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Military Drone/Unmanned Aerial Vehicle (UAV) Market Trends 2017-2024 By Key Players: China Aerospace, Israel Aerospace Industries, Leonardo, Northrop Grumman, Textron Systems, Lockheed Martin, BAE Systems, Aerovironment, Boeing, General Atomic

01-17-2019 07:25 AM CET | IT, New Media & Software

Press release from: Global Market Insights, Inc.

Military Drone/Unmanned Aerial Vehicle (UAV) Market

Military Drone/Unmanned Aerial Vehicle (UAV) Market

Military Drone/Unmanned Aerial Vehicle (UAV) Market is driven by the increasing procurement of UAVs for combat operations and surveillance purposes by the government across the countries. The increasing internal and external threats are encouraging the government to adopt the drone technology for gathering intelligence related to the developments on the battlefield, assessing battle damages, and performing high-level reconnaissance activities. Furthermore, the increasing utilization of UAVs for administrative functions such as traffic monitoring and police investigations along with emergency response services that include firefighting and disaster management also foster the market growth. The drone can effectively track and monitor real-time traffic congestions; it proficiently facilitates the quick dispatch of patrol units for relieving vehicle congestions and optimizing traffic monitoring and management functions. In addition, drones are also witnessing a rapid adoption in wildfire prevention operations, where they assist firefighters in determining hot spots using thermal imaging capabilities.

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Military Drone/ Unmanned Aerial Vehicle 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.

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

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

The demand from government applications, especially for traffic monitoring and police operation & law enforcement is driving the military drone/ unmanned aerial vehicle market. The traffic departments around the world have started testing and deploying drones to monitor and manage urban traffic systems. They also provide a live broadcast of traffic jams during peak hours enabling quick dispatching on patrol units to ease the congestion.

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Military Drone/Unmanned Aerial Vehicle (UAV) Market in 2016 was estimated to be over USD 5 billion, and will have a market value of more than USD 13 billion by 2024. 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/ unmanned aerial vehicle market growth.

Drones used as UAVs or Remotely Piloted Aerial Systems (RPAS) by armed forces are making significant contributions to their warfighting capabilities. In war zones, drones enable enemy tracking, reconnaissance of unknown areas/buildings and force protection. As these machines are becoming increasingly smaller, quieter, lighter with better optics, increased battery-life, fuel capacity, and flight times, militaries are expected to deploy more drone-based attacks and defense systems to avoid the risk of harming human resources.

Military drone/ unmanned aerial vehicle 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.

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:

www.gminsights.com/industry-analysis/military-drone-market

Asia Pacific region is estimated to grow fastest in the military drone/ unmanned aerial vehicle market with a CAGR of 17.6%, owing to the increase in the use of UAVs in countries such as Japan, China, Australia, and India, where there are opportunities in abundance for traffic monitoring, border management, and surveillance. South Korea is estimated to emerge as a market leader in drone technology in the APAC region because of its government’s firm commitment towards heavy investment in drone for varied applications and use cases.

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.

It has been anticipated that North America, by 2024, will be accounting for 70% of the overall military drone market share. This expansive growth can be aptly credited to the heavy adaptation of drones in civil applications and the ongoing ‘War on Terror’ that the U.S. is current involved in. Till date, the United States has carried out several lethal drone strikes in Pakistan, Somalia and Yemen. Incidentally, these are the countries that the U.S. and its allies are not openly at war with, as is the case with Afghanistan, Libya and Iraq.

Military drone/ unmanned aerial vehicle market is characterized by the presence of major aerospace design and manufacturing companies. The major vendors of drones are General Atomic, Northrop Grumman, Lockheed Martin, Boeing, BAE Systems, Inc., Israel Aerospace Industries Ltd., China Aerospace, Aerovironment, Inc., Leonardo, and Textron Systems.

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About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

Contact Us

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Web: www.gminsights.com
Blog: http://industry-source.org

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