Drones

Global Military Drone Market to Reach $13B by 2024

The global military drone market is set to grow from its current market value of more than $5 billion to more than $13 billion by 2024, according to a new research report by Global Market Insights, Inc.

Growth in the market is credited to increasing investments in drone technology by military and defense departments. Governments around the globe are spending heavily to increase their unmanned aircraft systems (UAS) fleet sizes.

The U.S. federal government has allocated approximately $4.5 billion for drone procurement in its 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.

Similarly, the government of India has also formed an alliance with General Atomics to deliver 22 sea guardian drones worth approximately $2 billion. The South Korean government has also announced a five-year plan to invest more than $1 billion in the industry for the next five years.

Advancements in the UAS 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 instance, the U.S. Customs and Border Protection is using drones for monitoring the Mexican-American border, and the U.S. Department of Homeland Security and the Federal Bureau of Investigation (FBI) are using drones for law enforcement and protection.