With 7.3% CAGR, Military Drone Market Growth to Surpass USD 17.0 billion

The report on the military drone market provides an analysis of the market from 2019 to 2027. It discusses industry and technology trends currently prevailing in the market, along with drivers, restraints, challenges, and opportunities that influence the growth of the market. The military drone market is projected to grow from USD 12.0 billion in 2022 to USD 17.0 billion by 2027, at a CAGR of 7.3% from 2022 to 2027.

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The military drone market in the Asia Pacific region is expected to witness the highest growth during the forecast period. The growth of the market in this region can be attributed to the rise in military spending (both in defense and homeland security) by countries in the region to enhance their defense capabilities by procuring new and advanced defense systems, which include a large number of UAVs with huge payload capacity for the delivery of cargos

Based on platform, the military drone market is segmented into small, tactical, and strategic. Small drones are further segmented into nano, micro, and mini. The tactical drones are classified into close range, short range, medium range, and long range, and strategic drones divided into HALE and MALE. The small segment is estimated to account for a negligible share (3.2%) of the military drone market in 2022 owing to the low prices of the small military drones, although, by volume, small drones constitute the majority of the market share. The strategic segment is estimated to hold the major share of the market in 2022 and is expected to maintain its dominance during the forecast period owing to the high price of HALE.

Based on application, the military drone market has been segmented into UCAVs, ISR, and delivery. The ISR segment is estimated to account for the largest share of the military drone market in 2022. The demand for small and tactical drones is increasing in military applications to gather improved battlefield intelligence. They help in monitoring enemy activities or specific areas and send videos to ground stations through GPS. These drones are deployed for ISR operations to record information related to potential targets that are otherwise difficult to identify. The market for drones used in military applications is projected to witness high growth during the forecast period owing to the increased surveillance potential of these UAVs. For instance, in January 2021, the Indian Army signed a contract worth USD 20 million to obtain high-altitude drones from ideaForge. The SWITCH UAV of ideaForge is an indigenous UAV developed to be used for the most challenging surveillance operations carried out by the Indian Armed Forces. This UAV is a fixed-wing vertical take-off and landing (VTOL) drone used for high-altitude flights in severe environments for day and night ISR missions.

Based on MTOW, the military drone market has been segmented into 1,200 kilograms. The >1,200 Kg segment is estimated to lead the military drone market during the forecast period. The >1,200 Kg MTOW segment includes HALE, MALE, and some medium-range medium-endurance drones and long-range medium endurance drones. They can fly higher than 5,500 meters and are equipped with advanced radars, communication systems, and electronic warfare equipment. The increased geopolitical tensions worldwide and the surge in the defense expenditures of countries such as India, China, and the US have led to an increased demand for military drones as they enhance the defensive and stealth capabilities of a country. Drones with >1,200 Kg MTOW are high-altitude ISR drones with advanced payloads and ammunitions such as air-to-air missiles and air-to-ground missiles. The increased adoption of combat drones by armed forces worldwide drives the >1,200 Kg MTOW segment. In May 2021, Poland announced the procurement of the Turkish Bayraktar TB2, a MALE unmanned combat aerial vehicle, from Turkey.

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Based on speed, the military drone market has been segmented into subsonic and supersonic. The subsonic segment has been further divided into 300 Km/hr. The subsonic segment contributed to the majority share of the market as currently, most military drones operate at conventional subsonic speeds. Subsonic drones are UAVs with speeds ranging from Mach 0 (stand-still) to a bit slower than the speed of sound (to be precise, Mach 0.8). The subsonic segment registered a larger market share in 2021. This growth is attributed to an increase in demand for high subsonic and fully autonomous drones. This factor further led to the increased interest of key players in the development of modern drones for combat missions. For instance, in March 2019, the Air Force Research Lab (US) partnered with Kratos Unmanned Aerial Systems (US) for the flight test of the XQ-58A Valkyrie drone, a long-range, high subsonic unmanned aerial vehicle. High-speed target drones are used to simulate targets for anti-ship missiles.

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This release was published on openPR.