Combat drone market to surge by $1.39 billion over next 5 years: report
NewsAugust 07, 2024
NEW YORK, New York. Growing export demand from smaller economies will fuel a $1.39 billion growth in the unmanned combat aerial vehicle (UCAV) market from 2024 through 2028 for a compound annual growth rate of 8.09%, a new report predicts.
The report, from Technavio, states that smaller economies are trying to develop long-range spy combat drones, although the development of anti-drone technology poses a challenge.
Key market players include AeroVironment, BAE Systems, Elbit Systems, General Atomics, Lockheed Martin, Northrop Grumman, Boeing, and more.
"Unmanned Combat Aerial Vehicles (UCAVs) have become essential tools for national security, with their use expanding beyond surveillance and reconnaissance to include weapon systems," the report states. "Military electronics industry advancements have enabled the integration of weapons and advanced command, control, communication, computers, intelligence, surveillance, and reconnaissance (C4ISR) systems into UCAVs."
China is leading UCAV development worldwide with heavy investment in research and development, the report adds.
