PUBLISHER: The Business Research Company | PRODUCT CODE: 1552449
PUBLISHER: The Business Research Company | PRODUCT CODE: 1552449
Military drones, also known as combat drones or fighter drones refer to unmanned aerial vehicles used for intelligence, surveillance, target acquisition and reconnaissance and that carry aircraft ordnance such as missiles, anti-tank guided missiles and/or bombs.
The military drones market consists of sales, by entities (such as organizations, sole traders or partnerships), of military drones that are specifically used for military purposes, such as border surveillance, battle damage management, combat operations, communication, delivery and anti-terrorism weaponry. Drones are mainly used in situations where manned flight is considered too risky or difficult.
The global military drones market was valued at $12,632.49 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 4.0%.
Rise In Military Modernization Programs
During the historic period, the rise in military modernization programs drove the growth of the military drones market. Modernization programs allocate substantial budgets for advanced drone development, enabling rapid technological advancements. These efforts integrated cutting-edge technology into military operations, enhancing drones' strategic importance in defense, surveillance, reconnaissance and combat. Drones improve operational efficiency by providing cost-effective solutions and reducing the risks associated with manned missions. For instance, in October 2022, the US Army published the 2022 Army Cloud Plan, updating its 2020 plan, to advance its goals of digital modernization. This new plan focuses on integrating key services into the cloud environment across the enterprise, moving the Army closer to achieving its modernization objectives. The updated plan represents a strategic shift towards leveraging cloud technology for enhanced efficiency and effectiveness. Additionally, in June 2022, the Defense Minister of Canada, along with the Chief of Defense Staff and Deputy Commander of NORAD, announced Canada's initiative to modernize continental defense capabilities. The plan, supported by a $3 billion investment over six years starting in 2022-23, enhances Canadian Armed Forces (CAF) and NORAD capabilities to detect, deter and defend against emerging threats. With $1.9 billion in remaining amortization, totaling $4.9 billion on a cash basis, the initiative aims to ensure long-term security for Canadians through new and improved defense measures. Therefore, growth in the military modernization programs positively impacted the growth of the military drones market during the historic period.
Strategic Partnerships And Collaborations Among Major Players
Companies in the military drones market are focusing on collaborations and partnerships to strengthen their market position, enhance product offerings and expand their geographic reach. Through these partnerships and collaborations, companies can take advantage of emerging technologies, integrate complementary skills and reach emerging markets. For example, in December 2023, Kulr Technology Group, Inc., a US-based carbon fibre thermal management technologies manufacturing company, announced a working partnership with ParaZero Technologies Ltd., an Israel-based autonomous drone parachute systems manufacturing company, to leverage ParaZero's business network within the defense industry for applying KULR's vibration reduction technology (KULR VIBE) to helicopter and rotorcraft
fleets. Integrating KULR VIBE's software with ParaZero's SafeAir and SmartAir Trinity solutions aims to enhance drone performance, operational efficiency and safety, setting a new industry standard.
The global military drones market is highly concentrated, with large players in the market. The top ten competitors in the market made up to 50.97% of the total market in 2023.
Military Drones Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global military drones market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for military drones? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The military drones market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider military drones market; and compares it with other markets.