Billion Dollar Military Drone Market Production Increasing as Defense Orders Pick Up

PALM BEACH, Fla., Sept. 14, 2023 /PRNewswire/ -- FinancialNewsMedia.com News Commentary - The growing use of Unmanned Aerial Vehicles (UAVs) in the defense and security industry for several applications such as surveying, mapping, transportation, combat operations, and monitoring will fuel the demand for military UAVs in the coming years. The rise in defense expenditure of various countries to procure modernized & technologically advanced military drones/UAVs for intensified combat capability is expected to support the global market growth. The adoption of Artificial Intelligence (AI) is modernizing military drone technologies from picking targets autonomously with precision.  Furthermore, increasing investment in AI and autonomous systems for advanced technologies is boosting this market.  A report from Fortune Business Insights said that the global military drone market size, which was valued at USD 12.55 billion in 2022, is projected to grow from USD 14.14 billion in 2023 to USD 35.60 billion by 2030, exhibiting a CAGR of 14.10% during the forecast period.  The report said: "Drone technology has witnessed strong growth in the past years due to continuous research & development. Innovation enhancing the capabilities and increasing adoption of modernized technologically advanced UAVs has potential opportunities. Most advanced drones have multiple sensor systems, such as air-to-air missiles, Communication Intelligence Sensors, and Global System for Mobile (GSM) communications."  Active companies in the markets this week include: Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO), NVIDIA Corporation (NASDAQ: NVDA), Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS), Lockheed Martin Corporation (NYSE: LMT), AeroVironment, Inc. (NASDAQ: AVAV).

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