOURCE Exactitude Consultancy

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