Target Drones Market to Touch USD 8.3 Billion at 7.80% CAGR by 2030
Research Reports
Sep 26, 2023
Target Drones Market Overview
The global Target Drones Market will touch USD 8.3 billion at a 7.80% CAGR by 2030, as per the recent Market Research Future report.
Drivers
Rising Incidences of Unmanned Systems in the Military Operations to Boost Market Growth
It is projected that the market will increase rapidly in the next years. One of the key factors behind this trend is the expansion of unmanned systems’ usage in military operations. Many countries are starting to investigate the use of unmanned systems as a potential response to the rise in the number of global wars as well as the need for more effective & successful military operations.
Opportunities
Integration of AI to offer Robust Opportunities
Target drones’ artificial intelligence technology has fundamentally transformed the worldwide industry. Detailed research is carried out by multiple suppliers that are making drones equipped with a variety of autonomous tools supported by machine learning & artificial intelligence capabilities. In fact the commercialization of the unmanned aerial vehicles, the fuel cells, the energy systems, & AI-enabled UAVs, along with the technology growth in such areas, will pave the way for the production of the simple-to-target drones with assorted functions, fuelling the effectiveness of unmanned aerial vehicles.
Restraints and Challenges
Lack of Skilled Personnel to act as Market Restraint
The lack of trained & skilled personnel, limited range, and limited battery may act as market restraints over the forecast period.
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Market Segmentation
The global target drones market is bifurcated based on end use, target type, and engine type.
By engine type, jet engine will lead the market over the forecast period.
By target type, the market is segmented into sporting, towing, free flying, and full scaled.
By end use, defense will spearhead the market over the forecast period.
COVID-19 Analysis
The manufacturing, development, production, and logistical industries have all experienced a very difficult period as a result of the coronavirus epidemic. Numerous limitations were implemented by the governments of several nations as a result of the COVID-19 crisis. During this epidemic, the market has not been at all impacted. The government granted special permission to the manufacturers & operators of such drones to continue work from offices & not from homes because these drones are used in the defense sector and no country in the world will or is willing to compromise its external security. Therefore, this industry is operating at its usual rate, just as it was prior to the pandemic emergency.
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Regional Analysis
North America to Head Target Drones Market
This market will be dominated by the North American area, and this is due to increased spending on training programs for the defense industry. Additionally, the US government’s funding for target drones indeed is enormous. Additionally, the US government took the initiative to transform retired fighter jets into aerial target drones, which aid in missile training & testing as well as simulate real-time air threats for military anti-aircraft weapons.
Key Players
Eminent market players profiled in the target drones market report include ASV Global (U.K), AeroTargets International, LLC (U.S.), Boeing Company (U.S.), QinetiQ Group Plc (U.K), Kratos Defense & Security Solutions, Inc. (U.S.), Northrop Grumman Corporation (U.S.), Saab AB (Sweden), Airbus S.A.S (France), Leonardo S.p.A. (Italy), and Lockheed Martin Corporation (U.S.).
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