According to our latest study on "Military Drone Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Application, Range, Technology, and Geography," the market is expected to grow from US$ 11.70 billion in 2021 to US$ 31.38 billion by 2028, it is estimated to grow at a CAGR of 15.7% from 2022 to 2028.
The demand for military drones is mainly driven by the increasing investments in the development and deployment of drones across different defense applications, including surveillance, reconnaissance, combat, search and rescue, emergency supply transportation, and remote monitoring. Furthermore, the growing demand for swarm drone systems is likely to generate huge opportunities for the market vendors during the forecast period. In August 2022, the Indian army announced that it has equipped a swarm drone system equipped with cutting-edge technology that can identify targets using artificial intelligence-driven software.
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In the ongoing military technology race, several countries are majorly focusing on enhancing their defense capabilities by developing, procuring, and deploying advanced warfare technologies, such as fixed wing and rotary wing UAVs along with different capabilities. There are various types of drones, such as MALE (Medium Altitude Long Endurance), HALE (High Altitude Long Endurance), Tactical UAVs, and Small/Mini UAVs, being considered for deployment across different armed forces. Also, many armed forces are replacing a large number of manned platforms with unmanned platforms, which is another major factor catalyzing the military drone market across different regions. These are also expected to replace an old generation of combat aircraft models across different military forces across the world in the future as per the current research and developments across the military drone market.
The military drone manufacturers are majorly focusing on the development of small-sized, micro-sized, medium-sized, and large-sized drones suitable for different types of military missions. For instance, the Elite Indian Commando force uses Black Hornet Micro Drones for surveillance, which will be used by Ukrainian forces to penetrate Russia defense forces also. In August 2022, the British government announced an additional aid for Ukraine worth of US$ 64 million that includes target spotting micro drones also. Similarly, in August 2022, Ukrainian military announced that it has acquired 800 units of Taiwan-made Revolver 860 Armed VTOL UAVs capable of carrying 8 units of 60mm mortars.
Based on type, the small/mini drones segment (in terms of volume) are likely to dominate the market. However, in terms of value, larger UAV systems such as MQ-9 and RQ-4 are likely to dominate the market during the near future. Various armed forces across the world are competing in terms of drones procurement in larger quantities. The US, China, and Russia have a large number of drone manufacturers. However, many countries, such as India, Japan, Germany, procure large military drone technologies from domestic and international manufacturers. India relies majorly on Israel for its military drone technologies. This dependency is restraining the growth of the military drone market across such countries as they have no/very limited independent manufacturers of large-sized military drone systems.
Northrop Grumman Corporation, Elbit Systems Ltd., Israel Aerospace Industries (IAI), Raytheon Technologies, Lockheed Martin Corporation, BAE Systems Plc, SaaB AB, Thales Group, Boeing, and Aviation Industry Corporation of China (AVIC) are among the key military drone market players profiled during the study. Several other companies were studied and analyzed during this research study to get a holistic view of the military drone market and its ecosystem.
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