The global military drone market is forecast to be worth $17.2 billion by 2028, rising from an estimated $11.7 billion in 2022, with a CAGR of 6.6 per cent, according to a report by Valuates Reports.
During the forecast period, the military drone market expansion is anticipated to be fuelled by the growing use of drones in a variety of military applications, the research firm said.
Demand for military unmanned aerial vehicles (UAVs) will increase in the future as a result of the expanding usage of UAV technology for mapping, surveying, monitoring, transporting, and combat operations.
Variety of tasks
Increasing investments to strengthen military and defense by various governments are expected to drive the growth of the military drone market, Valuates Reports said.
Military UAVs are currently being developed for a variety of tasks, including electronic attack, strike missions, suppression/destruction of enemy air defences, network nodes, communication relays, and combat search and rescue.
Fixed-wing expected to dominate
Based on type, the fixed-wing segment is expected to dominate in the military drone market due to premium structure quality aiding in long-distance missions for surveillance.
By region, North America is expected to be the most lucrative during the forecast period owing to factors such as the presence of big players and rapid advancements in the US military, the research company added.