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Mapping the Investable Mid-cap and Startup Ecosystem in the Drone Defence Supply Chain in Europe, UK, and Norway

Mapping the Investable Mid-cap and Startup Ecosystem in the Drone Defence Supply Chain in Europe, UK, and Norway

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Defence Finance Monitor
Jul 15, 2025
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Defence Finance Monitor
Defence Finance Monitor
Mapping the Investable Mid-cap and Startup Ecosystem in the Drone Defence Supply Chain in Europe, UK, and Norway
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Autonomous Underwater Vehicles For Defense Applications | Exail

Executive Summary

This report offers a detailed, sector-specific mapping of the European unmanned systems industry, covering the full defence-relevant value chain across the aerial (UAV), ground (UGV), surface (USV), and underwater (UUV) domains. Its primary objective is to identify mid-cap companies and startups operating in the most strategic and underserved segments of the supply chain—sensor technologies, propulsion systems, software integration, autonomy architectures, and downstream services—where institutional and military demand is rapidly expanding due to geopolitical shifts, NATO–EU procurement programmes, and doctrinal changes in operations. Based exclusively on official sources published between 2023 and 2025 by the European Union, NATO, the United Kingdom, and Norway, the report reconstructs the positioning of the most dynamic firms involved in initiatives such as EDF, DIANA, and NIF, assessing their technological maturity, strategic alignment, and attractiveness to professional investors.

Structured by operational domain and value-chain layer (upstream, midstream, downstream), the report analyses more than 60 emerging companies with clearly defined technological profiles and tangible dual-use or defence applications. For each, it examines participation in multinational programmes, access to public equity mechanisms, industrial partnerships, and coherence with European objectives for production resilience and strategic autonomy. Particular attention is given to firms operating in bottleneck segments—such as autonomous navigation, counter-drone technologies, maritime sensors, and mobile logistics—where European capabilities remain fragmented or underdeveloped. This report is designed for institutional investors, specialised funds, and industrial actors seeking to understand which areas of the unmanned ecosystem currently offer investable opportunities, scalable growth, and alignment with long-term European defence priorities.


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