CHICAGO, Feb. 7, 2024 /PRNewswire/ -- The military drone market is anticipated to experience substantial growth, increasing from USD 13.0 billion in 2023 to USD 18.2 billion by 2028 with CAGR 7.0% according to a new report by MarketsandMarkets. This growth is driven by increased investments in advanced military solutions to enhance defense forces' capabilities. The rise in piracy and territorial encroachments in regions like Central Asia, South America, East Africa, the Indian subcontinent, Southeast Asia, and West Africa has led to heightened maritime patrolling and anti-piracy operations. As a result, there is a growing reliance on Unmanned Aerial Vehicles (UAVs) for maritime patrolling and identifying potential hotspots.
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Browse in-depth TOC on "Military Drone Market"
341 - Tables
72 - Figures
353 - Pages
Military Drone Market Report Scope:
Report Coverage | Details |
Market Revenue in 2023 | $ 13.0 billion |
Estimated Value by 2028 | $ 18.2 billion |
Growth Rate | Poised to grow at a CAGR of 7.0% |
Market Size Available for | 2019-2028 |
Forecast Period | 2023-2028 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Size, Share & Industry Growth Analysis Report by Platform, Type, Application and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Defining secure identification for safety |
Key Market Opportunities | State policies aimed at boosting domestic manufacturers |
Key Market Drivers | Emergence of non-traditional adversaries and asymmetric warfare |
Based on propulsion, the battery segment is anticipated to record the highest growth rate during the forecast period.
Based on propulsion, The military drone market has been categorized into turbo engines, piston engines, and battery-powered drones. The battery segment encompasses military drones utilizing lithium-ion batteries, fuel cells, and hybrid cells. During the forecast period, the battery segment is expected to exhibit the highest growth rate at 16.2%, driven by the adoption of batteries in many short-range and medium-range drones, in addition to small drones. High endurance tactical and strategic drones are typically powered by turbo engines, specifically gas-powered turbojet and turbofan engines. Meanwhile, piston engines find application in many small military drones designed for low-power and low-speed operations. Battery or electrically powered military drones leverage batteries for energy storage, powering electric motors.
Based on speed, the subsonic segment is estimated to register large share in the base year.
Based on speed, The military drone industry is divided into subsonic and supersonic segments. Within the subsonic category, further subdivisions include drones with speeds of < 100 Km/hr, 100-300 Km/hr, and > 300 Km/hr. Currently, the subsonic segment dominates the market, reflecting the prevalence of military drones operating at conventional subsonic speeds. Subsonic drones, characterized by speeds ranging from standstill to slightly below the speed of sound (Mach 0.8), contributed significantly to the market share in 2023. This growth is driven by an increased demand for highly autonomous drones operating at high subsonic speeds.
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The Asia Pacific region is projected to be high growth potential markets for the military drone during the forecast period.
The Asia Pacific region stands out as a global leader in technology and innovation, showcasing the fastest-growing technology companies in terms of percentage revenue growth over three years. Notably, countries such as China, Malaysia, South Korea, and India are making substantial investments in the development of military drone projects. India frequently procures military solutions from North America and Europe. China, recognized for its advanced technology and efficient manufacturing capabilities, plays a significant role in the drone industry. Key Chinese companies engaged in the manufacturing of military drones, payloads, and drone components include Autel Robotics, China Academy of Aerospace Aerodynamics, Chengdu Rainpoo Technology Co., Ltd., Aviation Industry Corporation of China (AVIC), and China Aerospace Science and Technology Corporation.
The Major Players in military drone companies includes Northrop Grumman Corporation (US), Raytheon Technologies Corporation (US), Israel Aerospace Industries Ltd. (Israel), General Atomics Aeronautical Systems (GA-ASI) (US), and Teledyne FLIR LLC (US).
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Browse Adjacent Market: Aerospace and Defence Market Research Reports & Consulting
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