The military drone market is expected to bring in $34.34 billion by 2031:
Portland, OR, Aug. 16, 2022 (GLOBE NEWSWIRE) — According to the report released by Allied Market Research, the military drone market generated $11.60 Billion in 2021 and is projected to reach $34.34 Billion by 2031, growing at a CAGR of 11.7% from 2022 to 2031. The research provides detailed analysis of changing dynamics market, value chain, key segments and regions, and competitive landscape. This report offers useful information for investors, key players, shareholders and new entrants in developing strategies to achieve sustainable growth and gain a strong market position.
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Military Drones Industry Report Coverage and Details:
|Market size in 2021||$11.60 billion|
|Market size in 2031||$34.34 billion|
|Number of pages in the report||337|
|Segments Covered||Type, range, technology, application and region.|
|Drivers||Increase in military spending.|
|Increased demand for an improved monitoring solution.|
|holds back||High cost of UAV solutions|
- The Covid-19 pandemic has led to economic uncertainty and many countries have redirected their resources to the health sector to manage the crisis. This has led to a reduction in defense sector budgets in several countries such as the United States, France, India and Israel.
- The number of commercial contracts planned development of military drones greatly reduced during the pandemic.
- Most drone manufacturing facilities have been closed during the pandemic due to restrictions on raw material import-export activities, unavailability of labor and supply chain disruptions . Investments in new projects have dropped significantly due to lower revenues in the global industry.
- Manufacturers of military drones have faced challenges such as revenue crisis and maintenance costs. However, investments and development activities are expected to increase steadily after the pandemic.
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The research offers detailed segmentation of the global military drones market on the basis of type, range, technology, application, and region. The report also analyzes sub-segments within these segments to help market players, investors, and startups determine what steps to take to increase revenue in various segments.
By type, the fixed-wing segment held the highest share in 2021, accounting for more than three-fifths of the total share, and is expected to maintain its leading status over the forecast period. However, the rotary wing segment is expected to register the highest CAGR of 13.5% from 2022 to 2031. The research also analyzes the hybrid segment.
Based on range, the beyond-line-of-sight segment accounted for the highest share in 2021, contributing nearly three-fifths of the global military drone market, and is expected to maintain its revenue lead over the course of 2021. of the forecast period. However, the extended beyond line of sight segment is expected to show the highest CAGR of 13.9% from 2022 to 2031. The report also discusses the visual line of sight segment.
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Based on the technology, the remote control segment accounted for the highest share in 2021, holding more than two-thirds of the total market share, and is expected to maintain its revenue lead during the forecast period. However, the standalone segment is expected to grow at the highest CAGR of 14.9% during the forecast period. The study also offers an analysis of the semi-autonomous segment.
Based on applications, the intelligence, surveillance, reconnaissance and target acquisition segment contributed the largest market share in 2021, accounting for more than two-fifths of the global military drone market. Moreover, this segment will maintain its highest contribution by 2031. However, the delivery and transportation segment is expected to grow at the highest CAGR of 13.3% from 222 to 2031. The research offers insights into segments, including combat and other operations.
Based on region, North America held the largest share in 2021, contributing more than two-fifths of the total market share, and will maintain its dominant share throughout the forecast period. However, Asia-Pacific is expected to show the fastest CAGR of 13.0% during the forecast period. The report also analyzes regions including Europe and LAMEA.
The major players of the global military drones market analyzed in the research include Aeronautics Group, Anduril Industries, Aerovironment, Inc., Asteria Aerospace Ltd., Animal Dynamics, Elbit Systems Ltd., Boeing, Israel Aerospace Industries, General Atomics, SAAB AB, Shield AI, Northrop Grumman Corporation, Teledyne FLIR LLC, Teal Drones, Inc. and Thales Group. The report analyzes each of these market players to determine the competitive scenario and offers insights into their business performance.
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