Military Drone Market Insights: Sector to Achieve $10.67 Billion by 2030 with 12.77% CAGR"
Military Drone Market Outlook
The Military Drone Market was valued at USD 4.5 billion in 2023. It is projected to grow from USD 5.07 billion in 2024 to USD 10.43 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 12.77% during the forecast period (2024-2030). Technological advancements and the trend toward a new generation of tactical drones are expected to continue, accelerating growth in the coming years. Real-time information has proven to be a crucial asset for soldiers, commanders, and troops in critical military missions, significantly enhancing market growth.
The escalating demand for military drone equipment in the military drone market will support the growth. As per military drone market analysts, the military drone market-based companies will face certain challenges during the forecast period 2023 to 2030. The military drone market research report provides in-depth analysis of the payload type, application, and drone type segments. The military drone market research report presents factors such as the lack of technical knowledge that could slow down the military drone market's growth.
Market Segmentation
The military drone market has been segmented into payload type, application, and drone type. Based on the segment, which is payload type, the market is categorized on the basis of camera, navigation systems, sensors, and others. The global market for military drone is further segmented based on application into HALE, MALE, SUAV, TUAV, and UCAV. Furthermore, the market, on the basis of drone type is segmented into border security, combat, search and rescue, and spying.
The military drone market report offers comprehensive study of the military drone market segments including payload type, application, and drone type. The analysts have also studied the military drone market's spread across the regional markets across many of the military drone market’s segments at country levels. The payload type, application, and drone type segments spread across the military drone market along with the subsegments are studied. The global market for military drone is spread across various product and service-based segments. The military drone market research report highlights these key segments and offers forecasts based on primary and secondary data. The global military drone market research report presents key company profiles of organizations active across the military drone market.
Key Military Drone Market Companies Profiled: American Dynamics (U.S.), General Atomics Aeronautical Systems Inc. (U.S.), Israel Aerospace Industries Ltd (Israel), Lockheed Martin (U.S.), AeroVironment Inc (U.S.), AAI Corporation – Textron Systems (U.S.), Aeryon Labs Inc (Canada), Northrop Grumman Corporation (U.S.), BAE Systems (U.K.), and Boeing (U.S.)
Regional Overview
Lack of skilled professionals may hinder the military drone market growth. The military drone market research report suggests that companies in the military drone market could be supported by UAVs witnessing huge deployment in military drones as well as the rising expenses and mounting investments in technology during the forecast period. The military drone market is set to register growth at a high CAGR owing to these key factors. The military drone market is spread across North America, Europe, Asia-Pacific, and other parts of the world. As per military drone market analysts, the military drone market is set to witness tremendous growth across payload type, application, and drone type segments. The global military drone market’s North American region covers military drone markets across the United States, Mexico, Canada, and others. Businesses present in the military drone market are also profiled and their strategies have been presented in detail in the military drone market research report.
The military drone market across the European region covers Italy, France, Germany, and the United Kingdom. Furthermore, the military drone market research report provides details about the APAC region covering military drone markets from China, India, Australia, Japan, and others. The military drone market is also active across several other parts of the world. The military drone market report covers all these key regions including the Middle East, Africa, Brazil, and others active in the global military drone market..
Competitive Landscape
Military drones have seen tremendous growth, due to the surging integration of advanced drones and the demand for military drones. However, high deployment cost and threat from cyberattacks would challenge the organizations active in the military drone market. Furthermore, companies using growth strategies to stay ahead in the global military drone market are expected to help the market during the forecast period 2020 to 2030. As the military drone market report suggests that the military drone market will register a CAGR of 8% and reach a greater value mark by 2030, the market report highlights key areas military drone market-based companies need to focus on. The military drone market research report projects a long-term growth till 2030. Based on the military drone market’s analysis on the basis of SWOT and Porters’ Five Force Model, the military drone market will rise during the forecast period 2020 to 2030, however the companies need to move ahead with caution. The military drone market research report highlights such key areas.
Industry News
A contract is signed with US autonomous aircraft manufacturer Astro Aerospace, to acquire Horizon Aircraft, a Canadian firm that develops their own vertical electric aircraft (eVTOL) for take-off and landing. Astro does not report the purchase prices but states that, at the beginning of the second quarter of 2021, the transaction will conclude in "on or before." Astro's Texas-based prototype "Elroy" flew the first variant in Canada in September 2018 of the electrically autonomous drone passenger. In securities records, Astro plans the second version to fly by the middle of the year.
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