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Increasing investment in military training programs is driving market growth
The target drones market is projected to grow from USD 4.4 billion in 2020 to USD 6.3 billion by 2025, at a CAGR of 7.6% during the forecast period. Increased R&D investment and better funding for military training programs are key factors driving the growth of the target drones market. However, the lack of sustainable power sources to improve the endurance of drones is limiting the overall adoption of target drones.
Based on end use, aerial target drones segment is projected to drive the target drones market by 2025
Based on end use, the aerial targets segment is projected to lead the target drones market by 2025 due to its wide acceptance across the world in military training. Aerial targets include all unmanned aerial target vehicles; about 80% of target drones acquired by armed forces worldwide fall under this category. Jet engines as well as internal combustion engines are used in aerial target drones. Target drones powered by jet engines have high speed and exceptional maneuvering capabilities. Those powered by internal combustion engines are cost-effective with a restricted scope of usage.
Based on end-use sector, the defense segment is projected to lead the target drones market over the forecast period
Target drones are used by military forces worldwide to perform various defense-related tasks due to their extreme endurance capabilities and potential for high-altitude threat simulation. Target drones offer the best solution for all aspects of threat simulation, such as realism, cost, and operational effectiveness, which, in turn, improve overall training effectiveness.
North America is estimated to account for the largest share of the market in 2020 North America is projected to hold the lion’s share in the target drones market. The US Air Force is the largest consumer of aerial targets. Currently, the US Air Force is converting retired F-16s to unmanned target vehicle QF-16s. Increasing R&D and venture capitalist activities in the field of drones are also aiding the growth of the target drones market in the US.
The break-up of profiles of primary participants in the Target Drones Market: By Company Type: Tier 1 – 35%, Tier 2 – 45%, and Tier 3 – 20% By Designation: C-Level Executives – 35%, Directors – 25%, and Others – 40% By Region: North America – 45%, Europe – 20%, Asia Pacific – 30%, Rest of the World – 5%.
Key players in the target drones market are The Boeing Company (US), QinetiQ Group plc (UK), Northrop Grumman Corporation (US), Kratos Defense & Security Solutions, Inc. (US), Airbus Group (Netherlands), Lockheed Martin Corporation (US), Leonardo S.p.A. (Italy), BSK Defense S.A. (Greece), Air Affairs Australia Pty Ltd (Australia), Saab AB (Sweden), AeroTargets International, LLC (US), L3 ASV (UK), BAE Systems (UK), Raytheon (US), General Dynamics Corporation (US), Almaz-Antey (Russia), Thales (France), Embention (Spain), Griffon Aerospace (US), and Denel Dynamics (South Africa), among others.
The study covers the target drones market and aims at estimating the market size and the growth potential of this market across different segments: end-use sector, end use, application, mode of operation, payload capacity, build, target type, engine type, speed, type, and region. It also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Reasons to buy this report
- This report will help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall target drones market and its subsegments.
- The report covers the entire ecosystem of target drones in the industry and will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
- It will also help stakeholders understand the pulse of the market and provide them information on key market drivers, challenges, restraints, and opportunities.