Military drone market to reach $22 billion by 2029: reportNews
April 10, 2023
PUNE, India. A new report predicts that the global military drone market will soar from $9.3 billion in 2020 to $21.93 billion by 2029 for a compound annual growth rate of 12.56% over the next six years.
The report, from Exactitude Consultancy, states that the surveillance capabilities of drones are a top driver of growth in the defense sector, but there are other factors at play.
"The military drone market share is driven by factors such as battle damage management, combat operations, and delivery and transportation services across the globe," the report states. "Militaries across the globe are procuring drones to support their combat missions. Growing demand to provide real-time images is also a propelling battle damage management application."
The market is dominated by General Atomics, Boeing, Northrop Grumman, and Lockheed Martin in particular, although the report states there are other major players.
"Overall, the military drone market is expected to continue growing in the coming years, driven by increasing demand for unmanned aerial vehicles for a range of military applications," the report states. "However, the market is also facing challenges related to regulatory issues, safety concerns, and the need for skilled operators and maintenance personnel."