Military Unmanned Aerial Vehicle Market Report Overview
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The global military unmanned aerial vehicle market size is USD 12.17 billion in 2022, as per our research, the market is projected to touch USD 20.007 billion by 2031, exhibiting a CAGR of 5.6% during the forecast period.
The global COVID-19 pandemic has been unprecedented and staggering, with military unmanned aerial vehicles experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.
An unmanned aerial vehicle (UAV) is an aerial transportation medium that works without onboard crew or passengers led by remote control, autonomously, or both. The next-generation aircraft technology known as a UAV is used for a variety of purposes, including photography, logistics, surveillance, and assessment. The introduction of UAV usage laws and regulations by different nations directly impacts the market for unmanned aerial vehicles. Drones are unmanned aerial vehicles (UAV). The increased use of smart technology for surveillance, analysis, imaging, and other purposes across many fronts is anticipated to accelerate the expansion of unmanned aerial vehicles (UAV).
Logistics & transportation, military & defense, agriculture, healthcare, construction & mining, civil & commercial, and other industries are just a few that use it. UAVs perform many roles ranging from transporting passengers to carrying out combat activities. The military unmanned aerial vehicle market has been divided into categories based on their functions, including passenger drones, cargo air vehicles, inspection, and monitoring drones, spraying, mapping, and surveying drones, seeding drones, and others. Swarm drones, combat UAVs, decoy drones, and others are examples of special-purpose drones employed primarily for military purposes. The employment of special-purpose drones in military and combat operations is driving the demand for these drones.
COVID-19 Impact: Market Experienced a Severe Downfall Due to the Lockdown
In the upcoming years, it is anticipated that COVID-19's effect on the world economy will be unpredictable. In December 2019, the COVID-19 epidemic had a devastating impact on the world economy. COVID-19's effects significantly impacted the market in 2020 and 2021. Due to a lack of market confidence, fewer contracts for military drones have been made for the linked services needed to purchase defense equipment. Several drone deliveries were put off because of the COVID-19 pandemic.
LATEST TRENDS
"Rising Emphasis of the Government On Safety and Security Concerns to Boost Market Growth"
Government spending on UAVs has surged due to the global rise in security concerns and the threat from terrorism. Solutions utilizing unmanned aerial vehicles have a wide range of uses in the military, civic, commercial, logistics, transportation, and mining industries, among others, for effective asset monitoring and area surveillance for achieving the highest level of operational effectiveness. Military unmanned can conduct covert operations, work at night, operate anywhere, and easily deploy. These advantages have prompted governments to boost their investments in the global acquisition and development of UAVs. For example, Malloy Aeronautics and BAE Systems revealed their plans to investigate the construction of an all-electric "high lift" unscrewed air system (UAS) in September 2021.
Military Unmanned Aerial Vehicle Market Segmentation
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- By Type Analysis
By type, the market is segmented into reconnaissance aircraft, target drones, and others.
- By Application Analysis
Based on application, the market is classified into reconnaissance, searching, fighting, and others.
DRIVING FACTORS
"Expanding Defense and Security Sector to Aid Market Growth"
The defense and security sector's expanding usage of unmanned aerial vehicles (UAVs) for various tasks such as surveying, mapping, transporting, combat operations, and monitoring will increase demand for UAVs in the years to come. The increased defense spending by different nations to purchase updated and technologically advanced military drones/UAVs for increased combat capabilities is anticipated to support market expansion globally. Artificial intelligence (AI) is used to modernize military drone technology by accurately and independently selecting targets.
"Rising Product Demand from Military Sector to Augment the Equipment Demand in the Market"
UAVs perform many roles ranging from transporting passengers to carrying out combat activities. The UAV market has been divided into specific purpose drones such as surveying and mapping drones, inspection, passengers, and monitoring drones, spraying and seeding drones, cargo air vehicles, and others based on function. Decoy drones, swarm drones, combat UAVs, and others, which are employed in military applications, are the major types of special-purpose drones. Their employment drives the military unmanned aerial vehicles market growth.
