Military Drone Market Size, Share, Growth, Revenue, Global Industry Analysis and Future Demand : Fortune Business Insights™

Pune, India -- (SBWire) -- 03/23/2020 --Fortune Business Insights™ published the above information in a recent report, titled, "Global 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." As per the report, the military drone market size is projected to reach USD 21.76 billion by 2026, at a CAGR of 12.4% during the forecast period. However, it stood at USD 7.93 billion in 2018.

The global military drone market size is set to gain traction from their increasing demand from the defense sector as they possess high surveillance capability. Besides, these drones are nowadays equipped with several state-of-the-art technologies, namely, cloud computing-based services, multi-sensor data fusion for UAV navigation, and artificial intelligence (AI). It would affect the market positively in the coming years.

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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Fortune Business Insights™ profiles list of all the reputed organizations present in the military drone market. They are as follows:

Thales
Boeing
Leonardo S.P.A.
Aeronautics
General Atomics
Saab
Lockheed Martin
Textron
Lockheed Martin
Israel Aerospace Industries
Raytheon
Aerovironment
China Aerospace Science and Technology Corporation
Elbit Systems
BAE Systems
Other key market players

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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.

Asia Pacific, on the other hand, is expected to showcase the highest CAGR owing to the upsurging demand for military drones in countries, namely, Japan, India, and China. AeroVironment, Inc., a defense contractor based in California, teamed up with the government of India to produce Raven, a unique hand-launched drone. The Middle East & Africa would experience considerable growth as Israel is one of the largest exporters of drones for military use. The deployment of UAVs and their sub-systems are also increasing in Turkey.

Key Players Focus on Gaining Contracts to Strengthen Position in Market

The market consists of numerous big, small, and medium enterprises that are striving persistently to gain the maximum military unmanned aerial vehicle market share during the forecast period. For that, they are signing new contracts and agreements with the other renowned military UAV companies. Below are a couple of the latest key industry developments:

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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