The Military Drone Market will have a market value of more than USD 13 billion by 2024, with a fleet size exceeding 18 thousand units; according to a new research report by Global Market Insights.
The military drone market growth is credited to increasing investments in the drone technology by military and defense departments with governments in many countries spending heavily to increase their UAV fleet size.
The US federal government has allocated approximately 4.5 billion for drone procurement in the 2017 budget proposal. The proposal indicates a paradigm shift in the technology, as the major drone procurement program was launched, with the funding assigned for new research and development, according to the report.
Similarly, the government of India has also formed an alliance with General Atomics to deliver 22 Sea Guardian drones worth approximately USD 2.0 billion. The South Korean government has also announced a five-year plan to invest more than USD 1 billion in the industry for the next five years.
According to the report, the advancements in the UAV technology will also foster the military drone market growth. The integration of advanced machine learning algorithms and artificial intelligence in the drones will fuel their demand for traffic monitoring, surveillance, and spy applications.
For example, the U.S. Customs and Border protection is using drones for monitoring the Mexican-American Border and the Department of Homeland Security and the Federal Bureau of Investigation (FBI) are using drones for law enforcement and protection. However, the safety and security issues associated with the use of drones and stringent government regulations across the countries are estimated to hinder the military drone market growth, according to the report.