Target Drones Market is valued at USD 3.63 billion in 2021 and is expected to reach USD 5.06 billion by 2026 by growing at a CAGR of 5.7% during the forecast period 2022 - 2027. The expanding procurement of tactical UAVs by armies is principally responsible for the increasing sales of the target drones. It also provides a significant advantage on the battlefield. Surging acceptance of the target Vertical Take-off and Landing or unmanned aerial vehicles, as well as their expanding application in surveillance, monitoring, coordination and control, and attacking situations, are driving the market.
Target Drones Market is highly consolidated and highly regulated since the market is majorly dependent on military and national security. Therefore, the global Target Drones market is highly competitive, and minimal scope for new entrants as major key players acquire the market. In addition, technological innovation and developments make entry more difficult for new entrants.
The growing demand for target drones among militaries worldwide is projected to propel the global target drones market forward. They are increasing commercial use of target drones such as remote sensing, photography, cinematography, oil, gas, mineral production and exploration, disaster management, and other services driving the global target drones' market. One of the primary drivers driving this market's growth is increased funding in the defense industry, which focuses on military training in rising nations.
Strict airspace laws in various nations throughout the world, the U.S., where the FAA was a pioneer in establishing commercial use drones in the region, may hinder the market's growth.
Recent Developments:
In December 2018, Microdrones, a Germany-based company, announced a merger with Schubeler Technologies. This partnership aided Micro Target Drones in delivering a slew of new aviation technology and capabilities to unmanned vehicle customers.
In December 2019, Drone Aviation Holding Corp. announced a merger with Comsovereign Corp., a US-based consortium developing 5G telecommunications radios, power systems, and silicon optoelectronics for the upcoming generation of the global networks.
Significant Challenges in the marketplace:
The significant challenges in the global target drones market are the lack of skilled workers and the short endurance of target drones. Although the drone market is growing in popularity, with several corporations exploring diverse use cases, the industry confronts hurdles that hinder its growth.
Competition in the marketplace:
Due to various small, medium, and big organizations, the global market landscape for Target Drones is expected to be highly competitive and consolidated. Product launches and improvements, acquisitions and mergers, collaborations, and other methods are used by all market players to engage in global competition. As a result, they compete against one another in international marketplaces.
The market for military target drones and UAVs that may be employed for military and ISR missions is highly fragmented, with multiple providers.
REPORT COVERAGE:
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REPORT METRIC |
DETAILS |
|
Market Size Available |
2021 – 2026 |
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Base Year |
2020 |
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Forecast Period |
2022 - 2027 |
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CAGR |
5.7% |
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Segments Covered |
By Application, By Engine, By End-User, By Platform |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Boeing Qinetiq, Northrop Grumman, Kratos Defense and Security Solutions, Airbus, Lockheed Martin, Leonardo, BSK Defense, Air Affairs Australia, Saab AB, Aerotargets, ASV Global. |
By Application:
The target drones with combat training applications are expected to lead the market during the projected timeframe. These drones are used to train military troops and gunnery systems either by destroying cheap target drones or virtually eliminating reusable target drones using laser technology.
By Engine:
By engine type, the target drones market is segmented as Internal Combustion, Jet Engine, and other engines. Due to rising technology adoption in the military sector and the high-speed engine technology of Jet engines, this segment is expected to grow with a high growth rate during the projected period.
By End-User:
By application, the target drones market is segmented into military or defense and commercial use. The military application drone segment is leading the market and is also expected to grow significantly during the projected period. The United States and European countries increased defense procurement, which drives the military target drone market.
By Platform:
The aerial target segment is expected to grow with the highest CAGR during 2022 - 2027. This dominance is due to the extensive use of target drones in military tactics worldwide to emulate the opponent's aircraft attacks.
Target Drones Market-by Geography:
North America is leading the target drones market by holding the largest market share globally. This dominance of North America is due to the increased use of unmanned aerial vehicles in the region with military and commercial use. In addition, the U.S. dominates the North American market due to advanced innovation and developments are made by key players located in the country.
The European target drones market is expected to grow significantly, and Germany is expected to dominate the European market during the forecast period 2022 - 2027.
Asia Pacific market for target drones is expected to grow with the highest CAGR during the forecast period. It is owing to the increased popularity of unmanned aerial vehicles in the Asia-Pacific countries and the region's expanding technological improvements and regulatory reforms. As a result, the region's demand and purchases of unmanned aerial vehicles (UAVs) are constantly increasing, propelling the Asia-Pacific Unmanned Aerial Vehicles market forward. China and India dominate the Asian Market for target drones.
Latin America, Middle East, and the Africa region are expected to grow with a moderate growth rate due to the region's lack of infrastructure and skilled labor force.
The COVID 19 is affecting the global economy in three significant ways:
But during this COVID 19 pandemic, the Target Drones Market has been relatively unaffected. Because these drones are used in the defense sector, and not a single country in the world is willing to risk its external security, the government granted special permissions to manufacturers and controllers of these drones to operate from their workplaces rather than their homes. As a result, this industry works at its typical pace, as it was before the pandemic.
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