New York, USA, Nov. 29, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global defense drone market is anticipated to garner a revenue of $16,902.0 million and rise at a noteworthy CAGR of 7.9% over the estimated period from 2021-2028.
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Covid-19 Impact on the Global Defense Drone Market
Due to the rise of the Covid-19 pandemic, the shifting of the focus of governments of many countries from counter-terrorism and surveillance operations towards addressing the public health crisis has negatively impacted the defense drone market during the period. In addition, the shortage in the availability of critical components in manufacturing and assembling the equipment used in defense drones has slowed down the growth of the market. However, the increasing demand for the real-time monitoring manufacturing process of defense drones has surged the growth of the market in the later period of the pandemic.
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As per our analysts, with the tremendous increase in the defense expenditure all across the globe for the procurement and up-gradation of unmanned surveillance and attack product type, the market is predicted to see a striking growth during the analysis period. Moreover, the rapid surge in the defense expenditure for the research and development of military aviation navigation product types is further expected to fortify the growth of the market over the forecast timeframe. Besides, the increasing adoption of new technologies like artificial intelligence in the drone industry is expected to create huge growth opportunities for the defense drone market over the estimated period. However, the capital-intensive nature of defense drone technology may hamper the growth of the market during the analysis period.
Segments of the Defense Drone Market
The report has divided the market into segments based on product type, payload, application, range, and region.
Product Type: Fixed-Wing Systems Sub-Segment to be Most Lucrative
The fixed-wing systems sub-segment is expected to garner a revenue of $8,646.0 million during the forecast period. This is mainly due to the advantages of fixed-wing systems in providing excellent structures for performing surveillance operations on long-range missions. Moreover, the rising usage of fixed wings structures in advanced and powerful UAVs is expected to bolster the growth of the defense drone market sub-segment during the analysis period.
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Payload: Small Drone’s Sub-Segment to be Most Profitable
The small drone sub-segment is predicted to garner a revenue of $7,901.2 million over the forecast period. The effective functionality of small drones to perform communication and information functions, control and smooth acceptance of computerized commands are the factors further expected to foster the growth of the market sub-segment during the analysis period.
Application: ISRT Sub-Segment to be Most Productive
The ISRT (intelligence, surveillance, reconnaissance, & target acquisition) sub-segment is predicted to generate a revenue of $8,608.0 million during the analysis period. This is because of the increasing demand for defense drones for intelligence gatherings, video surveillance, and threat monitoring. Furthermore, the rising initiatives by defense research and development organizations to focus on the development of new defense drones are expected to amplify the growth of the defense drone market over the estimated period.
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Range: Short-Range Sub-Segment to be Most Beneficial
The short-range sub-segment is projected to generate a revenue of $6,413.1 million over the analysis timeframe. This is mainly because of the low noise produced by the short-range drone, which is beneficial for military operations by lowering the risk of detecting presence. Moreover, the advantage of short-range drones in hovering over an area for a longer period than the manned aircraft is expected to upsurge the growth of the market sub-segment throughout the forecast period.
Region: North America Region to Hold the Maximum Market Share
The North America region is predicted to generate a revenue of $5,890.3 million over the estimated time frame. This is mainly due to the presence of well-established infrastructure in military aviation in this region. Further, the rising emphasis on the research and development of defense drones in civil aviation and the military product type is expected to drive the regional growth of the market during the analysis period.
Top 10 Major Key Players in the Global Defense Drone Market
1. General Atomics Aeronautical Systems, Inc.
2. Northrop Grumman Corporation,
3. Lockheed Martin Corporation
4. Elbit Systems Ltd.,
5. Textron Systems,
6. AeroVironment, Inc.
7. Thales Group
8. Boeing
9. Israel aerospace industries ltd
10. SAAB Group
These players are broadly working on the development of new business strategies to acquire leading positions in the global industry.
For instance, in October 2021, FIXAR, a leading European commercial drone and software developer, has announced its collaboration with Paras Aerospace, a renowned India-based provider of a wide range of products and solutions for space and defense applications. With this collaboration, the companies are aiming to launch domestic unmanned aerial vehicles for real-time video surveillance and aerial photography in several sectors like agriculture, government, and many more.
In addition, the report also summarizes other crucial aspects including the financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report
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