Key companies covered in the Military Drone Market Research Report are General Atomics Aeronautical Systems Inc. (US), Northrop Grumman Corporation (US), Elbit Systems Ltd. (Israel), Israel Aerospace Industries Ltd. (Israel)
The global military drone market share is anticipated to hit USD 30.86 billion in 2029 and exhibit a CAGR of 14.82% during the forecast period. The rising military drone procurement by defense forces and expanding military budgets are expected to foster growth for the market. Fortune Business InsightsTM has presented this information in its report titled, “Military Drone Market, 2022-2029”. The market size stood at USD 10.25 billion in 2021 and USD 11.73 billion in 2022.
Additionally, the increasing incorporation of artificial intelligence (AI) with autonomous flight systems is estimated to be a key trend stimulating the market growth.
Drivers & Restraints-
Expanding Military Spending to Fuel Market Growth
The swelling defense expenditures by several countries, such as Saudi Arabia, Russia, India, and China, to purchase and upgrade their defense systems are expected to boost the global military drone market growth. In 2020, the U.K., the U.S., Russia, India, and China accounted as the top five nations with the largest defense budgets standing at USD 59.2 billion, USD 778 billion, USD 61.7 billion, USD 72.9 billion, and USD 252 billion, respectively.
The escalating cross-border issues amongst various nations over land ownership and other such reasons are expected to augment the demand for drones and foster the market growth. Additionally, the growing terrorism and territorial issues amongst Syria, Israel, Pakistan, China, India, and others are likely to fuel drone procurement and complement the market growth.
However, high costs of modern systems and advanced electronics equipped in military drone may restrain the market growth.
List of Key Market Players-
General Atomics Aeronautical Systems Inc. (U.S.)
Northrop Grumman Corporation (U.S.)
Elbit Systems Ltd. (Israel)
Israel Aerospace Industries Ltd. (Israel)
AeroVironment Inc. (U.S.)
Textron Systems (U.S.)