The global military drone market was valued at USD 14.14 billion in 2023 and is expected to increase from USD 16.07 billion in 2024 to USD 47.16 billion by 2032, reflecting a CAGR of 13.15% over the forecast period. North America led the market in 2023 with a dominant 36.1% share. In the U.S., the military drone market is anticipated to witness substantial growth, projected to reach USD 10.71 billion by 2030, supported by rising R&D investments from key players such as Sikorsky, Boeing, and other regional manufacturers.
This information is provided by Fortune Business Insights™ in its research report, titled “Military Drone Market Size, Share, Forecast and 2024-2032”.
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.)
https://www.fortunebusinessinsights.com/military-drone-market-102181
The military drone market is segmented by product type into fixed wing, hybrid, and rotary wing; and by technology into remotely operated, semi-autonomous, and autonomous drones. Based on range, it is categorized into visual line of sight (VLOS), extended visual line of sight (EVLOS), and beyond line of sight (BLOS). By system, the market includes airframe, avionics, propulsion (electric propulsion engine, turboprop engine, and turboshaft engine), payload (cameras, CBRN sensors, EOIR payload, radar, LiDAR, and others), software, and other components. In terms of application, drones are used for intelligence, surveillance, reconnaissance, and targeting (ISRT), combat operations, battle damage management, logistics and transportation, and other missions. Regionally, the market is analyzed across North America (U.S. and Canada), Europe (U.K., Germany, France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific), and Rest of the World, which includes Latin America and the Middle East & Africa, with detailed segmentation by product type, technology, range, system, application, and country.
The report gives a comprehensive coverage of the major trends augmenting the market share over the forecast period. It further offers an insight into the key factors boosting the global business landscape over the ensuing years. Other aspects in the market comprise an account of merger agreements, acquisitions, and additional initiatives adopted by leading industry participants for strengthening their business positions.
Rising Military Expenditure to Propel Industry Expansion
One of the key factors propelling the military drone market growth is the escalation in military expenditure. The industry expansion is further propelled by the surging procurement of next-generation military drones.
However, the industry expansion could be affected by the high cost of modern systems.
North America to Emerge as Dominant Region Owing to the Presence of OEMs
The North America military drone market share is slated to dominate the global market over the forecast period. The surge is on account of the presence of several OEMs in the region.
The Europe market is poised to exhibit considerable expansion throughout the forecast period. The rise is due to the growing awareness associated with the improvement of military, navy, and air force capabilities.
Major Companies Ink Partnership Agreements to Strengthen Market Foothold
Leading market players are focused on adopting a series of strategic initiatives for strengthening their industry positions. These include merger agreements, collaborations, and the formation of alliances. Additional aspects comprise an increase in research activities and the development of new products.
February 2023 – The Indian Army announced plans to procure 850 indigenous nano drones to support special military operations. These drones will be used primarily for surveillance and counter-terrorism missions.
February 2023 – The U.S. Air Force completed the development of facial recognition technology integrated into UAVs. These autonomous drones are capable of identifying and engaging targets independently. They are intended for use by special operations forces to gather intelligence and support mission-critical activities.