Global Military Drone Market Expected To Reach $22.4 Billion by 2028

PALM BEACH, Fla. , March 14, 2023 /PRNewswire/ -- FinancialNewsMedia.com News Commentary - The Military and government sectors are driving the rapid growth in the drone market revenues. Military drones refer to unmanned aircrafts or drones that are used for military purposes. They can be used to carry out a variety of tasks, such as surveillance, intelligence gathering, remote sensing, and combat. Military drones are considered to be a modern force multiplier that can increase the capacity of security forces to identify fresh threats for national defense and homeland security. They can conduct reconnaissance operations, act as border guards, and identify high-risk areas in remote locations. A report from Expert Market Research projected that the global military drone market size reached a value of around USD 12.99 billion in 2022 and is expected to grow at a CAGR of 9.50% between 2023 and 2028, reaching a value of USD 22.4 billion by 2028.  The report said: "The global defense industry is heavily focused on remote surveillance, border security, thermographic inspection, infrastructure protection, law enforcement, and firefighting, all of which require technologically cutting-edge techniques and equipment. As a result, the demand for military drones has been rising quickly, which will likely lead to significant military drone market expansion throughout the forecast period.  Active companies in the markets this week include: Draganfly Inc. (NASDAQ:DPRO), Epazz, Inc. (OTCPK:EPAZ), Kratos Defense & Security Solutions, Inc. (NASDAQ:KTOS), L3Harris Technologies (NYSE:LHX), AgEagle Aerial Systems Inc. (NYSE:UAVS).