Pune, March 29, 2022 (GLOBE NEWSWIRE) -- The global military drone market size is expected to gain momentum by reaching USD 26.12 billion by 2028 while exhibiting a CAGR of 12.78% between 2021 and 2028. Fortune Business Insight, in its report titled “Military Drone Market, 2021-2028.”, mentions that the market stood at USD 10.68 billion in 2020. Factors such as the rising intrusion activities along the borders and the increasing military spending by several countries are likely to propel the demand for the product during the forecast period. For instance, in June 2020, the India-China altercation in the Ladakh region turned ugly, leading several thousands of troops from both sides on a stand-off. Drone technology played a pivotal part as both countries adopted unmanned aerial vehicles for reconnaissance operations in the high altitude region.
The negative effect of the global pandemic, COVID-19, has been felt across several economies facing unprecedented loss. Owing to the lockdown announced by the government agencies, several industries have been at a standstill with limited operational activities. However, a collective effort from the government and the industries is likely to bring the economy back on track and aid in the resumption of industrial activities.
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Fortune Business Insights™ lists out all the military drone market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
- General Atomics Aeronautical Systems, Inc. (US)
- Northrop Grumman Corporation (US)
- Elbit Systems Ltd. (Israel)
- Israel Aerospace Industries Ltd. (Israel)
- AeroVironment, Inc. (US)
- Lockheed Martin Corporation (US)
- Thales Group (France)
- Boeing (US)
- BAE Systems (UK)
- SAAB Group (Sweden)
- Textron Systems (US)
What does the Report Provide?
The market report provides a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth. Moreover, the research analyst has adopted several research methodologies such as PORTER’s Five Point Analysis and PESTEL to obtain information about the current trends and industry developments that will drive the market growth in the forthcoming years.
DRIVING FACTORS
Increasing Defense Spending Globally to Augment Growth
The worldwide defense expenditure has seen an exponential rise in recent years. Countries such as the U.S., China, India, and Russia are prominent military spenders. According to the SIPRI report, there has been a 7.2% hike in global military expenditure in 2019. The increasing focus on enhancing their defense capabilities to ensure safety and security by several countries is expected to propel the demand for advanced technological systems. Moreover, the rising intrusion activities along the border areas have led to the surging investment in intelligence, surveillance, reconnaissance, and targeting (ISRT) systems. These factors are expected to favor the global military drone market growth during the forecast period.
REGIONAL INSIGHTS
North America – The region is expected to hold the highest position in the market during the forecast period. This is ascribable to factors such as the significant investment by companies and the increasing focus of the defense forces to enhance drone technology in the region. North America stood at USD 3.86 billion in 2020.
Asia-Pacific – The rising military expenditure in countries such as India and China is expected to propel the demand for advanced military drones in the region. For instance, in March 2021, China announced its yearly defense budget of a staggering USD 209.2 billion.
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Market Segmentation:
Based on product type, the market is trifurcated into fixed-wing, hybrid, and rotary wing. On the basis of range, the market is divided into the visual line of sight (VLOS), extended visual line of sight (EVLOS), beyond the line of sight (BLOS). Moreover, on the basis of technology, the market is classified into remotely operated drones, semi-autonomous drones, and autonomous drones.
- Based on technology, the remotely operated drones segment held a global military drone market share of about 85.5% in 2020. The segment is expected to experience considerable growth backed by the increasing adoption of remote-controlled satellite receivers as a part of satellite navigation systems for long-haul flights in the forthcoming years.
On the basis of application, the market is segmented into intelligence, surveillance reconnaissance and targeting (ISRT), combat operations, battle damage management, logistics & transportation, and others. Finally, based on region, the market is categorized into North America, Asia-Pacific, Europe, Rest of the World.
COMPETITIVE LANDSCAPE
Major Companies Invest in R&D Activities to Strengthen Their Market Positions
The market is fragmented by major companies that are focusing on maintaining their presence. They are doing so by proactively investing in R&D activities to develop advanced military type of drones. Additionally, other key players are adopting organic and inorganic strategies to maintain a stronghold that will contribute to the market's growth during the forecast period.
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
Industry Development:
- August 2020 – The U.S. Department of Defense (DOD) and its Defense Innovation Unit (DIU) unit announced the testing and approval of around five drones for government and military purposes. The five DIU-approved drones consist of Parrots Anafi USA, Skydio’s X2-D, Teal Drones Golden Eagle, Altavian’s M440 Ion, and Vantage Robotics Vesper.
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