The report – which looks at the anti-drone market by technology, application, vertical market, and geography – expects the market to grow from $499 million in 2018 to $2,276 million by 2024, at a compound annual growth rate (CAGR) of 28.8%. Major factors driving the growth, says the report, are rising incidences of security breaches by unidentified drones and increasing terrorism and illicit activities across the world.
In terms of anti-drone technology, the market for laser counter-drone systems is expected to grow at the highest CAGR during the forecast period, as laser systems offer great speed, significant flexibility, high precision, and low cost per shot. Such systems – which are being developed by companies such as Boeing, Lockheed Martin, Rheinmetall Defense Electronics GmbH, and Raytheon – are expected to mostly find their applications in the military and defense vertical market.
During the forecast period, the "detection and disruption" application – in the form of anti-drone technologies – is expected to account for a larger share of the market. Anti-drones are used for detection and disruption applications, especially in the military and defense sector – which is expected to account for the largest share of the anti-drone market during the forecast period – where unauthorized drones that enter prohibited areas of any country need to be detected, as well as destroyed, on the spot.
In addition to potential terrorist activities, the use of drones for border trespassing, smuggling, and spying has increased. As a result, says the report, the demand for an efficient anti-drone system is expected to rise in the coming years in the military and defense sector.