The global military drones market is expected decline from $13.6 billion in 2019 and to $11.8 billion in 2020 at a rate of -12.7%. 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 $20.1 billion in 2023 at a rate of about 19.5%. Increasing government funding on military drones to enhance efficiency in military operations boosts the demand for the production of military drones.
However, production and delivery are the two factors likely to limit the development of military drone’s market during 2020.
The military drones market consists of sales of military drones and related services. Military drones are specifically used for military purposes such as border surveillance, battle damage management, combat operations, communication, delivery, and anti-terrorism weaponry.
Military drones include tactical drones, MALE (medium altitude, long endurance) drones, HALE (high altitude, long endurance) drones, TUAV (tactical unmanned air vehicle) drones, UCAV (unmanned combat air vehicle) drones, SUAV (small unmanned air vehicle) drones, and others.
Drone swarm technology is growing its popularity in the military drones market due to its cost efficiency and high fire-power. Drone swarm technology involves the production of several small cheap drones than one large expensive drone, offering military drone manufacturers and end-users efficiency in terms of cost and time.
EIN Press Wire
