LONDON, June 23, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the military drones market, companies in the military drone market are focusing on utilizing the Internet of Things (IoT) within operations on systems used on the ground and in the air. Armed forces can survey the battlefield using unmanned aerial drones outfitted with cameras and sensors thanks to the IoT. These drones can capture live images, map the terrain and locate enemies, and transmit real-time data to the command center.
For instance, in 2019, Asteria Aerospace, a leading manufacturer of surveillance and security drones in India, announced the launch of GenesisTM, an IoT network platform for all drones. Genesis is a secure enterprise software platform to enable organizations and the military to effectively use and manage fleets of drones in surveillance and security operations.
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The global military drones market size is expected grow from $ 13.31 billion in 2021 to $ 14.19 billion in 2022 at a compound annual growth rate (CAGR) of 6.6%. The growth in the market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The military drone market share is expected to reach $ 18.30 billion in 2026 at a CAGR of 6.6%.
Increasing government funding for military drones will drive the growth of the military drones market. Growing government funding for military drones to improve military operational efficiency boosts demand for military drone production. In February 2022, the Canadian federal government officially launched a competition for the purchase of armed drones after nearly two decades of delays and discussion around whether Canada should buy the controversial weapons. Two companies were shortlisted to bid on the $5-billion contract, which could see the Canadian Armed Forces launch a fleet of unmanned aerial vehicles in the next few years, increasing the growth of the military UAV drone market.
Major players in the military drones market are Northrop Grumman, Lockheed Martin, Boeing, AeroVironment, General Atomics, Textron, Elbit Systems, Israel Aerospace Industries, Thales, China Aerospace Science And Technology Corporation.
The global military drones market analysis is segmented by drone type into MALE, HALE, TUAV, UCAV, SUAV; by type into fixed-wing, rotary wing, hybrid; by technology into remotely operated, semi-autonomous, autonomous; by application into search and rescue, national defense, military excercises, others.
Asia Pacific was the largest region in the military drones market in 2021. Western Europe is expected to be the fastest growing region in the forecast period. The regions covered in the global military drone market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Military Drones Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide military drones market overviews, military drones market analyze and forecast market size and growth for the whole market, military drones market segments and geographies, military drones market trends, military drones market drivers, military drones market restraints, military drones market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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