Military Drone Market will exhibit a CAGR of 12.4% and reach USD 21.76 billion by 2026, and the market value as per 2018 was USD 7.93 billion.
Fortune Business Insights™ in a recently published report, titled, “Military Drone Market Size, Share & Industry Analysis, By Type (Fixed-Wing, Rotary-Wing, and Hybrid/Transitional), By Range (VLOS, EVLOS, and BLOS), By Propulsion Type (Battery Powered, Fuel Cell, and Hybrid Cell), By Technology (Remotely Operated Drone, Semi-Autonomous Drone, and Autonomous drone), By Application (ISRT, Delivery and Transportation, Combat Operations, Battle Damage Management and Others) and Regional Forecast, 2019-2026.”
Military Drone Market Drivers and Restraint :
The connectivity offered by (IoT) in industrial application for machine control & production through satellites is projected to boost the market during the forecast period. Industrial applications for IoT based devices are exchanging real time data to the processing units, that help to enhance the machine control and production operation in the manufacturing industry. IoT devices use satellite connectivity to transmit & exchange real time data between the IoT systems and components in the manufacturing process. Earlier, data exchange between the machine control & production was dependent on terrestrial GSM networks, which is now getting replaced by the satellite connectivity. Satellite technology proves as a key enabler to transform IoT connectivity across manufacturing industries and process automation.
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List of Significant Manufacturers Military Drone Market are:
- Global Eagle Entertainment
- BAE Systems
- Panasonic Avionics
- Zodiac Aerospace
- Collins Aerospace
- Thales Group
- Honeywell International
Increasing Border Disputes in Developing Nations to Propel Growth
Armed forces worldwide are mainly focusing on bolstering their defense domain owing to increasing transnational security threats, as well as border security issues. This, in turn, is upsurging the expenditure on defense in the developing economies. The countries in Asia Pacific, for instance, are at present going through several border disputes. China is focusing on enhancing its defense sector with the help of government support. The government of China spent USD 177.61 billion on improving combat capabilities and developing infrastructure for the armed forces. These factors are anticipated to propel the military UAV market growth in the coming years.
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North America to Dominate Backed by Rising Research & Development Activities
In terms of region, the market is segregated into Latin America, the Middle East and Africa, Europe, North America, and Asia Pacific. Out of these, North America is considered to house the largest market and is expected to lead in terms of military drone/unmanned aerial vehicle (UAV) market revenue during the forthcoming years. The region held USD 4.67 billion share in 2018. This growth is attributable to increasing research and development activities to develop new drones. Apart from that, joint ventures by industry giants, as well as rising investments in developing technologically advanced drones for supporting numerous military applications, would accelerate growth in this region. In addition to that, countries, such as Canada and the U.S. are adopting military drones for maritime and border surveillance.
Some of the key industry developments in the Military Drone Market Include:
- December 2019: Northrop Grumman, an aerospace and defense technology company headquartered in Virginia, received a contract worth USD 251.5 million from the U.S. Navy to deliver four MQ-4C Triton drones. This modification procures three low rate initial production lot 4 MQ-4C Triton unmanned aircraft, tooling, trade studies, ground stations, and other related support equipment. The MQ-4C Triton is a long-endurance, high altitude drone that is created under the Broad Area Maritime Surveillance (BAMS) program.
- August 2019: AeroVironment, Inc. bagged a contract worth USD 45 million from the U.S. Army for RQ-11B Raven small unmanned aircraft systems (UAS). Raven is one of the most widely utilized small UAS in the U.S. Army’s fleet. It is a fully hand-launched and man-portable small UAS specially designed for land-based operations.
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