RESTRAINING FACTORS
"High Cost of the Equipment to Hinder Growth of the Market"
Military unmanned aerial vehicles come with sophisticated avionics, propulsion, and flight management systems, as well as contemporary sensors and payloads. Depending on the complexity of the activities, these characteristics are connected to sophisticated software and superior hardware systems. Due to diverse applications that also change the overall cost of products, the army, air force, and navy have different product portfolios for deploying military UAVs. These elements raise the eventual cost of military drones everywhere in the world. Future growth is anticipated to be constrained by the enormous product and maintenance costs. Future demand is also anticipated to be constrained by restrictions on the deployment of UAVs in a number of nations and their restricted use in aerial spaces.
Military Unmanned Aerial Vehicle Market Regional Insights
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"North America to Dominate the Global Market Due to The Presence of Key Players in the Region"
North America is forecasted to hold a leading part of the military unmanned aerial vehicle market share due to the presence of major market players in the region. Additionally, the U.S. is one of the major exporters of military unmanned aerial vehicles, which is expected to gain major growth in the regional market.
Europe is anticipated to show significant growth in the market owing to the growing awareness of the improvement of border securities.
Asia Pacific is estimated to show sizable growth in the global market attributable to the rising defense budget in developing economies such as India, China, and Japan.
KEY INDUSTRY PLAYERS
"Key Players Focusing On Innovative Technology Development to Grow in Market"
Due to the robust product lineup offered by both developed and developing country producers of military drones, the market is concentrated. At the moment, it is projected that Thales Group, Lockheed Martin Corporation, and Northrop Grumman Corporation will dominate the market. However, it is anticipated that a greater number of domestic military drone businesses will enter the international market due to low entry barriers. In the upcoming years, it is anticipated that the drone market will become increasingly fragmented due to the increasing number of new players.
List of Market Players Profiled
- Boeing (U.S.)
- General Atomics (U.S.)
- Titan Aerospace (U.S.)
- AAI (India)
- Northrop Grumman (U.S.)
- Dassault Aviation (France)
- IAI (Austria)
- Dynali helicopters (Belgium)
- BAE System (U.K.)
- SAGEM (U.K.)
- SUKHOL (Russia)
- Schiebel (Austria)
- AEE (India)
- AVIC (U.S.)
REPORT COVERAGE
The market research study offers thorough information on numerous market aspects. The growth drivers, restraints, geographical analysis, competitive environment, and challenges are a few of them. Additionally, it provides an analytical analysis of market trends and projections for stem cells to show potential investment areas. From 2022 through 2031, the market is objectively assessed to determine its financial viability. The report's data was compiled using various primary and secondary sources.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 12.17 Billion in 2022 |
Market Size Value By |
US$ 20.007 Billion by 2031 |
Growth Rate |
CAGR of 5.6% from 2022 to 2031 |
Forecast Period |
2023-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Types & Application |
Frequently Asked Questions
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What value is the military unmanned aerial vehicle market expected to touch by 2031?
Based on our research, the military unmanned aerial vehicle market is projected to touch USD 20.007 billion by 2031.
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What CAGR is the military unmanned aerial vehicle market expected to exhibit by 2031?
The military unmanned aerial vehicle market is expected to exhibit a CAGR of 5.6% by 2031.
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What are the segments of the military unmanned aerial vehicle market?
By type, the military unmanned aerial vehicle market is segmented into reconnaissance aircraft, target drones, and others. Based on application, the market is classified into reconnaissance, searching, fighting, and others.
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Which are the driving factors of the military unmanned aerial vehicle market?
Rising military spending by the government to augment the equipment demand in the market and the expanding defense and security sector to aid market growth are the factors driving the military unmanned aerial vehicle market.
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Which are the top companies operating in the military unmanned aerial vehicle market?
Boeing, General Atomics, Titan Aerospace, AAI, Northrop Grumman, Dassault Aviation, IAI, Dynali helicopters, BAE System, SAGEM, SUKHOL, Schiebel, AEE, and AVIC are the top companies operating in the military unmanned aerial vehicle market.
