The military drone market was valued at USD 14.14 billion in 2023 and is expected to expand from USD 16.07 billion in 2024 to an impressive USD 47.16 billion by 2032, reflecting a robust CAGR of 13.15% over the forecast period. North America led the market in 2023, holding a dominant share of 36.1%, with the U.S. playing a key role in this growth. The military drone market in the U.S. is anticipated to reach an estimated value of USD 10.71 billion by 2030, fueled by substantial R&D investments from leading industry players such as Sikorsky and Boeing, alongside other regional contributors.
This information is provided by Fortune Business Insights™ in its research report, titled “Military Drone Market, 2023-2030”.
List of Key Players Mentioned in the Military Drone Market:
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.)
Browse In-depth Summary of This Research Insight:
https://www.fortunebusinessinsights.com/military-drone-market-102181
Russia-Ukraine War Impact:
Industry Growth Propelled by High Military Drone Adoption Rate in Russia-Ukraine War
The Russia-Ukraine war began in February 2022, registering the deployment of drones for a range of military operations such as target acquisition support, Intelligence, Surveillance, and Reconnaissance (ISR), and other operations. The period also resulted in an increase in agreements associated with the provision of military drones. For instance, Russia inked a USD 12 million contract with China raising a requirement for military drones for the Russian Armed Forces.
Segmentation:
Fixed Wing Segment to Register Substantial Demand Impelled by Rising Use for Long Distance Operations
Based on product type, the market is segmented into hybrid wing, fixed wing, and rotary wing. Of these, the fixed wing segment is set to dominate the product type segment over the study period. The growth is on account of rising deployment of the product for long-distance missions such as mapping, surveillance, and defense.
EVLOS Segment to have Fastest CAGR Driven by Escalating Adoption in Electronic Warfare
By range, the market is subdivided into Beyond Line of Sight (BLOS), Visual Line of Sight (VLOS), and Extended Visual Line of Sight (EVLOS). The EVLOS segment is expected to register fastest CAGR over the forecast period. The rise is propelled by the soaring product adoption in long-range missions, electronic warfare, and proper battle management.
Remotely Operated UAVs Segment to Record Appreciable Expansion Driven by Surging Adoption
Based on technology, the market is subdivided into semi-autonomous drones, remotely operated drones, and autonomous drones. The remotely operated drones segment is estimated to depict an appreciable surge over the estimated period. The expansion is on account of stringent government requirements for autonomous flying over long distances.
Airframe Segment to Dominate due to Increasing Adoption ofUAVs by the Armed Forces
By system, the market is classified into payload, avionics, airframe, propulsion, software, and others. The airframe segment held the highest market share. The growth is impelled by the growing UAV adoption for a range of operations such as monitoring, surveillance, reconnaissance, and others.
ISRT Segment to Emerge as a Leading Segment Considering Growing Awareness for Strengthening the Defense System
Based on application, the market is segmented into logistics & transportation, Intelligence, Surveillance, Reconnaissance, and Targeting (ISRT), battle damage management, combat operations, and others. The surge is propelled by the growing role of UAVs in the defense sector.
Based on geography, the market is fragmented into Asia Pacific, Europe, North America, and the rest of the world.
Report Coverage:
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.
Drivers and Restraints:
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.
Regional Insights:
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.
Competitive Landscape:
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.
Key Industry Development:
July 2022 – Baykar secured a contract from the Kuwait Defense Ministry for the supply of armed Bayraktar TB2 Drones. Under the deal, Baykar inked a USD 370 million contract.
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