Drone Market to Reach $10 Billion by 2024

The market for military drones is expected to almost double by 2024 to beyond $10 billion (€8.9 billion), according to a report published Friday by specialist defense publication IHS Jane’s Intelligence Review.

“The global defense and security market for Unmanned Aerial Vehicles (UAVs) will expand at 5.5 percent per year over this decade, from the current figure of $6.4 billion,” according to the analysis.

“Unmanned systems are here to stay,” said Derrick Maple, principal analyst on unmanned systems for the London-based group.

“These systems are well established, combat proven and are an essential and expanding element of future operations across the globe.”

Israel was the top exporter of UAVs last year, but is set to be overtaken by the United States through sales of General Atomics Predator series and Northrop Grumman Global Hawk, said the report.

Western Europe is forecast to reach $1.3 billion in sales by 2024 as it seeks to reduce its reliance on US and Israeli imports, it added.Read more

Source: defensenews.com