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Combat Drone Market Growth Rate, Top Major Players And Strategies 2033
Combat Drone Market Growth
According to The Business Research Company's, The combat drone market size has grown strongly in recent years. It will grow from $8.03 billion in 2023 to $8.81 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to military modernization, commercial innovation, doctrine and strategy evolution, asymmetric warfare.
The combat drone market size is expected to see strong growth in the next few years. It will grow to $12.59 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The growth in the forecast period can be attributed to advancements in artificial intelligence (AI) and autonomy, miniaturization of sensors and payloads, integration of swarming technology, development of stealth and low observable technologies. Major trends in the forecast period include swarming technology, integration with manned platforms, adoption of artificial intelligence, multi-domain operations.
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Market Drivers and Trends:
The growing defense sector is expected to propel the growth of the combat drone market going forward. The defense sector refers to the industry involved in the development, manufacturing, procurement, and maintenance of military equipment, technologies, and systems used for national defense and security purposes. The increasing emphasis on defense sector investment can provide the necessary advancement and proliferation of combat drone technology, fostering innovation, driving market demand, and expanding the capabilities of unmanned systems in military operations. For instance, in April 2022, according to the Stockholm International Peace Research Institute, a Sweden-based institute and independent resource on global security, world military spending continued to grow in 2021, reaching an all-time high of $2.1 trillion. Total global military expenditure increased by 0.7% in real terms in 2021 to reach USD 2,113 billion. Russia increased its military expenditure by 2.9% in 2021, to $65.9 billion. Further, China allocated an estimated $293 billion to its military in 2021, an increase of 4.7% compared with 2020. Therefore, increasing defense expenditure is driving the growth of the defense market.
Major companies operating in the combat drone market focus on autonomous unmanned aircraft systems to meet the growing demand for combat drones. An autonomous uncrewed aircraft system, or drone, is an advanced technology used in various applications such as surveillance, security, and force protection. For instance, in September 2023, Anduril Industries, a US-based defense technology company, launched the Ghost-X system, an upgraded version of its Ghost autonomous uncrewed aircraft system. The system can carry heavier payloads and fly for extended periods. The upgraded propulsion system allows it to take two batteries, extending its flight time to 75 minutes and doubling its payload capacity to 9 kilograms (20 pounds). Ghost-X also has an optional long-range communications kit and can be configured to fly a range of sensors and payloads, including electro-optical gimbals and a vision-based navigation module that allows it to fly without the global navigation satellite system.
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Major Key Players of the Market:
Raytheon Technologies Corporation, Lockheed Martin Corporation, China Aerospace Science and Technology Corporation, General Dynamics Corporation, Northrop Grumman Corporation, BAE Systems plc, Boeing Defense Space & Security, Textron Inc., Leonardo S.p.A., Rheinmetall AG, Elbit Systems Ltd., Saab AB, General Atomics Aeronautical Systems, Aerojet Rocketdyne, Turkish Aerospace Industries, Baykar Defense, Kratos Defense & Security Solutions, Denel Dynamics, Yuneec International, AeroVironment Inc., Israel Aerospace Industries Ltd., Aurora Flight Sciences, Chengdu Aircraft Industry Group, BlueBird Aero Systems, Icarus Aerospace Industries
Combat Drone Market 2024 Key Insights:
• The combat drone market is expected to grow to $12.59 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%.
• Defense Sector Expansion Fuels Growth in Combat Drone Market
• Innovations Driving the Evolution of Combat Drones
• North America was the largest region in the combat drone market in 2023.
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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