Military Drone Market by Payload Type, Drone Type and Geography - Forecast To 2021

Market Highlights:

Military drones are used by military agencies, across the world, for protecting borders, enforcing law, and combat missions. Drones are a component of an unmanned aircraft system, which includes a ground-based controller and a communication system. The flight of drones is operated with various degrees of autonomy, either by remote control or autonomously. The military drones have simple operational and maintenance procedures with high military tactical capabilities. They are versatile and may carry a range of missions such as search and rescue, traffic monitoring, supporting armed service, and intelligence missions. The increase in venture funding and rapid technology advancement in drones is estimated to drive the market growth during the forecast period.

However, there are some shortcomings in the global military drone market, such as defense budget cut on the procurement of drones, limitation of endurance and flight range, and issues with battery technology of UAVs. Drones are widely used for gathering information about objects and earth surface. Thus, security and safety concerns, such as privacy and nuisance issues, are the key factors limiting the expansion of the drones market. Moreover, the rise in the number of drones will raise security issues due to capturing confidential data about a restricted area. Hence, security and safety concerns are among the key factors that limit the expansion of the drones market.

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Major Key Players

The key players in the global military drone market are AeroVironment Inc. (U.S.), General Atomics Aeronautical Systems Inc. (U.S.), Israel Aerospace Industries Ltd. (Israel), Lockheed Martin (U.S.), Northrop Grumman Corporation (U.S.), AAI Corporation – Textron Systems (U.S.), Aeryon Labs Inc. (Canada), American Dynamics (U.S.), BAE Systems (U.K), and Boeing (U.S.).

The factors that are responsible for the growth of the global military drone market are increased demand for drones in the military application, integration of drones in the current warfare systems to combat or counter threats, and cost-effectiveness as compared to manned aircraft. Other key drivers expected to contribute towards the growth of military drone market are increased focus of OEMs on aircraft MRO service and rapid aircraft fleet expansion.

Market Segmentation
The global military drone market is segmented based on payload type, drone type, application, and region. On the basis of payload type, the sensors are widely used and comprises majority of the market share due to wide used in many commercial and military applications. On the basis of applications, the border security and spying are estimated to witness the highest CAGR during the forecast period due to increased demand in operation of preventive action and emergency cases.

Regional Analysis
The market is segmented based on North America, Asia Pacific, Europe, the Middle East & Africa, and South America. North America region is expected to dominate the market in future due to the high adoption rate of drones in various commercial and defense applications. The European region is second to North America in the global military drone aircraft market due to the usage of drones in diverse environments and high-risk roles, such as weather monitoring. Thus, the global military drone market is estimated to register approximately 8% CAGR during the forecast period from 2017 to 2023.

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Target Audience
• Military Drone OEMs
• System/Equipment Suppliers
• Government Bodies
• Potential Investors
• Key executive (CEO and COO) and strategy growth manager

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