Growth in the U.S. unmanned aerial vehicle (UAV) market for military applications has been stunning over the past decade, largely due to the unmatched capabilities provided by UAVs for surveillance and attack applications. The latest report on military UAV markets produced by Market Research Media, “U.S. Military Unmanned Aerial Vehicles (UAV) Market Forecast 2019-2024 ($5,950.00),” projects continued strong growth in this segment of military technology for the coming five years, even as recession is expected to forge smaller defense departments worldwide.
UAVs have become integral components of many battleplans, supporting troops on the ground with cameras or weapons in the air. Efforts to downsize military forces are not expected to impact the growth in numbers of UAVs as part of military forces. If anything, UAVs will play larger roles in intelligence gathering and planning, with even greater roles in many government intelligence agencies, such as the FBI and the CIA.
According to the five-year market forecast, the U.S. military UAV market is projected to grow at an 12% compound annual growth rate (CAGR), rising to an annual value of $18.7 billion by 2024. The forecast predicts that the total U.S. market size for military UAVs will be $86.5 billion for the five-year period. For those interested in the details, the report provides breakdowns of the various UAV military market segments, including ground control systems, data management, payloads, testing, service, training, and support.
This military procurement of UAVs, including unmanned aircraft and payloads, makes the U.S. Department of Defense (DoD) the single largest consumer of UAV technology in the world, and the report notes confidence that the U.S. government will continue to invest in the technology to maintain a dominant position worldwide.