Market Size of Military Unmanned Aerial Vehicles Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | > 4.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Military Unmanned Aerial Vehicles Market Analysis
The military unmanned aerial vehicles market is expected to grow with a CAGR of over 4% during the forecast period (2022-2027).
The impact of COVID-19 on the market is low. Though military UAV manufacturing facilities experienced supply chain issues in 2020, the situation came to normalcy by the end of the year. On the other hand, there is no major impact on the demand side dynamics of the market, as the global military spending on unmanned aerial vehicles remained unaffected. According to the Stockholm International Peace Research Institute (SIPRI), the global military expenditure surpassed two trillion US dollars for the first time, reaching USD 2113 billion. The global military spending in 2021 was 0.7% higher than in 2020.
Advancements in newer-generation military UAVs are unlikely to stop and may experience accelerating growth in the future. To succeed in critical military missions, real-time information can be the most powerful weapon for warfighters, commanders, and troops to protect themselves. Hence, tailoring their response to the threat requires superior tactical intelligence, surveillance, and reconnaissance. This is generating the demand for UAVs from the armed forces across the world, thus, driving the market growth.
