Military Drone Market Analysis 2020-2024 by Top Players - AeroVironment, Airbus Group Inc., BAE Systems, Boeing, Dassault Aviation, Elbit Systems Ltd, Leonardo, Lockheed Martin, Northrop Grumman, Raytheon, Saab, Textron

Military Drone Market is anticipated to be driven by rise in terrorist activities across the world coupled with growing public & private-led investments in UAV technology. The growing demand of the UAVs for surveillance and combat operations is another major factor fueling military drone market.

Military drones or UAV systems are complex, and AI and machine learning are utilized to study and understand the data provided from them to deliver quick analysis and insights. Rapid adoption of AI and machine learning algorithms has been witnessed over the past years for enhancing the capabilities of drones, which enables defense organizations in performing high-level investigation activities.

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Rising investments by industry players is also estimated to influence military drone market outlook. For instance, Intel invested USD 60 million in a Chinese drone manufacturer, Yuneec International, in 2015. The firm utilized the investment to promote its Intel Real Sense Technology as well as its processors for drones.

In order to boost safety and security systems of the nations, governments across the countries are increasingly procuring drones. As per estimates, global military drone market is projected to surpass the fleet of 18 thousand units, accounting for revenue generation of more than 13 billion by 2024.

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. Textron

Military drone market share for VLOS operation is estimated to register appreciable CAGR of over 16.4% over 2017-2024. This robust growth rate can be attributed to the increasing demand of the VLOS UAVs in government applications such as firefighting & disaster management application, police operations & law enforcement and traffic monitoring.

As specified by the local aviation authorities, the maximum limit for visual line of sight varies from country to country. For instance, the maximum VLOS in Europe is typically set at not more than 400 ft. above ground level vertically & 500 meters horizontally. In Australia, UAV operators are required to maintain a VLOS and fly below 400 ft. above ground level.

Defense application segment is estimated to register notable CAGR of more than 10% over 2017-2024. Such robust growth rate can be attributed to growing adoption of advanced UAVs or drones for gathering military intelligence.

By 2024, the intelligence, surveillance and reconnaissance military UAV segment will dominate the overall market share. UAVs offer real-time battlefield tracking of ongoing activities as well as enemy positions and are particularly designed for such operations. Increasing military budgets across the world for safety and security purposes is estimated to offer expansive growth potential for military drone market.

In 2016, North America turned out to be a promising revenue ground for the UAV military market and held a revenue share of more than 70% in the same year.

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The robust growth of the market can be attributed to rise in adoption of UAVs in the United States for military & government application purposes. For instance, the U.S FBI (Federal Bureau of Investigation) and the Department of Homeland Security is utilizing UAVs for police investigation and law enforcement. These organizations are also planning to use UAVs for firefighting and disaster management application, hence offering a feasible ground for military drone market growth over the forecast timespan.

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