With 14.82% CAGR, Military Drone Market to Hit USD 30.86 Billion by 2022-2029 | Expanding Military Spending to Fuel Market Growth

Pune, India, June 29, 2022 (GLOBE NEWSWIRE) — The global military drone market size is anticipated to hit USD 30.86 billion in 2029 and exhibit a CAGR of 14.82% during the forecast period. The rising military drone procurement by defense forces and expanding military budgets are expected to foster growth for the market. Fortune Business Insights has presented this information in its report titled, “Military Drone Market, 2022-2029”. The market size stood at USD 10.25 billion in 2021 and USD 11.73 billion in 2022.
Additionally, the increasing incorporation of artificial intelligence (AI) with autonomous flight systems is estimated to be a key trend stimulating the market growth.

COVID-19 Impact-

Disruption in Supply Chain Analysis Due to COIVD-19 to Affect Market Growth

The market has 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 the healthcare sector. However, cross-border disputes and terrorism grew during the pandemic, which bolstered military drone demand.

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List of Key Market Players-

• 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.)

Report Scope & Segmentation:

Segments-

On the basis of product type, the market is fragmented into rotary wing, hybrid wing, and fixed wing. On the basis of technology, the market is trifurcated into autonomous drones, semi-autonomous drones, and remotely operated drones. On the basis of range, the market is divided into Beyond Line of Sight (BLOS), Extended Visual Line of Sight (EVLOS), and Visual Line of Sight (VLOS). On the basis of system, the market is categorized into software, payloads, propulsion, avionics, airframe, and others. On the basis of applications, the market is segregated into logistics & transportation, battle damage management, combat operations, Intelligence, Surveillance Reconnaissance and Targeting (ISRT), and others. Geographically, the market is classified into North America, Asia Pacific, Europe, and the rest of the world.

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Report Coverage-

• It incorporates Porters’ Five Forces Analysis for precise prediction.
• It assimilates key market drivers and restraints.
• It profiles the rankings of key market players accordingly.
• It includes key market developments and information on different market segments.
• It assesses the COVID-19 pandemic’s impact on the market.

Drivers & Restraints-

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.

The escalating cross-border issues amongst various nations over land ownership and other such reasons are expected to augment the demand for drones and foster the market growth. Additionally, the growing terrorism and territorial issues amongst Syria, Israel, Pakistan, China, India, and others are likely to fuel drone procurement and complement the market growth.
However, high costs of modern systems and advanced electronics equipped in military drone may restrain the market growth.

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Detailed Table of Content:

• Introduction
  • Research Scope
  • Market Segmentation
  • Research Methodology
  • Definitions and Assumptions
• Executive Summary
• Market Dynamics
  • Market Drivers
  • Market Restraints
  • Market Opportunities
• Key Insights
  • Key Industry Developments –Mergers, Acquisitions and Partnerships
  • Latest technological Advancements
  • Porters Five Forces Analysis
  • Supply Chain Analysis
• Quantitative Insights-Impact of COVID-19 Pandemic on Global Military Drone Market
  • Impact of COVID-19 Pandemic on the Global Military Drone Market
  • Steps Taken by the Industry/Companies/Government to Overcome the Impact
  • Key Development in the Industry in Response to COVID-19 Impact

TOC Continued…!     

Regional Insights-

North America to Dominate Global Market to Presence of Key Players

North America is projected to gain the largest military drone market share. The key players present in the region, such as General Atomics Aeronautical Systems Inc., Northrop Grumman Corporation, and others, are expected to flourish in market growth. The growing technological developments due to extensive R&D activities and increasing investments are expected to fuel the region’s market growth.

Europe is projected to witness substantial growth in the global market. The growing procurement of small, tactical drones by Germany, France, and the U.K. is expected to amplify the market growth in Europe.
Asia Pacific is estimated to expand rapidly due to the swelling defense budgets by India and China. Moreover, the increasing investments by major key players are anticipated to magnify the market growth in Asia Pacific.

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Competitive Landscape-

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.

Key Industry Development-

• August 2021- Northrop Grumman’s Global Hawk has been undergoing integration and testing of the next-generation cockpit displays for enhancement of situational awareness of sensor operator and pilot as well under the Ground Segment Modernization Program.

Read Related Insights:

Military Aircraft Market Size, Share | Global Industry Forecast, 2026

Military 3D Printing Market Size, Industry Share | Forecast, 2029

Military Drone Market Size, Share | Growth Analysis [2022-2029]

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