NORTH GRUMMAN CORPORATION, GENERAL ATOMICS, THE BOEING CO., ELBIT SYSTEMS LTD, AND RAYTHEON TECHNOLOGIES CORPORATION – PROMINENT MARKET PARTICIPANTS IN MILITARY DRONE MARKET
The demand for military drones is expected to grow during the forecasted period due to an increase in the use of electronics. Also, advancements in artificial intelligence and machine learning, and their integration with drone systems allow drone manufacturers to glorify their portfolios. Their state-of-the-art products enable real-time, data-driven decision-making by enabling high-speed data capture and processing.
In the military sector, drones are used in applications such as intelligence, surveillance, and reconnaissance (ISR); electronic warfare; coordination and transportation; and research and surveying. Drones can be remotely operated, and equipped with various sensors and weapons, which has added to their popularity in military applications. Moreover, their remote operations lead to the increased safety of personnel operating them; they are not exposed to risks associated with traditional warfare. In addition, the use of drones reduces the need for ground troops, which can significantly reduce the number of casualties and related expenses.
The need for unmanned electronic warfare systems and the rising military expenditure are a few of the major factors driving the military drone market growth. With the growing influence of an electronic warfare system on governments, the higher budget allocations from governments enable military forces to procure advanced technologies and equipment, which boosts the demand and increases the production of military drones. According to Stockholm International Peace Research Institute (SIPRI), global military expenditure rose to 6.7% from 2020 to 2021. Countries such as the US, China, India, the UK, and Russia are the top five countries in terms of spending. Military spending by the US was US$ 800.7 billion in 2021. Further, China spent US$ 293.3 billion, India spent US$ 76.6 billion, the UK spent US$ 68.4 billion, and Russia spent US$ 65.9 billion in military budgets.
Report: https://www.theinsightpartners.....com/reports/militar
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