The global military UAV market is expected to be led by APAC, which is expected to register a value of US$5.6bn in 2029 followed by North America and Europe with US$4bn and US$3.2bn, respectively. Driven by increasing demand from the Asia-Pacific (APAC) region, the global military unmanned aerial vehicle (UAV) market is set to grow at a compound annual growth rate (CAGR) of 3.14% from US$10.9bn in 2019 US$14.8bn in 2029.
UAVs have become a key part of the armed forces across the world, as they are being extensively deployed in war zones, counter-terrorism operations and for functions such as border patrol, maritime surveillance and search & rescue. Furthermore, UAVs can lead the way into high threat environments by reducing risks for manned aircraft while challenging next-generation air defense systems. Future UAVs will feature signature management technologies, will be able to function autonomously to a greater degree with the help of artificial intelligence (AI), will include electronic warfare (EW) capabilities and will be deployable in large numbers through swarming technology.
The military UAV market is expected to be led by Asia Pacific with an estimated share of 37.8% over the forecast period followed by North America and Europe with shares of 24.8% and 24.4% respectively. The Middle Eastern market for military UAV is expected to account for a share of 9.8% followed by the African and Latin American markets with a cumulative share of 3.2%.
Cumulative spending by the Asia Pacific region in the military UAV sector is estimated at US$51.8 billion over the forecast period. This will be followed by North America and Europe with estimated values of US$33.9 billion and US$33.4 billion. The Middle Eastern military UAV market is estimated at US$13.4 billion over the forecast period, followed by African and Latin American markets at US$3.2 billion and US$1.3 billion respectively.
The report "The Global Military UAV Market 2019-2029", offers a detailed analysis of the industry, with market size forecasts covering the next ten years. This report will also analyze factors that influence demand for military UAV, key market trends, and challenges faced by industry participants.
In particular, it provides an in-depth analysis of the following -
- Market size and drivers: detailed analysis during 2019-2029, including highlights of the demand drivers and growth stimulators. It also provides a snapshot of the spending and modernization patterns of different regions around the world
- Recent developments and industry challenges: insights into technological developments and a detailed analysis of the changing preferences of military UAVsegments around the world. It also provides trends of the changing industry structure and the challenges faced by industry participants
- Regional highlights: study of the key markets in each region, providing an analysis of the key segments of the market that are expected to be in demand
- Major programs: details of the key programs in each segment, which are expected to be executed during 2018-2028
- Competitive landscape and strategic insights: analysis of the competitive landscape of the global market. It provides an overview of key players, together with information regarding key alliances, strategic initiatives, and financial analysis
Companies mentioned: Israel Aerospace Industries, EMT Ingenieurgesellschaft, AAI Corporation, BlueBird Aero Systems, Singapore Technologies Aerospace, Airbus, Boeing, General Atomics Aeronautical Systems Inc., AeroVironment, Aeronautics Ltd., Elbit Systems Ltd., Northrop Grumman Corporation, Dassault Aviation SA., Denel Dynamics, Korea Aerospace Industries, BAE Systems, Saab
- The Military UAV Market, valued at US$10.9 billion in 2019, is projected to grow at a CAGR of 3.14% over the forecast period, to reach US$14.8 billion by 2029.
- Realizing the benefits provided by UAVs as force multipliers, various countries are allocating substantial defense budgets to the R&D and procurement of advanced UAVs.
- UCAVs and HALE UAVs are more in demand by major defense spenders such as the US, Russia, the UK, and China, whereas MALE UAVs and TUAVs are finding growing markets in developing countries such as India, Brazil, and the UAE.
Reasons To Buy
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- Strengthen your understanding of the market in terms of demand drivers, industry trends, and the latest technological developments, among others
- Identify the major channels that are driving the global military UAV market, providing a clear picture about future opportunities that can be tapped, resulting in revenue expansion
- Channelize resources by focusing on the ongoing programs that are being undertaken by the internal ministries of different countries within the global military UAV market
- Make correct business decisions based on thorough analysis of the total competitive landscape of the sector with detailed profiles of the top military UAV providers around the world which include information about their products, alliances, recent contract wins and financial analysis wherever available.