Military drone market to be worth $17 billion within 5 years: report
NewsSeptember 12, 2022
CHICAGO, Illinois. The military drone market will surge from $12 billion to $17 billion between 2022 and 2027 for a compound annual growth rate (CAGR) of 7.3%, according to a new report.
The report, from Markets and Markets, predicts that an increase in investments in the development and procurement of drones to enhance defense forces capabilities will fuel the market growth.
"Moreover, the increasing incidences of piracy and island grabbing in Central Asia, South America, East Africa, the Indian subcontinent, Southeast Asia, and West Africa have led to increased maritime patrolling and anti-piracy operations in these regions," the report states. "This, in turn, has led to the increased use of UAVs to carry out maritime patrolling to identify hot spots. UAVs can recognize and observe suspicious ships and safeguard routes that are of commercial importance by providing vital real-time information to concerned agencies in an effective manner."
The report predicts the subsonic segment of the market will outpace the supersonic segment, thanks to a growing demand for small drone platforms. However, the report also claims that there will be a growing demand for armed drones, particularly lethal and target drones, that will boost the >300 km/hr segment.
