Target Drones Market Dynamics: Opportunities and Innovations Driving Growth
Global Target Drones Market Outlook
Target drones are specialized unmanned aerial vehicles (UAVs) used for sea surface targets, underwater targets, ground targets, and aerial targets. The global target drones market report by Market Research Future (MRFR) consists of drivers, challenges, opportunities, and trends for the period of 2024 to 2030 (forecast period). The Target Drones Market is projected to reach a valuation of USD 8.3 billion by 2030, growing at a robust CAGR of 7.80% during the forecast period from 2024 to 2030.
Market Scope
The global target drones’ market is estimated to exhibit a CAGR exceeding 9% over the forecast period. The increased defense expenditure among nations and investments in training programs are major drivers of the market. Rising instances of piracy and terrorism are expected to fuel its market demand positively. The need for security measures against enemy forces can drive the demand for target drones which can aim for far-off and nearby targets.
But lack of skilled personnel for controlling target drones can hamper market growth.
Segmentation
The global target drones’ market is segmented by end user, engine type, platform type, and target type.
By end user, the global market can be segmented into defense, homeland security, and commercial. The defense segment is expected to dominate the global target drone’s market. This can be attributed to the use of drones for anti-aircraft, anti-missile, and anti-submarine military training in the defense sector. Its need for testing new weapons can drive the segment growth.
Based on engine type, the global target drones’ market can be segmented into jet engines, IC engines, and others. The jet engine segment is expected to dominate the global market during the forecast period due to its high adoption in the military.
By platform type, it is segmented into ground targets, sea surface targets, underwater targets, and aerial targets.
By target type, it is segmented into towing, sporting, full-scale, semi-scaled, and free flying.
Regional Analysis
North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East & Africa (MEA) are regions considered for the target drone’s market.
North America is expected to hold the largest share of the target drones market during the forecast period, owing to the rising investment in training programs in the defense and the increased budget allocated for target drones in the U.S. Customization of drones for military purposes is predicted to drive regional market growth. Furthermore, in the US, old fighter planes are converted into aerial targets for missile training and testing training and mimic real-time threat scenarios for military anti-aircraft. The use of drones for smuggling and trespassing over the border can bode well for the global target drones market growth.
APAC is expected to witness the fastest growth rate during the forecast period from developing countries such as India and China. In growing nations, target drones can lack modification as they are sourced from countries such as Russia and the US. Integration of radar and acoustic based technologies for sensing aircraft can work in training aircraft crews. Rise of indigenous missile production and testing of new weapons can fuel the demand for target drones.
Competition Outlook
Leonardo S.p.A., ASV Global, Airbus S.A.S, Kratos Defense & Security Solutions, Inc., Saab AB, AeroTargets International, LLC, Northrop Grumman Corporation, Boeing Company, QinetiQ Group Plc, and Lockheed Martin Corporation are noteworthy players of the global ePharmacy market.
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