Pune, India., May 04, 2023 (GLOBE NEWSWIRE) -- According to our latest study on "Military Drone Market Size Report, Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Application, Range, and Technology," the market was valued at US$ 12,186.42 million in 2022 and is expected to reach US$ 19,559.50 million by 2028; it is anticipated to register a CAGR of 8.6% from 2023 to 2028.
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Global Military Drone Market: Competitive Landscape and Key Developments
Lockheed Martin Corp, Northrop Grumman Corp, Thales SA, Boeing Co, Elbit Systems Ltd, General Atomics, Textron Systems Corp, BAE Systems Plc, AeroVironment Inc, and Israel Aerospace Industries Ltd are a few of the key military drone market players profiled in the study.
In December 2022, the UK Ministry of Defense awarded Lockheed Martin Corporation a contract with the evaluation of US$ 157 million to supply more than 250 mini-drones for the British Army. Under the 10-year agreement, the company delivered 159 rotary-wing Indago 4 drones and 105 fixed-wing Stalker VXE30 drones to replace the army's Desert Hawk 3 mini-drones.
In March 2021, Textron received a contract worth up to US$ 607 million from the US Army. Under this contract, Textron provided the contractor logistics support, field services, and engineering support, along with retrofitting their existing Shadow Block II Tactical Unmanned Aircraft System (TUAS) to the upgraded Block III configuration.
The military drone market is segmented into four major regions—North America, Europe, Asia Pacific, and Rest of the World. In 2021, North America led the military drone market with a substantial revenue share, followed by Europe and Asia Pacific.
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The rise in the development of drone technologies is considered a major factor driving the sales of military drones in North America. In March 2021, the US Air Force Research Lab declared the launch of the sixth flight of the XQ-58A Valkyrie drone, which has the capability to launch its own drone, an ALTIUS-600. Moreover, in February 2023, US Air Force signed a contract with RealNetworks to use the company's facial recognition software on small drones, which can be used for special operations. Thus, the integration of advanced technologies in military drones is propelling the growth of the military drone market in North America. Furthermore, governments in the region are focusing on buying armed military drones. For instance, the Canadian government is planning to buy armed military drones, and its first purchase is expected by 2024. The request for proposal was delivered in February 2022 to bid on a US$ 5 billion contract. Thus, governments are submitting requests for proposal for the procurement of drones, which propels the demand for military drones in North America.
The military drone market growth in Europe is attributed to the presence of several military drone players such as Thales SA, Elbit Systems Ltd, Israel Aerospace Industries Ltd, and BAE Systems. Also, significant investments made by European arms procurement agencies to procure drones are driving the military drone market in the region. For instance, in February 2022, Organisation Conjointe de Coopération en matière d'Armement/Organisation for Joint Armament Co-operation (OCCAR) signed a contract with Airbus for the procurement of 20 military drones. Moreover, collaborations between companies to develop advanced drones contribute to market growth. For instance, in August 2021, Boeing's subsidiary, Insitu, announced a strategic collaboration with MDSI ApS, a Denmark-based technology provider. Through this partnership, Insitu's combat drones, coupled with MDSI's artificial intelligence/machine learning (AIML) capabilities, will be used to develop technologically advanced military drones. Thus, partnerships and alliances by the market players are propelling the demand for military drones, further driving the military drone market growth.
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Global Military Drone Market: COVID-19 Overview
The COVID-19 pandemic led to halts in businesses and whole economies. In the military sectors, it led to the temporary discontinuation of operations across various production facilities and hampered the procurement of military drones. Lockdowns imposed by country governments impacted the global manufacturing sectors, supply chains, and logistics operations owing to the complete or partial discontinuation of industrial activities. Thus, supply chain disruptions and loss of production led to declined revenues for several countries and enterprises in the world.
Global Military Drone Market: Technology Overview
Based on technology, the military drone market is bifurcated into fixed wing and rotary wing. According to the military drone market analysis, the fixed wing segment accounted for a larger military drone market share in 2022 and is expected to retain its dominance during the forecast period as well.
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