Military Drone Market to witness 12% CAGR till 2024 | Top Key Players are Textron, Saab, Raytheon, Northrop Grumman, Lockheed Martin, Leonardo, Elbit Systems Ltd, Dassault Aviation, Boeing, BAE Systems, Airbus Group Inc., AeroVironment

Military Drone Market adoption for border patrolling applications is gaining momentum due to their capability to effectively monitor borders without serious collateral damages and ensuring the safety of the border security personnel. In September 2017, the U.S. Customs and Border Protection Agency began testing small drones for border surveillance in operational sectors in Arizona, Texas, and Vermont.

The drones were evaluated for their capabilities for intelligence, reconnaissance, surveillance, tracking, and acquisition in regions that are at a high risk for ground personnel and manned aircraft. In November 2017, the Indian Army to maintain a strict vigil at the China and Pakistan border accepted tender inquiries for acquiring 600 mini UAVs. Due to consistent infiltration bids at the Pakistan border, UAVs will be procured for the infantry battalions of the Indian Army.

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The advancements in the UAV technology will also foster the military drone market growth. The integration of advanced machine learning algorithms and artificial intelligence in the drones will fuel their demand for traffic monitoring, surveillance, and spy applications. However, the safety and security issues associated with the use of drones and stringent government regulations across the countries are estimated to hinder the military drone market growth.

Military Drone Market will have a market value of more than USD 13 billion to grow at around 12% CAGR till 2024. The military drone market growth is credited to increasing investments in the drone technology by military and defense departments. The government across the countries are spending heavily to increase their UAV fleet size. The U.S. federal government has allocated approximately 4.5 billion for drone procurement in the 2017 budget proposal. The proposal indicates a paradigm shift in the technology, as the major drone procurement program was launched, with the funding assigned for new research and development. Similarly, the government of India has also formed an alliance with the General Atomics to deliver 22 sea guardian drones worth approximately USD 2.0 billion. The South Korean government has also announced a five-year plan to invest more than USD 1 billion in the industry for the next five years.

Semi-autonomous drone is leading the military drone market space. This mode of operation constitutes advantages of both the autonomous and remotely-operated drones. The ability to provide control to the flight and reduce the human intervention is estimated to be one of the major factors driving their demand. Autonomous military drone market is estimated to grow at a CAGR of over 18% during the forecast period. The technological advancement in the drones is the primary factor driving the market growth. The development of the collision detection and artificial intelligence-enabled drone is also estimated to fuel the demand for the critical combat and spy operations.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. Textron
2. Saab
3. Raytheon
4. Northrop Grumman
5. Lockheed Martin
6. Leonardo
7. Elbit Systems Ltd
8. Dassault Aviation
9. Boeing
10. BAE Systems
11. Airbus Group Inc.
12. AeroVironment

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Growth Drivers:

• Venture capital investment in drone technology
• Modernization initiatives taken by armed forces across the globe
• Increasing internal and external security threats
• Advancement in design and integrated data intelligence
• Growing demand from developing economies

North America accounts for more than 70% share in the global military drone market. The demand is driven by the wide adoption of drones in the U.S. for defense and civil applications. The U.S. Customs and Border protection is using drones for monitoring the Mexican-American Border and Department of Homeland Security and the Federal Bureau of Investigation (FBI) is using drones for law enforcement and protection.

Asia Pacific military drone market is anticipated to grow at a CAGR of 17% during the forecast period. The growth of the market is attributed to the growing demand for the drones from the developing economies including India and China. China accounts for more than 50% share in the Asia Pacific market, driven by the increasing investments by the Chinese government for the procurement of the drones. The government is focusing on enhancing the domestic production of drones to reduce the imports from the U.S.

The global military drone market is characterized by the presence of both major market players with diverse product portfolios and start-ups that provide niche products, solutions, and services. The major vendors in the military drone market are AeroVironment, Airbus Group Inc., BAE Systems, Bluebird Aero Systems Ltd., Boeing, CHINA AEROSPACE SCIENCE AND TECHNOLOGY CORPORATION, Dassault Aviation, Elbit Systems Ltd, General Atomic Aeronautical Systems Inc., IAI - Israel Aerospace Industries, Korea Aerospace Industries, Ltd., Leonardo, Lockheed Martin, Northrop Grumman, Raytheon, Saab, Singapore Aerospace mfg, Textron, and Advanced VTOL Technologies.

Browse key industry insights spread across 350 pages with 427 market data tables & 40 figures & charts from the report, “Military Drone/Unmanned Aerial Vehicle (UAV) Market in detail along with the table of contents:

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