Military Drones Market to Grow at a CAGR of 11.7% from 2022 to 2031: Allied Market Research

Military Drones Market to Grow at a CAGR of 11.7% from 2022 to 2031: Allied Market Research

According to the report published by Allied Market Research, the global military drones market generated $11.60billion in 2021, and is projected to reach $34.34 billion by 2031, witnessing a CAGR of 11.7% from 2022 to 2031.

Military drones are unmanned aerial aircrafts controlled by drone pilots that have been designed to carry out several tasks including intelligence, surveillance, remote sensing, target monitoring and combat.A popular unmanned aerial system used in combat is the MQ-1 Predator. Military drones basically collect information on enemy movements, scout during firefights, and can be extremely useful in a manhunt.They perform their tasks accurately and cost less than traditional military weapons.

The factors catalyzing the growth of the military drones market include increase in military spending and rise in demand for improved surveillance solutions. Nevertheless, high cost of UAV solutions is a factor that restraints the growth of the market. On the contrary, modernization of the defense sector is expected to present opportunities for the growth of the military drone market in the coming years.

The Covid-19 pandemic had a negative impact on the military drones market. The purchase of defense equipment related services was affected, owing to less confidence in the market, resulting in fewer military drone’s business contracts. Moreover, defense budget cuts from several countries such as the U.S., India, France and Israel were observed. For instance, the U.S. defense budget reduced from $712 billion in 2020 to $705 billion in 2021.Many drone manufacturing centers were shut down, owing to transport restrictions, unavailability of workforce and interruptions in supply chain.Revenue crunch and rising maintenance costs were two major challenges faced by the drone manufacturers. Private and commercial security industries were one of the worst hit industries by the pandemic and witnessed a decline of investments initially.

Based on application, the intelligence, surveillance, reconnaissance, & target acquisition segmentheld the largest market share in 2021. Military drones offer real-time information on targets’ position, terrain, and enemy movements to commanders on the ground. They can take closer footage without compromising the quality of photos and videos. Drone manufacturers worldwide received numerous contracts from several governments for the development of drones for ISTAR applications.

Based on region, North America exhibited a prominent growth in the overall military drones market in 2021. The region witnesses a wide usage of advanced drone technologies in military applications for surveillance and defense.There is a huge demand for advanced drones built by the U.S army due to their accuracy and reliability.The increasing adoption of military drones for border and maritime monitoring in countries such as the U.S. and Canada drives the market for North American military drones.

Key Findings of the Study

  • Based on type, the rotary-wing segment is likely to projecta noteworthy growth in the coming years.
  • Based on range, the extended visual line of sight segment is predicted to portray a significant growth in the near future.
  • Based on technology, the autonomous segment is likely to exhibit a prominent growth in the coming years.
  • Based on application, the delivery and transportation segment is likely to display a significant growth in future.
  • Region wise, Asia-Pacific is expected to exhibit the fastest CAGR during the forecast period.

 

Otoscope Market to Grow at a CAGR of 5.4% from 2022 to 2031 Allied Market Research Previous post Otoscope Market to Grow at a CAGR of 5.4% from 2022 to 2031 Allied Market Research
Flanges Marketto Grow at a CAGR of 5.0% from 2022 to 2031 Allied Market Research Next post Flanges Marketto Grow at a CAGR of 5.0% from 2022 to 2031 Allied Market Research

Leave a Reply

Your email address will not be published.