Covid-19 Impact & Market Status
The pandemic has greatly impacted the global target drone market by disrupting the supply chain operation and halting the manufacturing operations. The effect of the pandemic may remain for few more months on the market.
The pandemic forced the governments to announce a shutdown in business operations from stopping local manufacturing and marketing operations from banning import-export of nonessential items leading to raw material shortages and other challenges. This has led to delayed projects and initiatives taken by governments or private firms related to targeting drones.
However, businesses have adopted well-functioning, sustainable solutions for business success. The market players have adopted sharp pricing and localization strategies for branding the products and entering foreign markets. This report gives a comprehensive view of the recent market developments, regulatory practices, trade scenarios, import-export, production analysis, and distribution network study of the global target drone market.
The Defense Segment is Projected to Register Highest CAGR in Forecast Span
The global target drone market is classified based on different end user segments namely defense and commercial. Among these the defense segment recorded a maximum market share in 2020 and is projected to witness considerable market growth in forecasted years. The increasing use of target drones in the defense sector for combating dangerous operations, the ability to destroy maximum enemies without life risk, and successful usage for supervision, combat mission, and target decoys have boosted the use of target drones in the defense sector. Theae are some key factors influencing the market growth of the defense target drones segment in global target drone market.
Aerial Segment to Hold Leadership Status
The global target drone market is classified based on different target segments, namely aerial, marine, and ground. Among these, the aerial segment is expected to continue its leadership status in forecasted years like in 2020. It is estimated to register the highest growth rate in the years ahead.
The key advantages of aerial target drones such as improved combat capability, targeted reach, human security, cost-saving technology, the better quality offered to aerial imaging, better position and attitude control, stabilization over the target, and collaborative lifting is driving the growth of the aerial segment in the global target drone market.
Remotely Operated Segment to Dominate the Market
The global target drone market is classified based on different mode of operation such as autonomous and remotely operated target drones. The remotely operated segment may remain atop in the global target drone market. The benefits of remotely operated drones lime better control and navigation, targeted attacks, stability, collaborative lifting, and capability to act in changing situations are the key factors boosting the segment growth in global target drone market.
North American Region To Manifest Fastest CAGR
North American region contributed to the highest revenue to the global target drone market in 2020 and is estimated to hold a dominant market share in the forecast span. The rapid manufacturing operations for revolutionizing business operations, expansion and developments in use of target drones, rising manufacturing operation of drones for military purposes,
AI revolution and technological innovations in drones are increasing the adoption of target drones thereby driving North America’s share of global target drone market. The APAC and Europe regions are also the next dominating regions in the market owing to increasing military and defense expenses, new target drone system technologies, advancing weapons innovation techniques, and technology advancements. This is increasing global share of Europe and APAC in global target drone market.
Increasing military and defense expenses, new target drone system technologies, advancing weapons innovation techniques, technology advancements in weapons for increasing attacking capabilities, and surging demand for modernization and installation of advanced defense infrastructure boost the global target drone market.
The need for modernized weapon systems to address the current security and other operational challenges are increasing the reliance on target drones as opposed to traditional weapon systems and delivery methods driving the global target drone market.
The rapid increase in defense expenditure, defense modernization for addressing the growing trend in conflicts and wars across the world among different nations, and increasing demand for advanced delivery systems in times like Covid-19 and to meet such uncertainties in the future are fostering remarkable progress in the global target drone market.
Advantages such as improved combat capability, targeted reach, human security, cost saving technology, better quality offered to aerial imaging, better position and attitude control, stabilization over target, and collaborative lifting are encouraging further adoption of global target market. These factors are collectively influencing the global target drone market, projecting a market growth of 8.50 Bn USD by 2028 with an annualized growth rate of 6.8% from 2021 to 2028.
Target drones are remotely operated or unmanned aerial vehicles used for ground, air, and marine operations. The target drones are specifically used for combating manned and unmanned threats. Target drones are increasingly being used as an alternative to traditional equipment and systems in military forces. Target drones are used in real estate, golfing, inspections, agriculture, weddings, search and rescue, and special delivery. Thus Target drones are therefore extensively used across multiple industries.
However, some significant drawbacks such as rising security concerns from accidental harm to miscalculations to targeted attacks, legal issues, inability to conduct sensitive site exploitation, failure in conducting critical intelligence operations, failed counterterrorism missions are some key factors likely to deprive the global target drone market growth.
Furthermore, ability to human and material intelligence, advanced picture of enemy network, increase in defense expenditure, growing security surveillance needs to combat threats are anticipated to be growth opportunity to the global target drone market.
The global target drone market players dominating the global markets are The Boeing Company, Qinetiq Group plc, Northrop Grumman Corporation, Lockheed Martin Corporation, Griffon Aerospace, Leonardo S.p.A, Embention, Denel Dynamics, BAE Systems plc, and Airbus S.A.S among all the well-established and new entrants across the globe. The market players are introducing drones for according to the customer demands like for making deliveries, surveillance, and even developing drones for agricultural usage such as spraying pesticides and crop monitoring. The drone makers and service providers are coming with innovative product offerings growing up the sales 3-5 times higher than the last year.
Latest Innovations in the Global Tableware Sauces Market: a Snapshot
- Drones are helping farmers boost income using drone geospatial data.
- Recently German Armed Forces launched a Leonardo BriteCloud 218 decoy from Airbus RPATS test platform.
- New ongoing researches are underway to develop highly advanced and efficient target drones in the commercial and defense field, driving the global target drone market.
- Airbus has designed an airborne launcher to release uncrewed aerial vehicles or drones.
Target Drone Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||8.50 Bn USD|
|Growth Rate||CAGR of 6.8% during 2021-2028|
|Segment Covered||End User, Target, Mode of Operation, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||The Boeing Company, Qinetiq Group plc, Northrop Grumman Corporation, Lockheed Martin Corporation, Griffon Aerospace, Leonardo S.p.A, Embention, Denel Dynamics, BAE Systems plc, and Airbus S.A.S|
Key Segments of the Global Target Drone Market
End User Overview, 2018-2028 (USD Billion)
Target Overview, 2018-2028 (USD Billion)
Mode of Operation Overview, 2018-2028 (USD Billion)
- Remotely operated
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa