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).
Drones are being gradually adopted by a large number of new international military organizations for combat operations, law enforcement, and border protection. The growing demand for advanced military drones due to their cost effectiveness in comparison to manned aircraft and their increasing integration into ongoing warfare systems to deal with combat threats is also helping the military drones market grow. The expansion of the global market is being fueled by the increase in military spending along with the rising demand for enhanced surveillance systems and defense modernization. To strengthen the effectiveness of military operations, spending by various governments on military drones is soaring, which is anticipated to stimulate demand and expand the production of military drones. thereby fueling the expansion of the global market."
Epazz, Inc. (OTCPK: EPAZ) BREAKING NEWS: Epazz Holdings: ZenaDrone AI Predictive Partnered with US Defense Contractor to Submit for SBIR Phase II for ZenaDrone 100 - Epazz Inc., a mission-critical provider of drone technology, blockchain mobile apps and cloud-based business software solutions, announced recently ZenaDrone signed up a U.S. defense contractor to partner with on submitting a SBIR Phase II proposal. This partnership helps ZenaDrone fast track the Phase II submission process, which includes a U.S. government customer who will be using our drone and partner technology.
The San Antonio Air Force Trade Show, which was held between Jan. 26 and Jan. 27, 2023, has led to some meaningful partnership opportunities with U.S. defense contractors that have already established military contracts. We are working to add more partners who have already established contracts with the U.S. military to submit more proposals for Phase II in April.
ZenaDrone has agreed to install its partner's technology into its drones to test its technology. ZenaDrone will be part of the contract and, if awarded, will share proceeds of up to $1.2 million of the contract price.
Working with partners means ZenaDrone has accelerated the process, allowing it to submit for Phase II earlier than would otherwise be possible.
CEO Shaun Passley, Ph.D., said, " We met a lot of good companies during the January conference; they have been grateful to help us through the SBIR process. We look forward to working with them on Phase II."
ZenaDrone Inc. is a provider of a multifunctional unmanned aerial vehicle equipped with machine learning systems, multispectral sensors and A technology. ZenaDrone uses the data captured from its cameras to create a 3D interactive environment.
The ZenaDrone 1000 has garnered positive reviews in several industries, especially in the agricultural, oil and gas and wildfire and civil engineering industries. This year, ZenaDrone aims to enhance its AI capabilities to include autonomous navigation of unmapped terrains, deep learning algorithms for various actions and dual use features to accommodate commercial and military drone utilization. CONTINUED… Read this full press release and more news for Epazz at: https://www.epazz.com/press-room/
Other recent developments in the markets of note include
Draganfly Inc. (NASDAQ: DPRO), an award-winning, industry-leading drone solutions, and systems developer, recently announced SkyeBrowse will integrate its world class reality capture platform with Draganfly public safety drones.
This new integration with Draganfly drones by SkyeBrowse will provide emergency responders with enhanced situational awareness and rapid deployment capabilities during critical incidents. The combination of SkyeBrowse's industry-leading software and Draganfly's UAV hardware will provide customers with an exceptional solution for public safety. With this new AI technology, emergency personnel will be able to respond to critical incidents quickly and efficiently, with the aim of saving time and lives.
Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS), a Technology Company in the Defense, National Security and Global Markets, recently announced that it is partnering with XipLink, Inc. to enable its market leading network acceleration product, XipOS, as an orchestrated, cloud-native software module running on Kratos' OpenSpace dynamic satellite ground platform. Widely used across the communications industry, XipOS enhances the user experience by dramatically improving link utilization and network efficiency while reducing latency effects, improving response time by 30% or more.
In terrestrial and wireless networks, XipOS is typically deployed as software, maximizing flexibility, scalability and responsiveness while also reducing CAPEX costs. In satellite networks, however, XipOS has traditionally been installed as separate, dedicated hardware. That is because satcom networks are still trapped in purpose-built, hardware-based architectures, rather than the modern, software-defined networks common in the rest of the communications industry. Kratos' OpenSpace Platform changes all that.
L3Harris Technologies (NYSE: LHX) recently announced receiving an undefinitized contract from Lockheed Martin to procure long-lead material for the Viper Shield electronic warfare system to accelerate global product delivery.
The AN/ALQ-254(V)1 Viper Shield supports the Lockheed Martin F-16 Block 70/72 aircraft production for the global F-16 fleet and was designed as the baseline EW system for the aircraft. This contract, in conjunction with a future full-rate contract award for Viper Shield ship sets, will enable planned production EW capability deliveries for customers worldwide.
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 FEDS, one of the leading drone services companies in the Middle East and value added reseller of AgEagle's high performance unmanned aerial systems ("UAS"), has recently won a tender for multiple eBee-X™ drones and sensors for use in environmental mapping operations in the Kingdom of Saudi Arabia.
Scott Henderson, FEDS Head of Sales, stated, "FEDS has shared a longstanding commitment with the team at AgEagle to bring the best fixed wing drone technology to the Middle East. We are proud to be assisting in the deployment of eBee-X drones, together with AgEagle's Duet M and Duet T sensor payloads, for a prestigious client in Saudi Arabia. They chose the eBee-X systems to maximize workforce efficiency, reduce operational costs and provide crucial agricultural data, among other key objectives."
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