The global military drone market size is anticipated to hit USD 30.86 billion in 2029 and exhibit a CAGR of 14.82% during the forecast period. The rising military drone procurement by defense forces and expanding military budgets are expected to foster growth for the market. Fortune Business Insights TM has presented this information in its report titled, Military Drone Market, 2022-2029. The market size stood at USD 10.25 billion in 2021 and USD 11.73 billion in 2022.
Additionally, the increasing incorporation of artificial intelligence (AI) with autonomous flight systems is estimated to be a key trend stimulating the market growth.
COVID-19 Impact-
Disruption in Supply Chain Analysis Due to COIVD-19 to Affect Market Growth
The market has experienced an exceedingly harmful impact of the coronavirus pandemic. The reduced purchases of defense equipment and fewer military contracts have affected the market growth. Moreover, various countries such as Israel, India, the US, and France cut their defense budgets and allocated those funds to the healthcare sector. However, cross-border disputes and terrorism grew during the pandemic, which bolstered military drone demand.
Segments-
On the basis of product type, the market is fragmented into rotary wing, hybrid wing, and fixed wing. On the basis of technology, the market is trifurcated into autonomous drones, semi-autonomous drones, and remotely operated drones. On the basis of range, the market is divided into Beyond Line of Sight (BLOS), Extended Visual Line of Sight (EVLOS), and Visual Line of Sight (VLOS). On the basis of system, the market is categorized into software, payloads, propulsion, avionics, airframe, and others. On the basis of applications, the market is segregated into logistics transportation, battle damage management, combat operations, Intelligence, Surveillance Reconnaissance and Targeting (ISRT), and others. Geographically, the market is classified into North America, Asia Pacific, Europe, and the rest of the world.
Browse Summary
https://www.fortunebusinessinsights.com/military-drone-market-102181
