The military drone market could be worth in excess of $20billion (£16.4billion) by the year 2026, according to a new report by Fortune Business Insights.
It forecasted that a CAGR of 12.4% could take the industry to $21.76billion.
The report reads: “Military drones are used for intelligence, surveillance, reconnaissance, and target acquisition during battlefield operations.
“The market is projected to witness significant growth in the defense sector, owing to its high surveillance capability.
“The military drone market share is driven by factors such as battle damage management, combat operations, and delivery and transportation services across the globe.
“Militaries across the globe are procuring drones to support their combat missions. Growing demand to provide real-time images is also a propelling battle damage management application.”
It continued: “Advanced defense technologies, such as artificial intelligence, 3D printing, multi-sensor data fusion for UAV navigation, cloud computing-based services for military UAVs, and technological advancements in drone payloads are expected to support the market growth during the forecast period.
“Among these military drone/unmanned aerial vehicle (UAV) market trends, cloud computing-based services are broadly adopted by the manufacturers.
“These UAVs are controlled by using a specific flight plan that is defined through a waypoint in the database.
“Moreover, product innovations such as spy drone, mid-air refueling of drone, and anti-UAV defense system are the major upcoming trends in the military drone market.”