The global military drone market size is projected to reach USD 23.78 billion by 2027, exhibiting a CAGR of 12.12% during the forecast period. Expanding military spending in major world economies will be a critical growth determinant for this market, finds Fortune Business Insights™ in its report, titled “Military Drone Market Size, Share & COVID-19 Impact Analysis, By Product Type (Fixed Wing, Hybrid and Rotary Wing), By Range (Visual Line Of Sight (VLOS), Extended Visual Line Of Sight (EVLOS), and Beyond Line Of Sight (BLOS)), By Technology (Remotely Operated Drones, Semi-Autonomous Drones, and Autonomous Drones), By Application (Intelligence, Surveillance Reconnaissance and Targeting(ISRT), Combat Operations, Battle Damage Management, Logistics & Transportation and Others), and Regional Forecast, 2020-2027”. Recent estimates released by the Stockholm International Peace Research Institute (SIPRI) show that the total global military expenditure rose by 3.6% from 2018 levels, reaching USD 1,917 billion in 2019. The biggest spenders were the US, China, India, Russia, and Saudi Arabia, who together accounted for 62% of this staggering rise. The demand for unmanned aerial vehicles (UAVs) is expected to skyrocket in view of the increased military spending as countries are aggressively strengthening their defense arsenal to deter hostile parties and effectively raise the safety and security of their borders and their citizens.
Market Driver
Promising Advancements in Autonomous UAVs to Boost Growth
The introduction of artificial intelligence (AI) in UAVs has triggered an unprecedented wave of innovation in drone technology. Several companies and start-ups are actively researching and developing UAVs armed with autonomous tools powered by AI and machine learning (ML) capabilities, which is fueling the military drone market growth. For example, Lockheed Martin, the aerospace & defense behemoth, offers a drone designed for field use called ‘Desert Hawk III’ that can be operated by a single user.
The drone can chart its upcoming flight path and even train the operator on how to deploy and maneuver it in the field. Similarly, another US-based defense company, AeroVironment, has a novel line-up of military drones called the Raven series, which can fly autonomously along a route using GPS coordination and computer vision. Such innovations are intensifying technology-based conflicts between countries and widening the scope of the market for the military drones.
Regional Insights
Massive Investments in Drone Technology to Drive Market Growth in North America
The market size for military drones in North America stood at USD 3.8 billion in 2019 and the region is expected to retain its dominant position throughout the forecast period. The central factor propelling the regional market growth is the large-scale investments being made by the governments and private defense companies and OEMs in the US and Canada in UAV technology.
Europe occupies a strong position in the military drone market share owing to the increasing adoption of tactical drones for conducting surveillance operations. Their demand has also spiked in recent years due to the increasing threat of terrorist attacks. In Asia Pacific, market growth will be led by the steadily rising military expenditures of India and China.
Competitive Landscape
Core Competitors to Strategically Invest to Broaden Operational Horizons
The competitive dynamics of this market are being shaped by the activities of dominant players in the defense industry such as Boeing and Textron. These players are heavily investing in R&D to diversify their offerings and expand their operations through government contracts and private partnerships.
Industry Developments:
June 2020: The Thales Group entered into an agreement with the State of North Dakota to establish a statewide unmanned aircraft systems network to conduct beyond visual line of sight (BVLOS) operations. Thales will be coordinating with a consortium of companies based in North Dakota and facilitate systems integration as well as provide engineering services.
February 2020: BAE Systems successfully completed the maiden test flight of the Persistent High Altitude Solar Aircraft (PHASA-35) in South Australia. Backed by Australia’s Defence Science and Technology Group and UK’s Defence Science and Technology Laboratory, the PHASA-35 has been engineered to stay airborne for up to a year and is touted to be a game-changer in the drone surveillance domain.
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https://www.fortunebusinessinsights.com/military-drone-market-102181
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Global Government Cloud Market is expected to reach USD 34.9 Billion by 2024 from USD 14.05 Billion in 2016 at a CAGR of 13.9%.
This report is a consolidation of primary and secondary research, which provides market size, share, dynamics, and forecast for various segments and sub-segments considering the macro and micro environmental factors.
North America is anticipated to experience the highest market growth over the forecast period, this is majorly due to the improved ICT spending in government infrastructure and government cloud initiatives.
The rapid growth in adoption of IAM and the technological advancements taking place in open data platforms are creating opportunities across a wide range of industries and Deployment Models:
• Complete analysis with respect to individual growth trends are incorporated within the scope of our study.
• Assessment of market definition along with the identification of key drivers, restraints opportunities for this market
The global Medical Device Packaging market is projected to perceive an outstanding growth by 2023 registering a striking CAGR during the anticipated period (2017 – 2023).
Increasing healthcare expenditures along with growing health awareness among aging population may drive industry growth.
Rising demand from the health care sector, usage of reliable packing and growing aging population may fuel product demand.
Furthermore, growing complexities in product engineering coupled with increasing number of entrant manufacturers are expected to propel the medical device outsourcing industry with lucrative growth opportunities.Accrediting the colossal growth the Medical Device Packaging market is witnessing currently and the potential the market is demonstrating to accrue pervasively further in the years to come; the Market Research Future has recently published a meticulous study report giving out the complete market insight up till 2023.
Get Free Sample @ https://www.marketresearchfuture.com/reports/medical-device-packaging-market-1934Competitive AnalysisMedical Device Packaging Market appears to be highly fragmented and competitive owning to the presence of numerous large and small players active in regional market.
On the other hand, stringent government regulations may hinder the growth of the market.The industry is facing huge pressure to decrease the cost as the end-use industries are mainly focusing towards product innovation by investing in the R Companies are forming strategic alliances in order to reduce product costs.
Types include bags, overwraps, pouches, trays, and clamshells comprising a variety of materials, some flexible, others rigid.Request a Free Sample @ https://www.marketresearchfuture.com/sample_request/1934Some of the major factors driving the market for medical device packaging market are expanding medical device packaging market, growing need of flexible packaging for the medical device packaging market, and increasing innovative products such as child resistant and tamper evident packaging are fuelling the growth of this market.
Furthermore, growing complexities in product engineering coupled with increasing number of entrant manufacturers are expected to propel the medical device outsourcing industry with lucrative growth opportunities.Accrediting the colossal growth the Medical Device Packaging market is witnessing currently and the potential the market is demonstrating to accrue pervasively further in the years to come; the Market Research Future has recently published a meticulous study report giving out the complete market insight up till 2023.
According to which, continuing with the same trends the global Medical Device Packaging market is projected to perceive an outstanding growth by 2023 registering a striking CAGR during the anticipated period (2017 – 2023).
The key strategies traced from the analysis of recent developments of the key players include Product Launch, Agreement & Partnership, Acquisition and expansion.
On the product and sales side, companies are investing in innovation/R, brand building, and fostering strong relationships with customers to support their competitive position.
Intensifying healthcare costs may create multiple competition which will weaken the overall production and increase price sensitivity to packing cost thereby affecting medical device packaging market price trend.Medical Device Packaging Market – SegmentsFor the convenience of the report and enhanced understanding; The Medical Device Packaging Market is segmented in to 3key dynamicsSegmentation By Material - Plastic, Paper & Paperboard and othersSegmentation By Product- Pouches, Trays, Bags, Clamshell Packs and others Segmentation by Regions- Comprises regions - North America, Europe, APAC and Rest of the World.Medical Device Packaging Market – Regional AnalysisThe global Medical Device Packaging market is segmented into North America, Europe, Asia Pacific, and rest of the world (RoW).
