Global Military UAV Market to Grow at a CAGR of 4.09% over 2018-2028

The Military UAV Market, valued at US$12.2 billion in 2018, is projected to grow at a CAGR of 4.09% over the forecast period, to reach US$18.1 billion by 2028. Realizing the benefits provided by UAVs as force multipliers, various countries are allocating substantial defense budgets to the R&D and procurement of advanced UAVs. UCAVs and HALE UAVs are more in demand by major defense spenders such as the US, Russia, the UK, and China, whereas MALE UAVs and TUAVs are finding growing markets in developing countries such as India, Brazil, and the UAE.

The military UAV market is expected to be led by Asia Pacific with an estimated share of 35.6% over the forecast period followed by North America and Europe with shares of 29.6% and 24.3% respectively. The Middle Eastern market for military UAV is expected to account for a share of 7.5% followed by the African and Latin American markets with cumulative share of 3.0%.