Report: Global Military Drone Market to Reach $24B by 2027

Report: Global Military Drone Market to Reach $24B by 2027

A Fortune Business Insights report estimates that the global military drone market will grow to $23.78B by 2027 at a 12.12 percent compound annual growth rate partly driven by the increase in military spending in major world economies.

Fortune Business Insights said Wednesday that efforts of countries across the globe to increase the protection of their respective borders and citizens will potentially cause a hike in military budgets.

The market report projected a rise in demand for unmanned aerial systems as nations build their arsenal.

The forecast cited the following companies as key players in the military drone market:

  • AeroVironment
  • BAE Systems
  • Elbit Systems
  • General Atomics' aeronautical systems business
  • Israel Aerospace Industries
  • Lockheed Martin
  • Northrop Grumman
  • Textron Systems
  • Thales Group

According to the Stockholm International Peace Research Institute, the military expenditure rate worldwide increased by 3.6 percent from 2018 spending and reached a total of $1.92B the following year.

About 62 percent of the 2019 figure was contributed by the U.S., China, India, Russia and Saudi Arabia.

You may also be interested in...


Carahsoft Adds ClearInfo Digitization Products to NASA SEWP V Contract

Carahsoft Technology has agreed to market end-to-end digitization tools developed by ClearInfo to federal government clients through the Reston, Virginia-based company's reseller partners and NASA Solutions for Enterprise-Wide Procurement V contract.

GA-ASI MQ-9 with ASW Pod

General Atomics Demos Anti-Submarine Sonobuoy Tech for Navy’s MQ-9 UAS

A General Atomics affiliate has demonstrated the use of A-size sonobuoys to remotely process acoustic and bathythermal data when deployed from an unmanned aircraft system to support U.S. Navy's anti-submarine warfare operations.

Corner Alliance

Corner Alliance to Develop Emergency Guidance Tool for DHS

The Department of Homeland Security's Science and Technology Directorate awarded over $1.5M to Corner Alliance for the development of a new emergency guidance planning app. The Federal Emergency Management Agency's website would feature the Alerts, Warnings and Notifications guidance tool that would offer best practices, customized resources and templates for emergency planning and readiness efforts, DHS said Tuesday.