(MENAFN- market Press Release) July 25, 2024 10:15 am - The drone warfare market size is poised to experience growth, advancing from USD 20.1 billion in 2023 to reach USD 30.5 billion by 2028, with a Compound Annual Growth Rate (CAGR) of 8.6%.
The report "Drone Warfare Market Size, Share & industry Growth Analysis Report, By Capability (Platform, Application Software, Services, GCS, Drone launch & Recovery systems), Application, Mode of Operation & Region - Global Forecast to 2028" The drone warfare industry is anticipated to experience substantial growth, increasing from USD 20.1 billion in 2023 to USD 30.5 billion by 2028 with CAGR 8.6%.
This growth is driven by increased investments in advanced military solutions to enhance defense forces' capabilities. The rise in piracy and territorial encroachments in regions like Central Asia, South America, East Africa, the Indian subcontinent, Southeast Asia, and West Africa has led to heightened maritime patrolling and anti-piracy operations. As a result, there is a growing reliance on Unmanned Aerial Vehicles (UAVs) for maritime patrolling and identifying potential hotspots.
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Key Market Players:
The Major Players includes Northrop Grumman Corporation (US), Raytheon Technologies Corporation (US), Israel Aerospace Industries Ltd. (Israel), General Atomics Aeronautical Systems (GA-ASI) (US), and Teledyne FLIR LLC (US).
Drone Warfare Industry Segmentation:
Based on Capability, the Application software segment for drone warfare industry is anticipated to record the highest growth rate during the forecast period.
Based on capability, The drone warfare industry landscape is undergoing a rapid transformation, In the ever-changing landscape of warfare, software has emerged as the hidden power driving drone technology. No longer just flying machines, drones are now guided by sophisticated application software, acting as strategists, analysts, and tacticians. This software isn't merely the pilot; it's the brains behind the operations, making every drone more effective and precise.
The market for drone warfare software is set for massive growth due to several reasons. Technological advancements in AI and data analytics empower this software to handle complex tasks like identifying targets and planning missions independently. Militaries worldwide are embracing drones for various purposes, increasing the demand for advanced software to manage these aerial tools effectively. Global conflicts and the cost-effectiveness of drones compared to traditional military assets further fuel this demand. Beyond warfare, this software's capabilities extend to disaster response, border security, environmental monitoring, and precision agriculture, showcasing its potential in various fields. The future of drone warfare industry hinges on the evolution of this application software, promising limitless possibilities both on the battlefield and in civilian applications
Based on Capability, the repair and maintenance segment for drone warfare industry are estimated to register large share in the base year.
Based on repair and maintenance, In the captivating world of drone warfare, where sleek drones rule the skies, the underestimated are the Repair and Maintenance Service Teams. These behind-the-scenes crews work tirelessly, diagnosing issues and performing crucial repairs to keep drones in top shape for critical missions. Their role has become increasingly vital due to the soaring growth of the global drone warfare market. With drones becoming more complex, these teams offer specialized expertise necessary for proper maintenance, ensuring operational uptime in the high-pressure environment of warfare. Their work isn't just about fixing machines; it's about safeguarding missions, maximizing value for military budgets, and prioritizing safety for both troops and civilians.
Regional Analysis of Drone Warfare Industry
The North America region is projected to be high growth potential markets for the drone warfare industry during the forecast period.
The drone warfare industry in the North American region has been studied for the US and Canada. The North America registered largest share in drone warfare market in 2022. This large share is attributed to the presence of large number of military UAV manufacturers in US such as General Atomics, Lockheed Martin Corporation, Raytheon Technologies Corporation, and Northrop Grumman. Moreover, technological upgrades in armed UAVs, have fueled the growth of the drone warfare market in US.
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Besides, the supporting regulation formed by Federal Aviation Administration (FAA), which allow the flying of military, private, and commercial drones in US airspace. This move led to an increase in the number of UAVs deployed in the defense sector of the US. The use of UAVs for military applications is also projected to grow during the forecast period, owing to counter-terrorism operations being carried out by the US. Constant development by key players to provide advanced military solution and high defense budget are boosting the adoption of drone technology in North America.
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