Harrisburg, NC -- (SBWIRE) -- 10/21/2020 -- The Military Drones Market report is a valuable source of insightful data for business strategists. It provides the industry overview with growth analysis and historical & futuristic cost, revenue, demand, and supply data (as applicable). The research analysts provide an elaborate description of the value chain and its distributor analysis. This Market study provides comprehensive data that enhances the understanding, scope, and application of this report.
The global military drones market is expected decline from $13.55 billion in 2019 and to $11.83 billion in 2020 at a compound annual growth rate (CAGR) of -12.70%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and reach $20.16 billion in 2023 at CAGR of 19.45%.
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The North American market is the largest market for military drones and is expected to continue to be the largest market during the forecast period.
Drone swarm technology is growing its popularity in the military drones market due to its cost efficiency and high fire-power. Drone swarms are a large group of small drones that coordinate with each other to perform actions such as a survey of enemy territories, search and rescue and attacks on hostile objects. Drone swarm technology involves the production of several small cheap drones than one large expensive drone, therefore offering military drone manufacturers and end-users efficiency in terms of cost and time. With the use of advanced swarm technologies, military and armed forces can effectively carry out lethal drone strikes in multiple places at once. For instance, Microsystems developed a drone swarming system called the WOLF-PAK in 2017 which has the capability to fly small drones in groups and make them split away from the group whenever necessary. In 2019, the U.S Defense Advanced Research Projects Agency (DARPA), and the U.S Air Force Research Lab are investing on a project called Gremlins involving multiple controlled micro-drones that drop out of cargo planes to swarm enemy defenses.
The military drones market covered in this report is segmented by drone type into MALE, HALE, TUAV, UCAV, SUAV. It is also segmented by type into fixed-wing, rotary wing, hybrid, by technology into remotely operated, semi-autonomous, autonomous and by application into search and rescue, national defense, military exercises, others.
The production and delivery are the two factors likely to limit the development of military drone's market during 2020. The COVID19 outbreak impacted the supply chains for various industries including the auto industry, electronics industry, food industry, pharma industry, and defense industry across the globe. Many manufacturing plants are operating at minimal capacities or have shut down their operations completely. According to Air Force Technology publication on 7th April 2020, COVID19 disrupted defense supply chains. The production and assembling activities have been stopped by the big companies owing to the COVID19 lockdowns. Therefore, the productions and disruptions are deteriorating the distribution and supply of military drones, which in turn, is expected to decline the military drones sales during 2020.
In November 2018, Elbit Systems, an aerospace and defense company, acquired IMI (Israel Military Industries) for $500 million. This acquisition would strengthen Elbit systems to plan and enhance its product portfolio by utilizing the innovative small arm systems of IMI to expand its growth in the military weapons market. Israel Military Industries (IMI) is a defense weapon system house, specializing in the development and manufacture of weapons, military technology, offensive and defensive solutions for the modern battlefield, home land security and global terror. Israel Military Industries was founded in 1933 and is headquartered in Israel.
Scope of the Report:
Markets Covered: 1) By Drone Type: MALE; HALE; TUAV; UCAV; SUAV
2) By Type: Fixed-Wing; Rotary Wing; Hybrid
3) By Technology: Remotely Operated; Semi-Autonomous; Autonomous
4) By Application: Search and Rescue; National Defense; Military Excercises; Others
Companies Mentioned: Northrop Grumman; Lockheed Martin; Boeing; AeroVironment; General Atomics
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita, Military Drones indicators comparison.
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Influence of the Military Drones Market Report:
-Comprehensive assessment of all opportunities and risks in the Military Drones market.
-The detailed study of business strategies for the growth of the Military Drones market-leading players.
-Conclusive study about the growth plot of the Military Drones market for forthcoming years.
-In-depth understanding of Military Drones market-particular drivers, constraints, and major micro markets.
-Favorable impression inside vital technological and market latest trends striking the Military Drones market.
What are the market factors that are explained in the report?
-Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
-Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
-Analytical Tools: The Global Military Drones Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter's five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.
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