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Global Military Drone Market Projected To Reach $26 Billion By 2028

PR Newswire - Thu Feb 23, 7:45AM CST News Commentary

PALM BEACH, Fla., Feb. 23, 2023 /PRNewswire/ -- The Military and Government drone market has been rapidly expanding for the last several years and are expected to continue to grow at a substantial pace in the years to come. A report from Vantage Market Research projected that the Global Military Drone Market is projected to reach a value of USD 26.0 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 11.7% over the forecast period. The report said: "Military Drones can quickly search vast areas, identify a person in need of assistance based on their thermal signature, assess their condition and surroundings with high-definition video, and communicate in real-time to ground resources the victim's location, ground accessibility issues, and other information that is crucial to ground resource assets trying to reach victims. The market for Military Drones is anticipated to develop because of this factor. Due to an increase in the military budget and a rise in demand for better surveillance technologies, the market for Military Drones has expanded globally… Additionally, the factor anticipated to present growth prospects during the forecast period is defense modernization. The market for Military Drones is anticipated to rise as more nations try to bolster their armed forces and defense. Military UAVs are primarily used for ISR (intelligence, surveillance, and reconnaissance) purposes. Military UAVs are currently being developed for various tasks, including electronic attack (EA), strike missions, suppression/destruction of enemy air defenses (SEAD), network nodes, communication relays, and combat search and rescue." Active companies in the markets this week include: Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO), The Boeing Company (NYSE: BA), Raytheon Technologies' (NYSE: RTX), Northrop Grumman Corporation (NYSE: NOC), Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS).


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