Revenues Booming for Military Drone Industry Expected to Reach $17 Billion by 2027
PALM BEACH, Fla., June 21, 2023 (GLOBE NEWSWIRE) -- FinancialNewsMedia.com News Commentary - The Military Drone Market is positioned to continue rapid growth over the several years to come. The earliest UAVs were known as remotely piloted vehicles (RPVs) or drones. They were small radio-controlled aircraft first used during World War II for target training for fighters and antiaircraft guns. Today, all major military powers and even some militia groups employ battlefield surveillance UAVs to extend the view of the ground and naval forces and to enhance the reach and accuracy of their supporting fire. Military drones equipped with sensors, transmitters, and weapons can be guided autonomously, by remote control, or both. They are used for strategic and combat zone reconnaissance and can also designate targets for precision-guided munitions or directly deploy them. This report offers insights into market trends, drivers, challenges, and opportunities in the military drone industry. A report from MarketsAndMarkets projects that the Global Military Drone Market Size was valued at $12,000 Million in 2022 and is estimated to grow from $12,800 Million in 2023 to $17,000 Million by 2027 at a CAGR (Compound Annual Growth Rate) of 7.3%. The report said: "The government funding for military drones is increasing to enhance the efficiency of military operations. This will boost demand and increase the production of military drones." Active companies in the markets this week include: Draganfly Inc. (DPRO), AgEagle Aerial Systems Inc. (NYSE American: UAVS), Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS), Raytheon Technologies Corporation (NYSE: RTX) and AeroVironment (NASDAQ: AVAV).
MarketsAndMarkets continued: "Various new military applications are being uncovered wherein UAVs can be used. One of these applications involves the use of UAVs for the delivery of military cargo. Drones can be used to resupply soldiers on the battlefield. The idea of using UAVs for cargo delivery in the military sector came from the commercial sector, where drones are being used to deliver products to customers by companies such as Amazon. Currently, a major portion of military supplies is transported through road convoys, making the convoys vulnerable to enemy attacks. UAVs, on the other hand, take aerial routes, which can be changed so that the risks of enemy attacks on convoys can be reduced. The use of UAVs for military cargo delivery also eliminates high-risk situations for soldiers in convoys. Deliveries using UAVs will be faster and safer as compared to traditional road convoys. Fixed-wing drones make use of wings to move upward from the ground during take-off, just like airplanes. They require engines to offer them a forward thrust, while wings offer them the required vertical lift to fly. Fixed-wing UAVs can fly longer than rotary-wing drones. They are most distinct in terms of their payloads, endurance ranges, and applications. The fixed-wing segment is projected to grow from USD 11,310 million in 2021 to USD 15,940 million by 2027, at a CAGR of 7.1% during the forecast period."
Draganfly Inc. (DPRO) BREAKING NEWS: Draganfly Awarded Multi-Year Contract to Train Drone Pilots by Ukraine's Ministry of Interior - Drone training to be provided to National Guard, National Police, State Border Guard, Special Forces Security, and Emergency Services - Draganfly Inc. (trading on the NASDAQ and CSE exchanges under the Symbols DRPO) ("Draganfly" or the "Company"), an award-winning, industry-leading drone solutions, and systems developer is pleased to announce it has entered into an agreement with HEAL-Corp, a Non-Government Organization ("NGO"), and the Ukrainian National Academy of Internal Affairs (the "National Academy") regarding the development of a training program on the use of drones and their countermeasure systems.
Working in conjunction with the National Academy, Draganfly will implement a designed curriculum to be used within the training program. Recently, HEAL-Corp delivered Trauma Resuscitation and Evacuation Casualty Care training to the Ministry of Internal Affairs, showcasing their commitment to assisting in the teaming effort.
Drone training on Draganfly systems will be provided to new Ministry of Internal Affairs pilots each year, including but not limited to National Police, National Guard, State Border Guard, select Armed Forces, Special Forces Security, and Emergency Services.
The Ministry of Internal Affairs is a governmental agency responsible for maintaining law enforcement and ensuring public security throughout Ukraine. It is one of the essential ministries within the Ukrainian government that holds significant responsibility in safeguarding the well-being and order of the nation.
The Ministry of Internal Affairs has a broad range of responsibilities, including maintaining public order and safety, combating crime, ensuring border security, protecting human rights, and overseeing the activities of law enforcement agencies. Under the ministry's jurisdiction, several central agencies including the National Police of Ukraine, the State Emergency Service of Ukraine, the State Border Guard Service of Ukraine, and the National Guard of Ukraine, work together in upholding public safety and security across the country.
