Military Drones Market: Global Analysis and Future Trends - Insights 2024

The military drones market size has grown strongly in recent years. It will grow from $15.8 billion in 2023 to $17.22 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to increasing military expenditure, increasing the use of military drones, increasing government funding for military drones and low interest rates.

The military drones market size is expected to see strong growth in the next few years. It will grow to $22.03 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to an increase in government funds and increasing internal and external security threats. Major trends in the forecast period include strategic mergers and acquisitions, focus on use of 3d printing, use of the internet of things (iot), focus on implementing autonomous systems and focusing on implementing emerging technologies such as artificial intelligence (ai).

Market Overview -
Military drone refers to unmanned aerial vehicles that are specifically used for military purposes such as border surveillance, battle damage management, combat operations, communication, delivery, and anti-terrorism weaponry.

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Government Funding Surge Boosts Demand For Military Drones Market
Increasing government funding for military drones to enhance efficiency in military operations boosts the demand for the production of military drones. For instance, in May 2021, according to an article published by the National Defense Industrial Association, a US-based trade association for the United States' government and defense industry, in fiscal year 2021, the US Defense Department allotted $7.5 billion for a range of robotic platforms and associated technologies. For the purchase of unmanned systems, the Navy and Air Force each received about $1.1 billion, the Army received $885 million, the Marine Corps $70 million, and SOCOM $90 million. Hence, the increasing government spending on unmanned drones is driving the military drone market demand.

Competitive Landscape -
Major companies operating in the military drones market report are Lockheed Martin Corporation, Northrop Grumman Corp, Thales Group, The Boeing Company, Raytheon Technologies, General Atomics Aeronautical Systems, Inc, Aerovironment, Inc, Elbit Systems Ltd, Israel Aerospace Industries Ltd, Textron Inc, Central Aircraft Manufacturing Company, ChemChina, China Academy of Launch Vehicle Technology, China Communications Construction Company, China Electronics Corporation, China National Chemical Engineering, Babcock International, BAE Systems, BMARC, BMT Group, British Aerospace, Panstwowe Wytwórnie Uzbrojenia, Panstwowe Zaklady Inzynierii, Polish Armaments Group, Polish Navy Shipyard, Gyrofly Innovations, Drone Livre, Santos Lab, Alexandria Shipyard, Arab American Vehicles, Arab Organization for Industrialization

Rising Popularity Of Drone Swarm Technology In The Military Drone Market
Drone swarm technology is growing in popularity in the military drone market due to its cost efficiency and high firepower. Drone swarms are a large group of small drones that coordinate with each other to perform actions such as a survey of enemy territories, search and rescue, and attacks on hostile objects. Drone swarm technology involves the production of several small, cheap drones rather than one large, expensive drone, therefore offering military drone manufacturers and end-users efficiency in terms of cost and time. With the use of advanced swarm technologies, the military and armed forces can effectively carry out lethal drone strikes in multiple places at once. For instance, Microsystems developed a drone swarming system called the WOLF-PAK, which has the capability to fly small drones in groups and make them split away from the group whenever necessary. In February 2022, Halcon, a subsidiary of EDGE Group, a UAE-based provider of military weaponry and related technologies, unveiled the Hunter 2-S, a tube-launched swarming drone system. The Hunter 2-S is an unmanned aerial vehicle from the Hunter 2 series. These drones are anticipated to communicate with one another in order to track targets, hold positions, and engage with the proper targets. The drones can communicate with each other through a main channel using a specific algorithm, which sends messages to all of the drones and assigns each one of them a specific mission to fly to the target.

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Key Segments -
The military drones market covered in this report is segmented -
1) By Drone Type: MALE, HALE, TUAV, UCAV, SUAV
2) By Technology: Remotely Operated, Semi-Autonomous, Autonomous
3) By Type: Fixed-Wing, Rotary Wing, Hybrid
4) By Application: Search And Rescue, National Defense, Military Exercises, Other Applications

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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