According to a report by Altus Market Research titled, “Military Drones Market Analysis 2022-2031 by Type(MALE; HALE; TUAV; UCAV; SUAV); Technology(Remote Operated; Semi-Autonomous; Autonomous); Type: (Fixed-Wing; Rotary Wing; Hybrid), Application(Search, Rescue; National Defense; Military Exercises)“, the global military drones market reached a value of nearly $13,309.0 million in 2021, having increased at a compound annual growth rate (CAGR) of 2.5% since 2016. The market is expected to grow from $ 13,309.0 million in 2021 to $18,908.6 million in 2026 at a rate of 7.3%. The market is then expected to grow at a CAGR of 6.1% from 2026 and reach $25,399.7 million in 2031.
Growth in the historic period resulted from increasing military expenditure, increasing the use of Military Drones, increasing government funding for military drones and low interest rates. Factors that negatively affected growth in the historic period were defense budget reductions in developed nations, political uncertainties, high currency rate fluctuations, geopolitical tensions and the coronavirus pandemic. Going forward, an increase in government funds and increasing internal and external security threats will drive market growth. Factors that could hinder the growth of the Military Drones Market in the future include increased cyber-attacks and stringent regulations.
The global military Drones Market is moderately fragmented, with a large number of regional players operating in the market. The top ten competitors in the market made up to 43.51% of the total market in 2021. Major players in the market include Northrop Grumman Corp, Thales Group, The Boeing Company, Raytheon Technologies Corporation, General Atomics Aeronautical Systems, Inc, Aerovironment, Inc, Elbit Systems Ltd., Israel Aerospace Industries Ltd. and Textron Inc.
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The military drones market is segmented by drone type into MALE, HALE, TUAV, UCAV, SUAV. The UCAV market was the largest segment of the military drones market by drone type, accounting for 34.8% of the total market in 2021. The HALE market is expected to be the fastest-growing segment in military drones market drone type, going forward at a CAGR of 7.6% during 2021-2026 period.
The military drones market is segmented by type into fixed-wing, rotary wing, hybrid. The fixed-wing market was the largest segment of the military drones market by type accounting for 48.5% of the total market in 2021. The hybrid market is expected to be the fastest-growing segment in military drones market by type, going forward at a CAGR of 8.1% during 2021-2026 period.
The military drones market is segmented by technology into remotely operated, semi-autonomous, autonomous. The remotely operated was the largest segment of the military drones market by technology, accounting for 80.2% of the total market in 2021. The autonomous segment is expected to be the fastest-growing segment in military drones market segmented by technology, going forward at a CAGR of % during 2021-2026 period.
The military drones market is segmented by application into search and rescue, national defense, military exercises, other applications. The military exercises was the largest segment of the military drones market by application, accounting for 37.7% of the total market in 2021. The national defense segment is expected to be the fastest-growing segment in military drones market segmented by application, going forward at a CAGR of 7.6% during 2021-2026 period.
Asia-Pacific was the largest region in the military drones market, accounting for 33.7% of the global market in 2021. It was followed by North America, Western Europe and the other regions. Going forward, the fastest growing regions in the military drones market will be Western Europe and the North America, where growth will be at CAGRs of 9.5% and 9.3% respectively from 2021-2026.
The top opportunities in the military drones market segmented by drone type will arise in the UCAV segment, which will gain $2,014.2 million of global annual sales by 2026. The top opportunities in the military drones market segmented by type will arise in the fixed-wing segment, which will gain $2,548.6 million of global annual sales by 2026. The top opportunities in the military drones market segmented by technology will arise in the remotely operated segment, which will gain $4,422.8 million of global annual sales by 2026. The top opportunities in the military drones market segmented by application will arise in the military exercises segment, which will gain $2,137.9 million of global annual sales by 2026. The military drones market size will gain the most in the USA at $1,658.4 million.
Market-trend-based strategies for the military drones market include focus on strategic mergers and acquisitions, focus on use of 3D printing, use of the Internet of Things (IoT), focus on implementing autonomous systems and focusing on implementing emerging technologies such as artificial intelligence (AI).
Player-adopted strategies in the military drones market include focus on securing new contracts for expanding business operations, focus on improving revenue streams through obtaining new contracts, focus on capturing new business opportunities through expanding across new geographies and focus on launching new products.
To take advantage of the opportunities, Altus Market Research recommends the military drones companies to use 3D printing, develop autonomous drones, adopt the internet of things (IoT), expand in emerging markets, focus on regions of conflict, focus on mergers and acquisitions, provide competitively priced offerings, leverage online marketing, focus on building long-term relationships with end-users, focus on governments and target fast-growing applications.
Other Players Covered in the Report:
General Atomics Aeronautical Systems, Inc, Aerovironment, Inc, Elbit Systems Ltd, Israel Aerospace Industries Ltd, Textron Inc, Central Aircraft Manufacturing Company, ChemChina, China Academy of Launch Vehicle Technology, China Communications Construction Company, China Electronics Corporation, China National Chemical Engineering, Babcock International, BAE Systems, BMARC, BMT Group, British Aerospace, Państwowe Wytwórnie Uzbrojenia, Państwowe Zakłady Inżynierii, Polish Armaments Group, Polish Navy Shipyard, Gyrofly Innovations, Drone Livre, Santos Lab, Alexandria Shipyard, Arab American Vehicles, Arab Organization for Industrialization, Elbit Systems Ltd
