The unmanned defense aerial vehicle market consists of sales of unmanned aerial vehicles (UAV) and related services to defense. Unmanned aerial vehicles are drones and aircrafts with no onboard human and are guided autonomously. UAVs carry sensors, target designators, aircraft ordnance such as ATGMs, missiles, and bombs, or electronic transmitters that are designed to destroy enemy targets.
The global unmanned defense aerial vehicle market is expected to decline from $7.25 billion in 2019 to $6.35 billion in 2020 at a compound annual growth rate (CAGR) of -12.36%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $11.05 billion in 2023 at CAGR of 20.29%.
