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Defense Drone Market to Witness Bolstering Growth by 2028 Owing to Growing Defense Expenditure in Major Countries Across the Globe
Defense Drone Market
As per Research Dive's latest published report, the global defense drone market is expected to generate $16,902.0 million and grow at a healthy CAGR of 7.9% from 2021 to 2028.
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Market Dynamics
The defense drone market is driven by increased global defense expenditure, focusing on procuring and upgrading unmanned systems, alongside significant investments in research and development for military aviation navigation and surveillance technologies. Moreover, the growing adoption of AI and advanced sensor technologies in drones presents significant opportunities for enhancing defense UAV capabilities and mission versatility. However, the high cost for manufacturing and operations is expected to hamper the defense drone market growth during the estimated timeframe.
Impact of COVID-19 Pandemic on the Defense Drone Market
The COVID-19 pandemic negatively impacted the defense drone market, as governments shifted focus from counterterrorism to public health. Additionally, shortages of critical components hindered manufacturing. However, the rise of digital management and IIoT technologies offers potential solutions for mitigating these challenges.
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Key Segment Findings of the Market
The research report has divided the global defense drone market into product type, range, payload, application, and region.
By product type, the fixed-wing systems sub-segment is projected to dominate the global market, growing from $4,796.9 million in 2020 to $8,646.0 million by 2028, driven by demand for long-range surveillance capabilities in military operations.
Based on payload, the small drone sub-segment is projected to dominate the global market, generating $7,901.2 million in revenue by 2028, driven by their effectiveness in military ISTAR operations and a CAGR of 7.9% during the forecast period.
Based on application, the intelligence, surveillance, reconnaissance, and target acquisition (ISRT) sub-segment is expected to dominate the global market, exceeding $8,608.0 million by 2028, driven by increased defense drone utilization for threat monitoring and recent international collaborations.
Based on range, the short-range sub-segment is projected to dominate the global market, exceeding $6,413.1 million by 2028, driven by low-noise drones and recent U.S. Army collaborations with Skydio for reconnaissance systems.
Based on region, the North America defense drone market, valued at $3,319.8 million in 2020, is expected to reach $5,890.3 million by 2028, driven by strong military infrastructure and R&D investments in both military and civil aviation.
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Prominent Market Players
The key players of the global defense drone market include SAAB Group, Lockheed Martin Corporation, General Atomics Aeronautical Systems, Inc., Northrop Grumman Corporation, Textron Systems, Boeing, Thales Group, Elbit Systems Ltd., Israel Aerospace Industries Ltd., and AeroVironment, Inc.
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Research Dive is a market research firm offering actionable insights and extensive analysis of various markets across different verticals. Maintaining the integrity and authenticity of the services, the firm provides services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, a team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive delivers the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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