The target drones market is projected to grow from USD 4.5 billion in 2022 to USD 6.4 billion by 2027, at a CAGR of 7.4% from 2022 to 2027. The market is driven by rising need for UAVs in military applications. However, the market’s growth is limited by the regulations on lithium batteries that power dronesto foresee the market growth.
The COVID-19 outbreak has had an impact on the target drones supply chain. The spread of COVID-19 in the United States and Europe is expected to be slowed by lockdowns at target drones research and development centres.As a result of the Asia Pacific lockdown, many businesses in the target drones industry have lost revenue. Many startups have failed to continue operating in the area due to delays in development and a lack of funds. The commercialization of target drones appears to have been delayed by a year when compared with pre conditions.
The aerial targets segment is expected to hold major share of the market during the forecast periodon the basis ofcomposition
On the basis of end use, the target drones market has been segmented into aerial targets, ground targets, and marine targets. Aerial targets include unmanned aerial target drones, whereas ground targets include unmanned ground vehicles used as targets. Marine targets include unmanned underwater target drones as well as sea surface targets.Aerial targets include all unmanned aerial target vehicles; about 80% of target drones acquired by armed forces worldwide fall under this category. In the US, there are two variants of target drones - full-scale targets and subscale targets. Full-scale targets are fighter aircraft converted into unmanned target drones. For instance, F-4 and F-16 are currently being utilized by the US Air Force as target drones. Subscale aerial target drones are smaller versions of full-scale aerial target drones, capable of handling tasks carried out by the latter in terms of speed, countermeasures, and scoring.
The defensesegment is anticipated to lead the target drones market in near future
On the basis of end-use sector, the target drones market has been segmented into defense and commercial. The increasing applicability of target drones in these sectors has prompted companies to undertake R&D to improve their performance capabilities.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. The defense end-use sector is further divided into the military and homeland security sectors.
Newbuild segment led the target drones market
On the basis of build, the target drones market has been segmented into newbuild and converted. Manned aircraft/boats converted to unmanned target vehicles fall under the category of converted target drones. For instance, in the US, retired fighter aircraft F-4 and F-16 were converted into QF-16 and QF-4 aerial target drones. Another example is the UK Royal Navy’s conversion of the blade-runner boat into a high-speed sea surface target.
North Americaheld largest market share in terms of value
North America is estimated to account for 52% of the target drones market in 2022. The market in North America is projected to grow from USD 2,332 million in 2022 to USD 3,398 million by 2027, at a CAGR of 7.8% from 2022 to 2027.
- Break-up of profiles of primary participants in this report:
- By Company Type: Tier 1 – 35%, Tier 2 – 45% and Tier 3 – 20%
- By Designation: C level – 35%, Director level – 25%, Others – 40%
- By Region: North America - 45%, Europe – 25%, AsiaPacific – 15%, Middle East– 10%,Rest of the World – 5%
The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the ground support equipment market. A detailed analysis of the key industry players has been done to provide insights into their business overviews; solutions and services; key strategies; contracts, joint ventures, partnerships & agreements, acquisitions, and new product launches associated with the ground support equipment market. Competitive analysis of upcoming startups in the target drones market ecosystem is covered in this report.
Reasons To buy this report:
From an insight perspective, this research report has focused on various levels of analyses?industry analysis (industry trends), market ranking analysis of top players, value chain analysis, and company profiles, which together comprise and discuss basic views on the competitive landscape, emerging and high-growth segments of the target drones market, high-growth regions, and market drivers, restraints, and opportunities.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on target dronessoffered by top market players
- Market Sizing: The estimated size of the market in 2022 and its projection to 2027
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the target drones market
- Market Overview: Market dynamics and subsequent analysis of associated trends as well as drivers, opportunities, and challenges prevailing in the target drones market
- Market Development: Comprehensive information about lucrative markets – the report analyzes the markets for target dronesacross regions
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the target drones market
- Regional Analysis: Factors influencing the growth of the target drones marketin North America, Europe, Asia Pacific,Middle East and Rest of the World.
- Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the target drones market.