Press release
Defense Drone Market Report: Size, Share, Trends, Latest Insights, Growth Rate And Forecast To 2033
Defense Drone Market Size
As per the report, the defense drone market size has grown strongly in recent years. It will grow from $11.24 billion in 2023 to $12.15 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The defense drone market size is expected to see strong growth in the next few years. It will grow to $16.33 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%.
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Defense Expenditure Surge Fuels Growth In The Defense Drone Market
The increasing defense expenditure is expected to propel the growth of the defense drone market going forward. Defense expenditure includes all current and capital expenditures on the armed forces, including peacekeeping troops of defense ministries and other government organizations involved in defense initiatives, paramilitary forces, and military activities. Defense drones are widely used in military operations due to their flexibility, minimal crew engagement, and lower manufacturing and maintenance costs. For instance, in April 2022, according to a report published by the Stockholm International Peace Research Institute (SIPRI), a Sweden-based independent international organization that conducts research into conflict, armaments, and disarmament, the global defense expenditure increased by 0.7% in 2021, to $2,113 billion. Therefore, the rise in defense expenditure is driving the demand for the defense drone market.
Innovative Technologies Propel Major Players In The Defense Drone Market
Major companies operating in the defense drone market are focused on developing innovative technologies to strengthen their position in the market. Innovative technologies significantly benefit the defense drone market by enhancing capabilities and efficiency. For instance, in December 2023, AquaAirX's, an India-based drone manufacturing company, launched the country's first AI-enabled amphibious drone designed for underwater visual inspection in naval, oil, and gas applications. This innovative drone, developed by Nmit and NSRCEL-incubated startup, is anticipated to have diverse defense and commercial applications. Simultaneously, the Indian Navy is working on an Extra Large Unmanned Underwater Vehicle (XLUUV) for roles including intelligence, surveillance, reconnaissance, and mine warfare.
The defense drone market covered in this report is segmented -
1) By Product: Fixed-Wing Systems, Multirotor Systems, Other Products
2) By Range: Short Range, Medium Range, High Range
3) By Payload: Small Drones, Medium Drones, Large Drones
4) By Application: Intelligence, Surveillance Reconnaissance And Targeting (ISRT), Combat Operations, Other Applications
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Major companies operating in the defense drone market report are Raytheon Company, The Boeing Company, Lockheed Martin Corporation, Airbus SE, General Dynamics Corporation, Northrop Grumman Corporation, BAE Systems Plc., Thales Group, L3Harris Technologies, Inc., Leonardo S.p.A., Elbit System Ltd., Israel Aerospace Industries Ltd., Teledyne FLIR LLC, Saab Group, Hindustan Aeronautics Ltd., General Atomics Aeronautical Systems Inc., QinetiQ Group plc, FLIR Systems, Inc., Turkish Aerospace Industries Inc., Textron Systems, Kratos Defense & Security Solutions, Inc., Insitu Inc., Yuneec International Co. Ltd., SZ DJI Technology Co., Ltd., Wisk Aero LLC, AeroVironment Inc., Parrot Drones SAS, Autel Robotics Co., Ltd., PrecisionHawk Inc., Ehang Holdings Limited
Contents of the report:
1. Executive Summary
2. Defense Drone Market Report Structure
3. Defense Drone Market Trends And Strategies
4. Defense Drone Market - Macro Economic Scenario
5. Defense Drone Market Size And Growth
…..
27. Defense Drone Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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