Global Military Drone Market Expected to Reach $18 Billion By 2028 as U.S. Government Plays Crucial Role in Military Drone Industry

PALM BEACH, Fla., May 07, 2024 (GLOBE NEWSWIRE) -- FinancialNewsMedia.com News Commentary - Military drones, operated autonomously, through remote control, or a combination of both, are equipped with sensors, electronic receivers and transmitters, and offensive ordnance. These drones play a crucial role in strategic and combat zone reconnaissance, intervening on the front lines by designating targets for precision guided munitions or directly deploying these munitions themselves. According to a report from MarketsAndMarkets, the military drone market is poised to reach USD 18.2 billion by 2028, with a Compound Annual Growth Rate (CAGR) of 7.0% during the period from 2023 to 2028. The report said: “The global race among nations to invest in drone technology has sparked a competitive environment. This competition is propelling significant advancements in drone capabilities as countries aim to outpace each other. The growing demand for military drones stems from the evolving nature of conflicts, where non-traditional adversaries and asymmetric warfare tactics pose challenges. Drones offer a strategic advantage by providing precision in strikes and real-time intelligence, making them essential in countering these modern threats. This demand for more sophisticated drone capabilities is a key factor stimulating the expansion of the military drone market. The global race among nations to invest in drone technology has sparked a competitive environment. This competition is propelling significant advancements in drone capabilities as countries aim to outpace each other. The growing demand for military drones stems from the evolving nature of conflicts, where non-traditional adversaries and asymmetric warfare tactics pose challenges. Drones offer a strategic advantage by providing precision in strikes and real-time intelligence, making them essential in countering these modern threats. This demand for more sophisticated drone capabilities is a key factor stimulating the expansion of the military drone market.”Active companies in the markets this week include: Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO), The Lockheed Martin (NYSE: LMT), AeroVironment (NASDAQ: AVAV), Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS), Red Cat Holdings, Inc. (NASDAQ: RCAT).

The MarketsAndMarkets report continued: “Based on operation mode, The military drone market is divided into remotely piloted, optionally piloted, and fully autonomous categories. The remotely piloted segment is expected to experience significant growth in the forecast period, driven by the cost-effective utilization of these drones across various applications, from defense operations to surveys. Optionally piloted drones, known for their high maneuverability and advanced technologies, come with relatively low maintenance costs. However, there is an anticipated shift towards fully autonomous drones in the future. This transition is attributed to the latter's high payload capacity, enhanced propulsion power, extended endurance, and the capability to operate without human involvement. It concluded: “The North American military drone market, encompassing the US and Canada, exhibited the largest share... This dominance can be attributed to the presence of major military UAV manufacturers such as General Atomics, Lockheed Martin Corporation, Raytheon Technologies Corporation, and Northrop Grumman in the US. Technological advancements in armed UAVs have further propelled market growth. The substantial allocation of defense budgets by the US government… has played a crucial role in enhancing the capabilities of armed forces in air, land, and naval domains.”

Draganfly Unveils New NDAA Compliant “FlexForce” Modular FPV System Following US Military Demonstrations, Training & Evaluations - Draganfly’s FlexForce modular FPV system is available to Defense & Government users only- Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) (FSE: 3U8) (“Draganfly” or the “Company”), an award-winning, industry-leading drone solutions and systems developer is excited to announce the launch of its newest product, the FlexForce Modular FPV UAV System, available exclusively to Government & Military buyers following FPV UAV Training & Demonstration and evaluation.

Designed to meet the rigorous demands of Government and Defense aerial reconnaissance and surveillance applications, the NDAA-Compliant FlexForce FPV System is available in three different sizes, each featuring a set of quick-exchange assemblies available in four-, seven- and ten-inch configurations. Capable of a dynamic range of flight characteristics and payload capacities ranging from 550 grams to 3 kilograms and able to sustain a maximum speed of 150 km/h, the FlexForce FPV System easily and quickly adapts to a variety of mission requirements. The quick-exchange assembly allows an operator to adjust between sizes in minutes without the use of specialized tools or components.

The FlexForce Core, the foundation of the FlexForce FPV System, is a tightly integrated FPV airframe that offers the modern FPV pilot a variety of flight modes, including Full Acrobatic, GPS Assist & Waypoint Mission. GPS-denied position hold is enabled via an optical flow sensor and a configurable radio link provides additional resilience in challenging environments. The FlexForce Core features an onboard Sony camera alongside a variety of payload attachment mechanisms that accommodate a variety of payloads. The ultra-low latency video feed from the FPV Core can be displayed to both the FPV Goggles and external monitors.

