Market Highlights:
The adoption of military drones has revolutionized the defense industry all around the world, thereby, fueling the demand in the market owing to the efficient safety and security options it offers. The latest report published by Market Research Future (MRFR) reveals that the global military drone market is poised to grow saliently at 8% CAGR.
Government’s initiatives to protect its citizens are the key driver of the market as this technology can be deployed both for fighting internal militancy as well as outside threats. The adoption of drone technology as an added security layer by neighboring countries is pushing the countries towards embracement of the technology themselves. Factors responsible for the growth of the market are simple operational and maintenance procedures, high military tactical capabilities, support to intelligence missions, increased demand for drones in the military application, integration of drones in the current warfare systems to combat or counter threats, cost-effectiveness, etc. The increased venture funding, introduction of next-gen technology, etc. are spiraling the revenue generation from the market.
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Major Key Players
The key players in the global military drone market are AeroVironment Inc. (U.S.), General Atomics Aeronautical Systems Inc. (U.S.), Israel Aerospace Industries Ltd. (Israel), Lockheed Martin (U.S.), Northrop Grumman Corporation (U.S.), AAI Corporation – Textron Systems (U.S.), Aeryon Labs Inc. (Canada), American Dynamics (U.S.), BAE Systems (U.K), and Boeing (U.S.).
The factors that are responsible for the growth of the global military drone market are increased demand for drones in the military application, integration of drones in the current warfare systems to combat or counter threats, and cost-effectiveness as compared to manned aircraft. Other key drivers expected to contribute towards the growth of military drone market are increased focus of OEMs on aircraft MRO service and rapid aircraft fleet expansion.
Segmentation
By payload type, the market has been segmented into sensors, camera, navigation systems, and, others. The sensors segment will hold major proportion of market share and control owing to wide application in many commercial and military applications
By drone type, the market is segmented into MALE, HALE, TUAV, UCAV, and, SUAV.
By applications, the market has been segmented into spying, search and rescue, border security, and, combat. The border security segment will exhibit highest CAGR during the forecast period due to increased demand for preventive actions and emergency cases.
Regional Analysis:
By region, the market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and, South America. North America market will see exponential growth during the forecast period due to its early adoption of the technology coupled with considerable investments in research & development activities directed towards the advancement of the existing technology. The U.S. is a major contributor in this region both in terms of demand and supply. It has widened the application of its military drones for fighting terrorism as well as for internal law enforcement. The market in Europe holds the second spot with respect to market share and control. The frequent terror attacks in this region has fueled the demand for military drones for safeguarding its people. Another factor responsible for the growth of the market in this region is the usage of drones in diverse environments and high-risk roles such as weather monitoring.
Asia Pacific market is poised to witness tremendous growth due to large-scale adoption of military drones. The cross-border conflicts among the nations are propelling the demand for military drones in this region. Moreover, the presence of emerging economies such as India and China are accelerating the use of this technology in this region. The Middle East & Africa market will see growth with considerable contribution from players in countries such as Israel. The demand in this region is set to grow across the projection period.
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Target Audience
- Military Drone OEMs
- System/Equipment Suppliers
- Government Bodies
- Potential Investors
- Key executive (CEO and COO) and strategy growth manager
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