Categories: Market Research

Military Drones Market Size and Forecast 2024-2033|Lockheed Martin Corporation, Northrop Grumman Corp, Thales Group, The Boeing Company, Raytheon Technologies

The Military Drones by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Military Drones, The military drones market size has grown strongly in recent years. It will grow from $15.8 billion in 2023 to $17.22 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to increasing military expenditure, increasing the use of military drones, increasing government funding for military drones and low interest rates.

The military drones market size is expected to see strong growth in the next few years. It will grow to $22.03 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to an increase in government funds and increasing internal and external security threats. Major trends in the forecast period include strategic mergers and acquisitions, focus on use of 3d printing, use of the internet of things (iot), focus on implementing autonomous systems and focusing on implementing emerging technologies such as artificial intelligence (ai).

Increasing government funding for military drones to enhance efficiency in military operations boosts the demand for the production of military drones. For instance, in May 2021, according to an article published by the National Defense Industrial Association, a US-based trade association for the United States’ government and defense industry, in fiscal year 2021, the US Defense Department allotted $7.5 billion for a range of robotic platforms and associated technologies. For the purchase of unmanned systems, the Navy and Air Force each received about $1.1 billion, the Army received $885 million, the Marine Corps $70 million, and SOCOM $90 million. Hence, the increasing government spending on unmanned drones is driving the military drone market demand.

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The military drones market covered in this report is segmented –

1) By Drone Type: MALE, HALE, TUAV, UCAV, SUAV

2) By Technology: Remotely Operated, Semi-Autonomous, Autonomous

3) By Type: Fixed-Wing, Rotary Wing, Hybrid

4) By Application: Search And Rescue, National Defense, Military Exercises, Other Applications

Drone swarm technology is growing in popularity in the military drone market due to its cost efficiency and high firepower. Drone swarms are a large group of small drones that coordinate with each other to perform actions such as a survey of enemy territories, search and rescue, and attacks on hostile objects. Drone swarm technology involves the production of several small, cheap drones rather than one large, expensive drone, therefore offering military drone manufacturers and end-users efficiency in terms of cost and time. With the use of advanced swarm technologies, the military and armed forces can effectively carry out lethal drone strikes in multiple places at once. For instance, Microsystems developed a drone swarming system called the WOLF-PAK, which has the capability to fly small drones in groups and make them split away from the group whenever necessary. In February 2022, Halcon, a subsidiary of EDGE Group, a UAE-based provider of military weaponry and related technologies, unveiled the Hunter 2-S, a tube-launched swarming drone system. The Hunter 2-S is an unmanned aerial vehicle from the Hunter 2 series. These drones are anticipated to communicate with one another in order to track targets, hold positions, and engage with the proper targets. The drones can communicate with each other through a main channel using a specific algorithm, which sends messages to all of the drones and assigns each one of them a specific mission to fly to the target.

The military drones market report table of contents includes:

1. Executive Summary

2. Military Drones Market Characteristics

3. Military Drones Market Trends And Strategies

4. Military Drones Market – Macro Economic Scenario

5. Global Military Drones Market Size and Growth

26. South America Military Drones Market

27. Brazil Military Drones Market

28. Middle East Military Drones Market

29. Africa Military Drones Market

30. Military Drones Market Competitive Landscape And Company Profiles

Top Major Players: