Target Drones Market Forecast and Trends Analysis Research Report 2020-2027
The GMI Research expects the target drones market to expand at a significant rate. From a regional perspective, North America is expected to grow at a faster CAGR due to the high adoption of such drones attributed to the increasing investment in training programs in economies like the US.
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Target Drones Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The strong demand for such drones for homeland security and various other applications, the growing focus on realistic training due to the growing incidences of cross-border conflicts are the significant factors contributing to the growth of the target drones market during the forecast period. Moreover, the rising defense budgets of various economies, including Germany and the US is further boosting the demand for the market. For example, as per the Stockholm International Peace Research Institute, in 2019, the US was the biggest defense spender with USD 732 billion and represented 38% of the global military spending. The military spending in Europe surged by 5%, in Asia & Oceania by 4.8%, the Americas by 4.7%, and Africa by 1.5%.
The increasing conversion of jet fighters and other such vehicles into target drones, followed by the growing product introduces such drones in the market, are projected to bring lucrative opportunities in the market over the coming years. In 2017, Boeing declared the plan to convert 18 retired F-16 jet fighters into unmanned target drones to use them for advanced pilot training. On the other hand, the limited trained or skilled professionals for operating the target drones will hinder the growth of the global target drones market.
End-Users Segment Drivers
Based on the end-users, the defense segment is projected to increase at a faster CAGR in the upcoming years due to the strong demand for target drones in the military and defense industry for anti-missile objective anti-submarine, and other such training purposes. Additionally, the growing procurement of defense equipment by European and the US economies is fuelling the demand for efficient solutions to achieve the military missions, thus accelerating the growth of the target drones market.
Target Drones Market’s leading Manufacturers:
- QinetiQ
- Boeing
- Kratos Defense & Security Solutions, Inc.
- Northrop Grumman
- Lockheed Martin Corporation
- Leonardo S.p.A.
- Saab AB
- Air Affairs Australia
- AeroTargets International LLC.
- Airbus S.A.S.
Target Drones Market Segmentation:
Segmentation by Type:
- Rotary Wing
- Fixed Wing
Segmentation by Platform:
- Ground Targets
- Aerial Targets
- Marine Targets
Segmentation by End-Users:
- Defense
- Commercial
Segmentation by Target Type:
- Subscale Targets
- Full-Scale Targets
- Free-Flying Targets
- Towing Targets
- Sporting Targets
Segmentation by Engine:
- Internal Combustion Engine
- Jet Engine
- Others
Segmentation by Build:
- Converted
- Newbuild
Segmentation by Region:
- North America
o United States of America
o Canada
- Asia Pacific
o China
o Japan
o India
o Rest of APAC
- Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
- RoW
o Brazil
o South Africa
o Saudi Arabia
o UAE
o Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is a market research and consulting company that provides syndicated research reports, consulting services, and customized market research reports. Our reports are based on market intelligence studies to ensure relevant and fact-based research across numerous sectors, including healthcare, automotive, information technology & communication, FMCG, and other industries. GMI Research’s deep understanding related to the business environment helps us in generating objective strategic insights. Our research teams consisting of seasoned analysts and researchers have hands-on experience in various regions, including Asia-pacific, Europe, North America, and the Rest of the World. The market research report offers in-depth analysis, which contains refined forecasts, a bird’s eye view of the competitive landscape, factors impacting the market growth, and several other market insights to aid companies in making strategic decisions. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to help our clients to stay ahead of the curve.
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