"Draganfly has been providing drone systems and drone pilot training since the beginning of the war in Ukraine," said Volodymyr Cherniei, Rector of the National Academy, Police General of the first rank. "Their essential training will help to solidify and scale the essential drone pilot training required to increase operational effectiveness across the Ministry's jurisdictions." The General further stated that: "HEAL-Corp has provided much critical assistance to the people of Ukraine in providing life-saving medical training, humanitarian assistance, and medical resources. HEAL-Corp has stood with Ukraine from the beginning of the full-scale invasion. We are pleased to select the Draganfly and Heal-Corp teams for this important contract."
"The use of drones for medical purposes and multiple other mission types during conflict has increasingly proven to be invaluable," says Larry Mynar CEO of HEAL-Corp. "Critical for HEAL-Corp, is the delivery of blood products, diagnostics, therapeutic and medical supplies to the frontlines in a time-sensitive manner to decrease morbidity and mortality." CONTINUED... Read this full press release and more news for Draganfly at: https://draganfly.com/news/
Other recent developments in the markets of note include:
AgEagle Aerial Systems Inc. (NYSE American:UAVS), an ?industry-leading? provider of full stack flight hardware, sensors and software for commercial and government use, recently announced that it has commercially released the new RedEdge-Ptm dual high resolution and RGB composite drone sensor, representing yet another AgEagle technological advancement in aerial imaging cameras, seamlessly integrating the power and performance of the RedEdge-P and the new RedEdge-P blue cameras in a single solution.
Featuring ten multispectral bands at 1.6 MP each, the RedEdge-P dual was purpose-built for mirroring Landsat 8 and Sentinel-2 satellite bands in just one drone flight and at a higher resolution of 2cm/0.8 inch per pixel at 60 meters/200 feet, enabling direct comparison between drone and satellite imagery. The RedEdge-P dual doubles analytical capabilities with the benefit of a single camera workflow. Its coastal blue band - the first of its kind in the market - was specifically designed for vegetation analysis of water bodies; environmental monitoring; water management; habitat monitoring, protection and restoration; and vegetation species and weeds identification, including differentiating and counting plants, trees, invasive species and weeds.
Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS), a Technology Company in the Defense, National Security and Global Markets, and Shield AI, Inc., a defense technology company building the world's best AI pilot, have signed an agreement to integrate and bring to market an AI pilot built by Shield AI for Kratos' XQ-58 Valkyrie, making real the concept of crewed-uncrewed teaming for jet aircraft.
"Ukraine is losing 10,000 drones per month due to Russian electronic warfare ? primarily because the Russians are jamming communications and GPS. If an uncrewed aircraft is unable to operate without GPS and without communications, it will be near useless in future conflicts," said Brandon Tseng, Shield AI's Cofounder and President, who is also a former Navy SEAL. "AI Pilots enable teams of aircraft to intelligently execute missions without GPS and communications. When you take an incredible, affordable uncrewed jet aircraft like the XQ-58 and pair it up with our AI pilot, you create a game-changing strategic deterrent."
Pratt & Whitney, a Raytheon Technologies Corporation (NYSE: RTX) business, announced that Croatia Airlines finalized engine and aftermarket agreements for the GTF engines that will power its fleet of fifteen Airbus A220-100 and A220-300 aircraft. These include six purchased and nine leased aircraft, six of which will come from Air Lease Corporation (ALC). The first aircraft is currently scheduled for delivery in the second quarter of 2024. Pratt & Whitney will provide engine maintenance for Croatia's fleet with an EngineWise® Maintenance long-term agreement.
"This is an exciting time for Croatia Airlines as we modernize our fleet with these GTF-powered A220 aircraft," said Jasmin Baji?, CEO and president of the Management Board of Croatia Airlines. "By replacing prior-generation aircraft with the most efficient and sustainable engines and aircraft available today, we'll be able to shrink our environmental footprint and keep fares competitive."
American University Kyiv has received a substantial donation from AeroVironment (NASDAQ: AVAV) to finance the Build Solid Futures scholarship program for talented Ukrainian students. AUK is the first university in Ukraine based on American education standards, established through a partnership with Arizona State University. AeroVironment's donation was raised in cooperation with the Institute of International Education (IIE).
AeroVironment is a global leader in intelligent, multi-domain robotic systems. Armed forces of more than 55 U.S allies depend on AeroVironment's innovative solutions for actionable intelligence and security. Many of AeroVironment's unmanned aerial and ground vehicles play a critical role in Ukraine, providing Ukrainian forces a significant advantage against the Russian adversary. As senior Ukrainian special operations commanders have stressed to the U.S. media, AeroVironment's Switchblade tactical missile systems are a valued and relied upon weapon in Ukraine's arsenal.
DISCLAIMER: FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM's market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM expects to be compensated forty six hundred dollars for news coverage of the current press releases issued by Draganfly Inc. by a non-affiliated third party. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.
Contact Information:
Media Contact email: [email protected] - +1(561)325-8757
SOURCE Financialnewsmedia.com
News published on and distributed by:
