Military Drone Market Crosses USD 20.21 Billion in 2023, Envisions 12.21% CAGR Surge Up to 2030
Feb 09, 2024
Market Overview: Military Drone Market
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Military Drone Market Insights 2024-30
The Global Military Drone Market size was valued at around USD 20.21 billion in 2023 and is estimated to grow at a CAGR of around 12.21% during the forecast period, 2024-30.
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Driving Innovation: Exploring the Military Drone Market and its Key Drivers
Global Military Drone Market Driver: Growing Demand for Unmanned Systems to Strengthen the Market’s Outlook
The rise in popularity of unmanned systems, including military drones, stems from their capability to operate in hazardous environments while mitigating risks to military personnel. These systems offer persistent surveillance, reconnaissance, and strike capabilities, making them invaluable assets for military operations. In the context of modern warfare, characterized by asymmetric conflicts requiring a flexible & adaptable approach, the utilization of unmanned systems holds particular significance.
Military drones, equipped with an array of sensors, cameras, and advanced technologies, are versatile in performing diverse missions, ranging from intelligence gathering to target acquisition & strike operations. Consequently, there has been a significant surge in demand for military drones, prompting numerous countries to invest in the development & deployment of these systems, further driving the Military Drone Market.
Top Players in the Military Drone Market:
Aero Sentinel, General Atomics Aeronautical Systems, Inc., Elbit Systems Ltd., Isreal Aerospace Industries Ltd., Aerovironment, Inc., Lockheed Martin Corporation, Thales Group, Boeing, Bae Systems, Textron Systems, Shield AI Inc., Asteria Aerospace Ltd., and Others
Military Drone Industry Recent Development:
- 2023: Boeing announced the potential inclusion of its MQ-28 drone in the US Air Force’s arsenal. This development signals a significant stride, paving the way for new opportunities in growth & collaboration within the defense sector.
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Segmentation Analysis of Military Drone Market
Military Drone Market exactly assesses and highlights significant trends and influencing factors within each segment. The comprehensive analysis extends its predictions for the period spanning 2024-30, focusing on the national landscape. The market is exactly categorized based on this analysis, providing valuable insights into its various facets.
–300 Km/ hr
By Product Type
- The Fixed Wing segment held the largest share of the Military Drone Market as of 2022 and is expected to maintain its dominance throughout the forecast period.
-Visual Line of Sight (VLOS)
-Extended Visual Line of Sight (EVLOS)
-Beyond Line of Sight (BLOS)
-Intelligence Surveillance Reconnaissance and Targeting (ISRT)
-Logistics & Transportation
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A Comprehensive Geographical Analysis:
-The Middle East & Africa
- North America is expected to hold an overwhelming foothold in the Military Drone Market during the forecast years, with the highest market share.
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MarkNtel Advisors is a leading market research company, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.
Our specialization in niche industries & emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 15 diverse industrial verticals.
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