Military UAV market to be worth $26.8 billion by 2025, study says
NORTHBROOK, Ill. The global market for military drones or unmanned aerial vehicles (UAVs) is projected to grow from $12.1 billion in 2018 to $26.8 billion by 2025, at a combined annual growth rate (CAGR) of 12.00 percent from 2018 to 2025, according to a new study by MarketsandMarkets, "Military Drones Market by Type, Application (ISRT, Delivery and Transportation, Combat Operations, Battle Damage Management), Range (VLOS, EVLOS, BLOS), Propulsion Type, Launching Mode, Endurance, MTOW, Region - Global Forecast to 2025."
Growth in the sector will be driven by several factors, including increasing use of UAVs in intelligence, surveillance, reconnaissance, and target acquisition (ISRT) applications; additional combat operations around the globe; and improvements in flight-control systems as sense-and-avoid technology matures.
The delivery and transportation application segment of the military drones market is projected to grow at the highest CAGR from 2018 to 2025, according to the forecast; this growth can be attributed to the increased adoption of UAVs for military applications such as inspection, monitoring, surveying, mapping, and remote sensing, along with providing supplies to troops. Also boosting the use of UAVs in military applications are such applicable properties of UAVs as superior endurance, high efficiency, and low operating costs.
Based on range, the study finds that the extended visual-line-of-sight (EVLOS) segment of the military drone market will grow at the highest CAGR during the forecast period. Small UAVs, which are included in the EVLOS category, are primarily used in surveillance, monitoring, and target-acquisition applications. Driving the growth of this segment during the forecast period: Increasing defense budgets of various countries across the globe.
For additional information on this study, please visit the MarketsandMarkets website.