Target Drones Market
Target Drones Market reached a value of USD 4.3 billion in 2021 and is projected to touch USD 7.1 billion in 2029, and the market is expected to grow at a CAGR of 6.5%.
The factors driving the growth of Target Drones Market includes growing demand for Unmanned Ariel Vehicles (UAV) around the world, increasing use of target drones in air force training exercises, and rising uncertainties of war and geo-political tensions between Countries. According to the report published by Bloomberg, the Global Unmanned Aerial Vehicle (UAV) Market was calculated around USD 23.60 Billion in 2021 and is estimated to reach USD 77.69 billion by the end of 2030, growing at a CAGR of 14.6% over the forecast period, which will accelerate the Target Drones Market size in the approaching years. Moreover, rise in Defense Budget of worldwide, growing concerns related to terrorism, Government initiatives to boost domestic defense manufacturing and increase in the launch of advanced combat jets by major companies, are some of the additional factors supplementing the market growth. As per the Observer’s Research Foundation, the Government of India has increased the allocation of defense budget to USD 70.6 billion for 2022-2023, rising by 9.8% as compared to last fiscal year, which will boost the market growth in the coming years.
However, the growth of Target Drones Market is hindered due to insufficient skilled workforce to operate target drones.
The major player operating in the market are Lockheed Martin Corporation, Leonardo S.p.A., Saab AB, QinetiQ, Boeing, Kratos Defense & Security Solutions, Air Affairs Australia, AeroTargets International LLC., Northrop Grumman, and Airbus S.A.S., among others.
Based on Platform, the Aerial Targets segment is predicted to expand at a remarkable CAGR during the forecast period
Increasing use of ariel target drones in the military trainings, is the major factor responsible for the growth of the segment.
Based on End-Users, the Defense segment is projected to grow at a robust CAGR over the forecast period
As per the Global Target Drones Market Report, rise in the procurement of defense equipment across the globe and increasing use of target drones by militaries, are propelling the segment’s growth.
Based on Region, the North American region is anticipated to capture a sizeable market share during the forecast period
Presence of the leading defense companies such as Lockheed Martin Corporation, Boeing, and Kratos Defense & Security Solutions, increasing expenditure by Government on the defense sector, rising population growth rates and high per capita incomes, are some of the important factors augmenting the market growth in North America.
Key Development
- In 2020, Kratos Defense & Security Solutions, Inc. was awarded the contract worth USD 19 million to deliver 21 high-performance jet target drones. The high performance, jet-powered, unmanned aerial target drones are developed for application in weapon systems testing and soldier training.
- In 2019, QinetiQ introduced the next-generation Banshee NG, a target that which can imitate the fast-flying missiles and jets, enabling evaluation & test and live-fire training exercises. This target drone can travel at a speed more than 250m/s, flies to higher altitudes up to 12,000 meters, and enhances maneuverability, and is also less detectable due to a low radar cross-section.
Market Segmentation
Segmentation by Type
- Rotary Wing
- Fixed Wing
Segmentation by Platform
- Ground Targets
- Aerial Targets
- Marine Targets
Segmentation by End-Users
- Defense
- Commercial
Segmentation by Target Type
- Subscale Targets
- Full-Scale Targets
- Free-Flying Targets
- Towing Targets
- Sporting Targets
Segmentation by Engine
- Internal Combustion Engine
- Jet Engine
- Others
Segmentation by Build
- Converted
- Newbuild
Segmentation by Region
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
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