18 Apr 2023 -
 General

Military drones and optoelectronics market expected to soar

drone image

Military Embedded Systems (MES) says the military drone market is predicted to soar from $9.3 billion in 2020 to $21.93 billion by 2029, with a compound annual growth rate of 12.56% over the next six years.

With militaries around the world procuring drones in order to support their combat missions, and to provide real-time images, the market is expected to experience steady growth. The report reveals that the military drone market is driven by factors such as battle damage management, combat operations, and delivery and transportation services across the globe.

Major players in the field are General Atomics, Boeing, Northrop Grumman, and Lockheed Martin, however there are other important entities present as well.

Despite the anticipated growth, the industry is hindered by regulatory issues, safety concerns, and the demand for knowledgeable operators and maintenance personnel.

In a related report by MES, it is expected the global military optronics surveillance and sighting systems market will grow at a combined annual growth rate (CAGR) of 5.7%. The increased use of uncrewed aerial systems (UASs), and a wider push to develop advanced defense technologies will be driving this market.

Additionally, the growing demand for combat-protective equipment and advances in radar technologies are expected to present significant opportunities for growth.

In terms of region, the military optronics market is expected to grow the strongest in the Asia-Pacific. 

To avoid electronics supply-chain disruptions, you may also wish to consult an expert in electronics component supply. With more than three decades of supply-chain expertise, Astute Electronics is ideally placed to work with you on your daily component requirements.

For more help with looking at supply chain options, contact Astute Electronics

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