Custom Market Insights Forecasts Military Drone Market Growth at $11B by 2021

droneA Custom Market Insights report predicts the military unmanned aerial vehicle market will reach $11 billion in value by 2021 from $3 billion in 2014.

“Quantities of fielded military and commercial systems of every size and description are set to increase,” Custom Market Insights said Feb. 3.

According to the report, persistent military drones will account for the largest revenue share throughout the forecast period.

Drones also continue to evolve and integrate instruments to perform precision-strike, high-speed, long-endurance and intelligence, surveillance and reconnaissance operations, Custom Market Insights added.

The market research firm said the application of drones in the control of moving devices has extended the potential use of this technology and that drones are now at the forefront of aerospace manufacturing.

The report identified the following market leaders:

  • AeroVironment
  • Boeing (Insitu)
  • Draganflyer
  • General Atomics
  • IAI
  • Lockheed Martin
  • Northrop Grumman
  • Textron (AAI)

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