Market Overview:
MarkNtel Advisors has released a new report that highlights the strong growth trajectory of the Military Drone Market, The Global Military Drone Market size was valued at around USD 20.21 billion in 2023 and is estimated to grow at a CAGR of around 12.21% during the forecast period, i.e., 2024-30. Along with this, the market is estimated to grow at a CAGR of around 12.21% during the forecast period. Various factors are attributed to the growth of the market like growth in automobile production, growing focus on lightweight & sustainable materials, rising demand for luxury & customized interiors, increasing focus on safety standards, and the adoption of Advanced Driver Assistance Systems (ADAS). The report provides valuable insights into the drivers, trends, and challenges shaping the future of the Military Drone Market. It offers an in-depth look at the key players, geographical performance, and the segments leading the charge in market share.
Industry Outlook & Forecasts:
- Forecast Period: 2024-2030
- Market Size in 2023: USD 20.21 billion
- CAGR (2024-2030): 12.21%
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Global Military Drone Market Segmentation Breakdown:
The Military Drone Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:
- By Platform
- Small- Market Size & Forecast 2019-2030F, USD Million
- Nano- Market Size & Forecast 2019-2030F, USD Million
- Micro- Market Size & Forecast 2019-2030F, USD Million
- Mini- Market Size & Forecast 2019-2030F, USD Million
- Tactical- Market Size & Forecast 2019-2030F, USD Million
- Close Range- Market Size & Forecast 2019-2030F, USD Million
- Short Range- Market Size & Forecast 2019-2030F, USD Million
- Medium Range- Market Size & Forecast 2019-2030F, USD Million
- Long Range- Market Size & Forecast 2019-2030F, USD Million
- Strategic- Market Size & Forecast 2019-2030F, USD Million
- By Speed
- Subsonic- Market Size & Forecast 2019-2030F, USD Million
- <100 Km/hr- Market Size & Forecast 2019-2030F, USD Million
- 100- 300 Km/hr- Market Size & Forecast 2019-2030F, USD Million
- >300 Km/ hr- Market Size & Forecast 2019-2030F, USD Million
- Supersonic- Market Size & Forecast 2019-2030F, USD Million
- By Product Type
- Fixed Wing- Market Size & Forecast 2019-2030F, USD Million
- Rotary Wing- Market Size & Forecast 2019-2030F, USD Million
- Hybrid- Market Size & Forecast 2019-2030F, USD Million
The Fixed Wing segment held the largest share of the Military Drone Market as of 2022 and is expected to maintain its dominance throughout the forecast period.
- By Technology
- Remotely Piloted- Market Size & Forecast 2019-2030F, USD Million
- Semi-Autonomous Piloted- Market Size & Forecast 2019-2030F, USD Million
- Fully Autonomous- Market Size & Forecast 2019-2030F, USD Million
- By Range
- Visual Line of Sight (VLOS)- Market Size & Forecast 2019-2030F, USD Million
- Extended Visual Line of Sight (EVLOS)- Market Size & Forecast 2019-2030F, USD Million
- Beyond Line of Sight (BLOS)- Market Size & Forecast 2019-2030F, USD Million
The Extended Visual Line of Sight (EVLOS) segment is expected to account for the dominating share of the Military Drone Market throughout the forecast period.
- By Propulsion
- Turbo Engine- Market Size & Forecast 2019-2030F, USD Million
- Piston Engine- Market Size & Forecast 2019-2030F, USD Million
- Battery- Market Size & Forecast 2019-2030F, USD Million
- By Application
- Intelligence Surveillance Reconnaissance and Targeting (ISRT)- Market Size & Forecast 2019-2030F, USD Million
- Combat Operations- Market Size & Forecast 2019-2030F, USD Million
- Battle Management- Market Size & Forecast 2019-2030F, USD Million
- Logistics & Transportation- Market Size & Forecast 2019-2030F, USD Million
Geographical Growth Insights:
- By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia Pacific
North America is expected to hold an overwhelming foothold in the Military Drone Market during the forecast years, with the highest market share.
MarkNtel Advisors Highlights Key Market Drivers for Military Drone Market:
Growing Demand for Unmanned Systems to Strengthen the Market's Outlook – The rise in popularity of unmanned systems, including military drones, stems from their capability to operate in hazardous environments while mitigating risks to military personnel. These systems offer persistent surveillance, reconnaissance, and strike capabilities, making them invaluable assets for military operations. In the context of modern warfare, characterized by asymmetric conflicts requiring a flexible & adaptable approach, the utilization of unmanned systems holds particular significance.
Military drones, equipped with an array of sensors, cameras, and advanced technologies, are versatile in performing diverse missions, ranging from intelligence gathering to target acquisition & strike operations. Consequently, there has been a significant surge in demand for military drones, prompting numerous countries to invest in the development & deployment of these systems, further driving the Military Drone Market.
A Comprehensive Analysis of Leading Companies in Global Military Drone Market
- Aero Sentinel
- General Atomics Aeronautical Systems, Inc.
- Elbit Systems Ltd.
- Isreal Aerospace Industries Ltd.
- Aerovironment, Inc.
- Lockheed Martin Corporation
- Thales Group
- Boeing
- Bae Systems
- Textron Systems
- Shield AI Inc.
- Asteria Aerospace Ltd.
- Others
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Military Drone Market Recent Development:
- 2023: Boeing announced the potential inclusion of its MQ-28 dronein the US Air Force's arsenal. This development signals a significant stride, paving the way for new opportunities in growth & collaboration within the defense sector.
What are the growth Opportunity driving the Global Military Drone Market?
High Prices for Advanced Electronics & Modern Systems to Stifle Industry Development – Unmanned Aerial Vehicles (UAVs) are outfitted with advanced propulsion systems, state-of-the-art avionics systems, sophisticated flight management technology, modern sensors, and payloads. These parameters involve intricate software & high-quality hardware systems tailored to the severity of the intended operations. The deployment of military UAVs encompasses distinct product portfolios for the Army, Air Force, and Navy, reflecting diverse applications that contribute to variations in overall product costs.
These factors contribute to the substantial final price of UAVs on a global scale. Consequently, the significant product and maintenance costs are anticipated to act as constraints on the growth of the Military Drone Market. Additionally, limitations on deploying UAVs in certain countries and restricted use within aerial spaces are expected to impede future demand.
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