According to our latest study on "Military Drone Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Application, Range, and Technology," the market was valued at US$ 12,186.42 million in 2022 and is expected to reach US$ 19,559.50 million by 2028; it is anticipated to register a CAGR of 8.6% from 2023 to 2028.

The key stakeholders in the military drone market are raw material suppliers, component suppliers, military drones manufacturers & software integrators, and end users. Raw material suppliers play a major role in the military drone market. As the material sourcing and operations of the raw material suppliers were affected, the demand and supply gap increased among the raw material suppliers and component manufacturers. During the COVID-19 pandemic, the raw material suppliers have faced several supply chain challenges in procuring transportation services, difficulties in internal production operations due to several factors such as lack of manpower and other resources, along with several remote operational challenges. All these factors have increased the demand and supply gap between raw material suppliers and battery manufacturers across the globe and has impacted the military drone market growth during FY 2020.

The raw material supplier provides raw materials such as lithium, polymers, nickel alloys, metal alloys, and composite materials to military drone component manufacturers to produce different parts of the military drones which is then supplied to the military drone manufacturing companies. Drone manufacturing companies utilize these components to assemble and integrate with different types of software suites to produce the final military drone products. A few of the key global military drones providers operating in the market include Lockheed Martin Corp, Northrop Grumman Corp, Thales SA, Boeing Co, Elbit Systems Ltd, General Atomics, Textron Systems Corp, BAE Systems Plc, AeroVironment Inc, and Israel Aerospace Industries Ltd

In addition to the above-mentioned key ecosystem players, several other peripheral stakeholders are involved in the military drone market, which play a crucial role in enabling the growth and technology advancements related to drone batteries. A few of these stakeholders include government agencies, industry associations, network service providers, and regulatory bodies, among others. Network service providers and governments of various countries across the globe support the development and adoption of efficient drone technologies. The end users of the military drone market include ground, naval, and air forces that constantly keep generating the demand for military drones and helps the military drone market size to grow across the world.

The military drone market analysis is segmented on the basis of type, application, range, and technology. Based on type, the military drone market is divided into group 1, group 2, group 3, group 4, and group 5. The group 3 segment held a larger military drone market share in 2022. Based on application, the military drone market is segmented into ISR, warfare, and others. The ISR segment contributed the largest military drone market share in 2022. Based on range, the military drone market is segmented into short range, medium range, and long range. The medium range segment contributed the largest revenue share in 2022. Based on technology, the military drone market is segmented into fixed wing and rotary wing. In 2022, the fixed wing segment led the market with largest military drone market share.

Key Findings of Market Study:

North Grumman Corporation, General Atomics, The Boeing Co., Elbit Systems Ltd, and Raytheon Technologies Corporation are the five key military drone market players operating worldwide. The listing of key players is derived by considering multiple parameters such as overall revenue, brand image, drone contracts, current military drones portfolio in terms of number of models, technology integration & product enhancements, geographic reach, new product/feature launches, market initiatives, mergers & acquisitions, and other market-related activities. In addition to these players, multiple other leading global and regional market players, emerging companies, market disruptors and niche market players operating in the market ecosystem were also studied and analyzed during this study.

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