Title: Military Drone Market
1Fortune Business Insights published the above
information in a recent report, titled, Global
Military Drone Market Size, Share Industry
Analysis, By Type (Fixed- Wing, Rotary-Wing, and
Hybrid/Transitional), By Range (VLOS, EVLOS, and
BLOS), By Propulsion Type (Battery Powered, Fuel
Cell, and Hybrid Cell), By Technology (Remotely
Operated Drone, Semi-Autonomous Drone, and
Autonomous drone), By Application (ISRT, Delivery
and Transportation, Combat Operations, Battle
Damage Management and Others) and Regional
Forecast, 2019-2026. As per the report, the
military drone market size is projected to reach
USD 21.76 billion by 2026, at a CAGR of 12.4
during the forecast period. However, it stood at
USD 7.93 billion in 2018. The global military
drone market size is set to gain traction from
their increasing demand from the defense sector
as they possess high surveillance capability.
Besides, these drones are nowadays equipped with
several state-of-the-art technologies, namely,
cloud computing-based services, multi-sensor
data fusion for UAV navigation, and artificial
intelligence (AI). It would affect the market
positively in the coming years. Increasing
Border Disputes in Developing Nations to Propel
Growth Armed forces worldwide are mainly
focusing on bolstering their defense domain owing
to increasing transnational security threats, as
well as border security issues. This, in turn,
is upsurging the expenditure on defense in the
developing economies. The countries in Asia
Pacific, for instance, are at present going
through several border disputes. China is
focusing on enhancing its defense sector with the
help of government support. The government of
China spent USD 177.61 billion on improving
combat capabilities and developing
infrastructure for the armed forces. These
factors are anticipated to propel the military
UAV market growth in the coming years.
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-102181 - Fortune Business Insights profiles list of all
the reputed organizations present in the
military drone market. They are as follows - Thales
- Boeing
- Leonardo S.P.A.
- Aeronautics
- General Atomics
- Saab
- Lockheed Martin
- Textron
- Lockheed Martin
- Israel Aerospace Industries
- Raytheon
- Aerovironment
- China Aerospace Science and Technology
Corporation - Elbit Systems
2- 102181
- North America to Dominate Backed by Rising
Research Development Activities - In terms of region, the market is segregated into
Latin America, the Middle East and Africa,
Europe, North America, and Asia Pacific. Out of
these, North America is considered to house the
largest market and is expected to lead in terms
of military drone/unmanned aerial vehicle (UAV)
market revenue during the forthcoming years. The
region held USD 4.67 billion share in 2018. This
growth is attributable to increasing research
and development activities to develop new drones.
Apart from that, joint ventures by industry
giants, as well as rising investments in
developing technologically advanced drones for
supporting numerous military applications, would
accelerate growth in this region. In addition to
that, countries, such as Canada and the U.S. are
adopting military drones for maritime and border
surveillance. - Asia Pacific, on the other hand, is expected to
showcase the highest CAGR owing to the upsurging
demand for military drones in countries, namely,
Japan, India, and China. AeroVironment, Inc., a
defense contractor based in California, teamed up
with the government of India to produce Raven, a
unique hand-launched drone. The Middle East
Africa would experience considerable growth as
Israel is one of the largest exporters of drones
for military use. The deployment of UAVs and
their sub-systems are also increasing in Turkey. - Key Players Focus on Gaining Contracts to
Strengthen Position in Market - The market consists of numerous big, small, and
medium enterprises that are striving
persistently to gain the maximum military
unmanned aerial vehicle market share during the
forecast period. For that, they are signing new
contracts and agreements with the other renowned
military UAV companies. Below are a couple of the
latest key industry developments - December 2019 Northrop Grumman, an aerospace and
defense technology company headquartered in
Virginia, received a contract worth USD 251.5
million from the U.S. Navy to deliver four MQ-4C
Triton drones. This modification procures three
low rate initial production lot 4 MQ-4C Triton
unmanned aircraft, tooling, trade studies,
ground stations, and other related support
equipment. The MQ-4C Triton is a long-endurance,
high altitude drone that is created under the
Broad Area Maritime Surveillance (BAMS) program. - August 2019 AeroVironment, Inc. bagged a
contract worth USD 45 million from - the U.S. Army for RQ-11B Raven small unmanned
aircraft systems (UAS). Raven is one of the most
widely utilized small UAS in the U.S. Armys
fleet. It is a fully hand-launched and
man-portable small UAS specially designed for
land-based operations. - Get Your Customized Research Report on Military
Drone - Market https//www.fortunebusinessinsights.com/en
quiry/customization/mil itary-drone-market-102181
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