Military Drone Market to cross $13bn by 2024

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Military Drone Market to grow at 12 CAGR from
2017-2024 Global Market Insights Inc.
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Industry Overview

• Military Drone Market will have a market value of
  more than USD 13 billion by 2024, driven by
  growing demand from developing economies. The
  military drone market growth is credited to
  increasing investments in the drone technology by
  military and defense departments. The government
  across the countries are spending heavily to
  increase their UAV fleet size. The U.S. federal
  government has allocated approximately 4.5
  billion for drone procurement in the 2017 budget
  proposal. The proposal indicates a paradigm shift
  in the technology, as the major drone procurement
  program was launched, with the funding assigned
  for new research and development. Similarly, the
  government of India has also formed an alliance
  with the General Atomics to deliver 22 sea
  guardian drones worth approximately USD 2.0
  billion. The South Korean government has also
  announced a five-year plan to invest more than
  USD 1 billion in the industry for the next five
  years.
• The advancements in the UAV technology will also
  foster the military drone market growth. The
  integration of advanced machine learning
  algorithms and artificial intelligence in the
  drones will fuel their demand for traffic
  monitoring, surveillance, and spy applications.
  For instance, the U.S. Customs and Border
  protection is using drones for monitoring the
  Mexican-American Border and the Department of
  Homeland Security and the Federal Bureau of
  Investigation (FBI) are using drones for law
  enforcement and protection. However, the safety
  and security issues associated with the use of
  drones and stringent government regulations
  across the countries are estimated to hinder the
  military drone market growth.

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• The military drone market adoption for border
  patrolling applications is gaining momentum due
  to their capability to effectively monitor
  borders without serious collateral damages and
  ensuring the safety of the border security
  personnel. In September 2017, the U.S. Customs
  and Border Protection Agency began testing small
  drones for border surveillance in operational
  sectors in Arizona, Texas, and Vermont. The
  drones were evaluated for their capabilities for
  intelligence, reconnaissance, surveillance,
  tracking, and acquisition in regions that are at
  a high risk for ground personnel and manned
  aircraft. In November 2017, the Indian Army to
  maintain a strict vigil at the China and Pakistan
  border accepted tender inquiries for acquiring
  600 mini UAVs. Due to consistent infiltration
  bids at the Pakistan border, UAVs will be
  procured for the infantry battalions of the
  Indian Army.
• Asia Pacific military drone market is anticipated
  to grow at a CAGR of 17 during the forecast
  period. The growth of the market is attributed to
  the growing demand for the drones from the
  developing economies including India and China.
  China accounts for more than 50 share in the
  Asia Pacific market, driven by the increasing
  investments by the Chinese government for the
  procurement of the drones. The government is
  focusing on enhancing the domestic production of
  drones to reduce the imports from the U.S. For
  instance, in July 2017, China started the
  production of the CH5 Rainbow that will cost half
  as compared to the U.S. MQ-9 Reaper.

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U.S. Military Drone Market Share, By Product, 2016

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Industry Coverage

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• The global military drone market is characterized
  by the presence of both major market players with
  diverse product portfolios and start-ups that
  provide niche products, solutions, and services.
  The major vendors in the military drone market
  are Aerovironment, Inc., BAE Systems, Inc.,
  Boeing, China Aerospace, General Atomic, Israel
  Aerospace Industries Ltd., Northrop Grumman,
  Leonardo, Lockheed Martin, and Textron Systems.
  Moreover, there is a stiff competition among
  innovation leaders as they are characterized by
  technological advancements to develop improved
  drone analytics and intelligence solutions as
  well as strategic alliances.

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