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Global Military UAV Market to Reach $9.9 Billion in 2017
November 7, 2017 | PRNewswireEstimated reading time: 1 minute
UAVs have gained significant importance in recent years, as they are being extensively deployed in war zones and counter-terrorism operations, especially in South Asia and the Middle East. Furthermore, UAVs can lead the way into higher risk areas by reducing risks for manned aircraft while challenging next-generation air defenses system using stealth technology. Future UAVs will be quite stealthier, faster, and highly advanced equipped for more autonomous and more lethal electronic warfare, and would be able to deploy a large set of mini-UAVs in swarm groups.
Global military UAV market is expected to be valued at US$9.9 Billion in 2017, and will grow at a CAGR of 4.32%, to US$15.2 Billion by 2027. The cumulative market for global expenditure on military UAVs will reach US$133.3 Billion over the forecast period. The demand for UAVs is expected to be driven by internal and external security threats, territorial disputes, and modernization initiatives undertaken by Armed Forces across the world.
Category-wise, UCAVs is anticipated to be the top segment in the global UAV market. The demand for UCAVs is expected to be driven by the need to strike targets whenever detected by the UAV's ISR equipment, thereby providing enhanced lethality for the military. The demand for UCAVs is also driven by innovations that utilize solar energy, thus reducing costs in terms of fuel consumption.
In terms of segments, the military UAV market is split into six segments: UCAV, HALE, MALE, TUAV, VTOL-UAV, and MUAV. UCAVs and HALE UAVs are expected to account for 40.8% and 25.1% of the military UAV market, respectively, followed by MALE UAVs, with a share of 17.4%.
Military UAV market is expected to be led by North America with a share of 34.4% over the forecast period, closely followed by APAC with 31.7%, and Europe at 24.1%. The Middle Eastern market for military UAVs is expected to account for 8%, followed by the Latin American and African markets with a collective share of 1.8%.
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