NEW YORK, Nov. 23, 2021 /PRNewswire/ -- The global defense drone market is expected to witness massive growth in forecast period, owing to increasing defense expenditure in many countries around the world. The Asia-Pacific region is anticipated to observe fastest growth by 2028.
Research Dive in its latest published report estimates that the Global Defense Drone Market will generate $16,902.0 million and exhibit a CAGR of 7.9% from 2021 to 2028.
Impact of COVID-19 Pandemic on the Defense Drone Market
The COVID-19 pandemic has unfavorably impacted the global defense drone market growth. The negative impact on the defense drone market size and share is mainly due to lockdowns imposed across the globe, which has disturbed manufacturing and supply chain defense equipment. Besides, major companies in this sector, such as Lockheed Martin Corporation, Northrop Grumman Corporation, and others have experienced a drop in demand in the defense drone market during the pandemic period.
The threat of terrorist activities is increasing across the globe. Besides, the defense expenditure in many countries worldwide is increasing for upgradation and procurement of unmanned surveillance and attack product type. These factors are predicted to boost the growth of the global defense drone market during the forecast period. Moreover, technological advancements in drones and the surge in R&D of military aviation navigation product type and surveillance the factors predicted to create huge growth opportunities for the market by 2028. However, the high cost of manufacturing and operations associated with defense drones is expected to hamper the market growth during the estimated timeframe.
The research report segments the global defense drone market into product type, payload, application, range, and region.
Based on product type, the multirotor systems sub-segment is estimated to surpass $6,869.4 million by 2028 and witness lucrative growth during the forecast period. This sub-segment growth of the global defense drone market is mainly due to the surge in development of unmanned rotorcrafts and quadcopters.
Based on payload, the small drones sub-segment is estimated to generate a revenue of $7,901.2 million by 2028 and hold dominating market share over the forecast period. This is majorly owing to effectiveness of small drones to lift a payload up to 25 kg, and perform computerized command, communication, control, and information functions.
Based on application, the combat operations sub-segment is expected to generate a revenue of $6,556.2 million by 2028 and is predicted to witness fastest growth during the analysis period. This is mainly due to the rising need for upgrading the existing unmanned aerial attack systems for threat elimination missions and target identification in the military aviation.
Based on range, the short range sub-segment accounted for $3,652.9 million in 2020 and is anticipated to hold the majority of market share during the forecast period. This is mainly due to low noises generated by short range drones owing to which the adversaries are less likely to detect their presence. Besides, short range drones can hover over an area that is longer than manned aircrafts, which is another factor predicted to boost the sub-segment' growth in the defense drone market by 2028.
Based on region, the Asia-Pacific market for defense drone is expected to surpass $4,071.7 million by 2028 and witness fastest growth in the global industry over the forecast period. The increasing military expenditure of major countries in the region, such as China, India, Japan, Australia, and others is the major factor predicted to boost the regional market growth by 2028.
1. General Atomics Aeronautical Systems, Inc. 2. Northrop Grumman Corporation, 3. Lockheed Martin Corporation 4. Elbit Systems Ltd., 5. Textron Systems, 6. AeroVironment, Inc. 7. Thales Group 8. Boeing 9. Israel aerospace industries ltd 10. SAAB Group.
These players are focusing on product launches, technological advancements, and strategic collaborations to gain a competitive in the global market.
For instance, in January 2021, IdeaForge, a player in unmanned aerial vehicle (UAV) technology received and signed a $20 million contract with the Indian Army, to procure undisclosed quantities of a high-altitude variant of an indigenous systems used in surveillance operations, 'SWITCH UAV.'
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
About Research Dive: Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.