New York, USA, March 28, 2023 (GLOBE NEWSWIRE) -- According to the newly published Research Dive report, the global defense drone market is expected to garner $16,902.0 million by 2028 and rise at a stable CAGR of 7.9% in the 2021-2028 timeframe. This comprehensive Research Dive report presents a brief outlook of the current framework of the defense drone market including its priority features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2021-2028. The report also contains all the crucial market figures to help new entrants understand the market easily.
Dynamics of the Market
Drivers: Since the last few years, the defense expenditure of several countries across the globe has increased drastically. This growth in expenditure is predicted to be the primary growth driver of the defense drone market in the forecast period. Additionally, growing research & development of military aviation navigation product type is anticipated to push the growth rate of the market higher in the analysis timeframe.
Opportunities: Increasing adoption of Artificial Intelligence in drone industry is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, growing investments in research and development of surveillance product type is expected to augment the growth rate of the market.
Restraints: However, according to market analysts, capital-intensive nature of defense drone technology may become a restraint in the growth of the defense drone market.
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Impact of Covid-19 on the Market
The novel coronavirus had wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles. The defense drone market, too, faced a similar fate. The pandemic saw a shift in focus of governments across the globe from security and defense to healthcare sector in order to curb the spread of the virus and the pandemic. Also, the lockdowns led to a stoppage of almost all the defense drone manufacturing activities. Both these factors heavily affected the market during the pandemic period.
Segments of the Market
The Research Dive report has fragmented the defense drone market across different segments such as product type, payload, application, range, and region.
Product Type: Fixed-Wing Systems Sub-segment to be the Highly Lucrative
By product type, the fixed-wing systems sub-segment is expected to be highly lucrative sub-segment and generate a revenue of $8,646.0 million by 2028. The excellent structure offered by fixed wing systems for performing surveillance operations on long-range missions is expected to push the growth of this sub-segment in the forecast period.
Payload: Small Drone’s Sub-segment to Witness Significant Growth
By payload, the small drone’s sub-segment is expected to witness significant growth and generate a revenue of $7,901.2 million by 2028. Small drones prove to be effective for performing computerized command, control, communication and information functions which is expected to boost the growth of this sub-segment in the forecast period.
Application: Intelligence, Surveillance, Reconnaissance, & Target Acquisition (ISRT) Sub-segment to Grow Rapidly
By application, the intelligence, surveillance, reconnaissance, & target acquisition (ISRT) sub-segment of the defense drone market is predicted to be highly profitable one and garner a revenue of $8,608.0 million by 2028. Growing utilization of defense drones for intelligence gathering of potential threats to provide video surveillance and threat monitoring is anticipated to help this sub-segment to grow in the forecast period.
Range: Short-Range Sub-segment to Flourish Immensely
By range, the short-range sub-segment is expected to grow rapidly and generate a revenue of $6,413.1 million by 2028. Growing adoption of short-range drones due to their ability to hover over a longer area than manned aircrafts is expected to boost the growth of this sub-segment in the forecast period.
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North America Region to be Most Profitable
By regional analysis, the defense drone market in North America region is predicted to register a revenue of $5,890.3 million by 2028, thereby possessing the highest market share. Presence of a well-established military aviation infrastructure, especially in the US is predicted to be the primary driver of the market in the forecast period.
Prominent Market Players
Some prominent players in the defense drone market are
- Lockheed Martin Corporation
- Elbit Systems Ltd.
- Thales Group
- AeroVironment Inc.
- General Atomics Aeronautical Systems Inc.
- Boeing
- Israel Aerospace Industries Ltd.
- SAAB Group
- Northrop Grumman Corporation
- Textron Systems
These players are introducing and coming up with new technological advancements and innovations to gain a primacy in the market.
For instance, in November 2021, Blue Halo, a global engineering solutions provider, announced the acquisition of Citadel, a leading defense equipment manufacturer. This acquisition is predicted to increase the foothold of the acquiring company i.e., Blue Halo substantially in the next few years.
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Finally, this comprehensive report also summarizes many crucial facets of the global market including product portfolio, latest strategic developments, financial performance of the key players, and SWOT analysis.
More about Defense Drone Market:
- Defense Drones: A New and Advanced Approach of Delivering Top Security to Make the World a Better Place
- Global Defense Drone Market to Surpass $16,902.0 Million by 2028, Owing to the Increasing Adoption of Advanced Technologies in Drones