These technologies, along with others, were recently on display during an FPV UAV Training & Demonstration Event held in March 2024 at Fort Liberty, North Carolina. During this 2-day event, Draganfly FPV pilots and subject matter experts assisted over 200 members of the Special and Conventional forces, plus select international attendees, in gaining valuable exposure to the FPV UAV operations.

Sale and demonstration of the Draganfly FlexForce FPV System is currently offered exclusively to Government and Military clients, underscoring Draganfly’s ongoing commitment to supporting critical missions via ongoing collaboration with key users. The FlexForce FPV System can be viewed by appointment with Draganfly Representatives during Special Operations Forces (SOF) Week 2024 in Tampa, Florida with shipments to eligible early adopters beginning in Q2, 2024.

The importance and effectiveness of FPV drones have been demonstrated and are now a key tool for defence operations. Given our work and experience in Ukraine and with the Drone Racing League, we designed the Flexforce Modular FPV Drone platform to offer maximum flexibility and capabilities”, said Cameron Chell, CEO of Draganfly, “we are thrilled at the performance and results of the evaluations by our military customers and look forward to providing this product to them at scale. 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:

The Lockheed Martin (NYSE: LMT) board of directors has recently authorized a second quarter 2024 dividend of $3.15 per share. The dividend is payable on June 28, 2024, to holders of record as of the close of business on June 3, 2024.

The independent members of Lockheed Martin's board of directors also unanimously elected Thomas J. Falk as independent lead director of the board effective today, succeeding Daniel F. Akerson who, along with James O. Ellis, Jr., retired from the board this morning following the company's annual stockholders meeting.

"We are pleased to announce Tom's election as our next independent lead director. His demonstrated independent judgement, integrity, and in-depth knowledge of the company allows for a smooth transition and will enable Tom to offer the kind of independent oversight that the role calls for," said Lockheed Martin Chairman, President and CEO Jim Taiclet. "On behalf of the entire board, we thank Dan for his tireless work as our independent lead director since 2019 and for his dedication to Lockheed Martin and the board since 2014. We also extend our thanks to Jim Ellis, who retired from the board today after 20 years, for his service to our company and efforts to advance 21st Century Security."

AeroVironment (NASDAQ: AVAV) has recently introduced its Autonomy Retrofit Kit (ARK) and AVACORE software demonstrating the company’s commitment to advancing autonomy and machine learning capabilities to increase effectiveness of autonomous systems and reduce operator burdens. ARK and AVACORE bring AV’s accelerated autonomy to fielded assets such as Puma™ 3 AE and Puma™ LE, in addition to future autonomous systems.

ARK is a quick-connect payload introducing a new suite of intelligent mission capabilities for Group 1+ unmanned aircraft systems (UAS). Providing edge computing for mission-critical applications, ARK enables operators to task a single or multi-vehicle team with mission objectives for fully autonomous execution while operating in communications-contested environments. ARK also intelligently integrates with distributed groups of dismounted units in a Mobile Ad Hoc Network (MANET) using the Android Team Awareness Kit (ATAK).

Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS), a Technology Company in the Defense, National Security and Global Markets, recently announced that it will publish financial results for the first quarter 2024 after the close of market on Tuesday, May 7th. Management will discuss the Company’s operations and financial results in a conference call beginning at 2:00 p.m. Pacific (5:00 p.m. Eastern).

The call will be available at www.kratosdefense.com. Participants may register for the call using this Online Form. Upon registration, all telephone participants will receive the dial-in number along with a unique PIN that can be used to access the call. For those who cannot access the live broadcast, a replay will be available on Kratos’ website.

Red Cat Holdings, Inc. (NASDAQ: RCAT), a drone technology company integrating robotic hardware and software for military, government, and commercial operations, recently announced it has successfully passed electronic warfare (EW) testing in Ukraine with Doodle Labs. The successful test is part of a continuous innovation cycle that began in May 2023 with a partnership between Doodle Labs and Red Cat for its U.S. Army Short Range Reconnaissance (SRR) program prototype.

The ongoing partnership between Red Cat and Doodle Labs is addressing the growing need by the U.S. and its allies for small, autonomous, and attritable drones equipped with anti-jamming radios capable of operating in electronic warfare. Russian jamming has posed the biggest challenge to Ukrainian armed forces’ use of sUAS at scale. Teal systems with Doodle Labs frequency-hopping radios can evade jamming attempts and are usable in multi-domain environments for surveillance and swarming operations.

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