Portland, OR, Aug. 16, 2022 (GLOBE NEWSWIRE) — According to a report published by Allied Market Research, global the military drone market generated USD 11.60 billion in 2021 and is expected to reach USD 34.34 billion by 2031, manifesting a CAGR of 11.7% from 2022 to 2031. The research provides a detailed analysis of changing market dynamics, value chain, segments and key regions and competitive landscape. This report provides useful insights for investors, major players, shareholders and new entrants in devising strategies for achieving sustainable growth and gaining strong market position.
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Military Drones Industry Report Coverage and Details:
| Report Coverage | The details |
| Forecast period | 2022–2031 |
| Base year | 2021 |
| Market size in 2021 | 11.60 billion dollars |
| Market size in 2031 | 34.34 billion dollars |
| CAGR | 11.7% |
| Number of pages in the report | 337 |
| Segments covered | Type, Range, Technology, Application and Region. |
| leader | Increase in military spending. |
| Increasing demand for improved surveillance solutions. | |
| OppORTuNiTy | Technological advances |
| Defense modernization | |
| inhibits | High cost of UAV solutions |
The Covid-19 scenario:
- The Covid-19 pandemic led to economic uncertainty and many countries shifted their resources to the healthcare sector to manage the crisis. This resulted in the reduction of budgets for the defense sector in several countries such as the USA, France, India and Israel.
- Number of business contracts anticipated the development of military drones significantly reduced during the pandemic.
- Most drone manufacturing facilities were shut down during the pandemic due to restrictions on raw material import-export activities, labor shortages, and supply chain disruptions. Investments in new projects fell sharply due to reduced revenues in the global industry.
- Military drone manufacturers faced challenges such as revenue crunch and maintenance costs. However, investment and development activities are expected to increase steadily after the pandemic.
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The research provides a detailed segmentation of the global military drone market based on type, range, technology, application, and region. The report also analyzes sub-segments of these segments to help market players, investors and startups in determining the steps to be taken to increase revenue in various segments.
Based on type, the fixed arm segment held the highest share in 2021, accounting for more than three-fifths of the total share and is expected to continue its leading status during the forecast period. However, the rotary wing segment is expected to register the highest CAGR of 13.5% from 2022 to 2031. The research also analyzes the hybrid segment.
Based on range, the beyond-line-of-sight segment accounts for the highest share in 2021, contributing nearly three-fifths of the global military drone market and is expected to maintain its dominance in terms of revenue during the forecast period. However, the segment extending beyond line of sight is expected to manifest the highest CAGR of 13.9% from 2022 to 2031. The report also discusses the segment of visual line of sight.
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Based on technology, the remotely operated segment accounts for the highest share in 2021, holding more than two-thirds of the total market share and is projected to continue its leadership in terms of revenue during the forecast period. However, the autonomous segment is estimated to grow at the highest CAGR of 14.9% during the forecast period. The study also provides analysis of the semi-autonomous segment.
Based on application, the intelligence, surveillance, reconnaissance, and target acquisition segment contributed the largest market share in 2021, accounting for more than two-fifths of the global military drone market. Moreover, this segment will retain its highest contribution till 2031. However, the distribution and transportation segment is estimated to grow at the highest CAGR of 13.3% from 222 to 2031. The research provides insights into the segments including combat and other operations.
Based on region, North America held the largest share in 2021, contributing more than two-fifths of the total market share and will maintain its dominant share throughout the forecast period. However, Asia-Pacific is expected to exhibit the fastest CAGR of 13.0% during the forecast period. The report also analyzes regions including Europe and LAMEA.
Major market players of the global military drone market analyzed in the research include Aeronautics Group, Anduril Industries, Aerovironment, Inc., Asteria Aerospace Ltd., Animal Dynamics, Elbit Systems Ltd., Boeing, Israel Aerospace Industries, General Atomics, SAAB AB , Shield AI, Northrop Grumman Corporation, Teledyne FLIR LLC, Teal Drones, Inc. and Thales Group. The report analyzes each of these market players to determine the competitive scenario and provides insights into their business performance.
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