Global Military UAV market to grow at a CAGR of 4.32% over 2017-2027
Military UAV Market, valued at US$9.9 billion in 2017, is projected to grow at a CAGR of 4.32% over the forecast period, to US$15.2 billion by 2027. Realizing the benefits provided by UAVs as force multipliers, various countries are allocating substantial defense budgets to the R&D and procurement of advanced UAVs. UCAVs and HALE UAVs are more in demand by major defense spenders such as the US, Russia, the UK, and China, whereas MALE and TUAVs are finding growing markets in developing countries such as India, Brazil, and the UAE.
Military UAV market is expected to be led by North America with a share of 34.4% over the forecast period, closely followed by APAC with 31.7%, and Europe at 24.1%. The Middle Eastern market for military UAVs is expected to account for 8%, followed by the Latin American and African markets with collective share of 1.8%. The growing need of advanced autonomous technology is driving smaller economies to focus on procurement of UAV’s. Additionally, the potential application of UAVs in urban areas for security and surveillance operations has significantly propelled the countries to invest in UAVs.
Global UAV market is dominated by North America, with the US being the largest defense spender in the sector. Overall, North America will spend US$45.8 billion on UAVs during the forecast period. A number of countries in the Asia Pacific region are enhancing their UAV industry through sustained procurement and indigenous development programs, and the region is projected to spend an valued at US$42.3 billion on UAVs during the forecast period. Over the forecast period, Europe represents the third-largest market, with the total UAV market valued at US$32.1 billion. The growing investments on unmanned platforms is anticipated to offer a potential opportunity for western firms.
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