Growth opportunities in the Target Drones Market look promising over the next six years. This is mainly due to the mounting emphasis on realistic training owing to the increasing cases of cross-border conflicts and the continuous expansion in products.
Target Drones Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
Several drivers stimulating the growth of the global target drones market include the augmenting demand for such demand for the safety of homeland and other applications along with the rising focus on realistic training due to the increasing instances of cross-border disputes. Also, the surge in defense budgets of various countries such as the US and Germany strengthens the market size. In accordance with the Stockholm International Peace Research Institute, the United States, in 2019, had the most significant payout on defense with USD 732 billion and represented approximately 38% of the total military spending. The military expenditure raised by 5% in Europe, 4.8% in Asia & Oceania, 1.5% in Africa, and the Americas by 4.7%.
Additionally, the increasing modification of jet fighters and other vehicles into target drones, along with the expansion in the introduction of their products, is projected to bring enormous growth opportunities for the market. Boeing, in 2017, declared its plan to convert 18 retired F-16 jet fighters into unmanned target drones to be implemented in advanced pilot training. However, the insufficient trained or skilled professionals to operate these drones will hamper the market growth.
Regional Drivers
Based on the regional coverage, North America is expected to expand at a faster CAGR over the forecast period. This is primarily attributed to the escalating acceptance led by the increasing investment in training programs in countries like the United States. In addition to this, the accelerating number of contracts to attain these target drones is fuelling the market growth. For instance, Griffon Aerospace, in 2020, obtained a two-year contract of value USD 49.9 million to supply unmanned aircraft system targets and associated support services to the US Army. It will offer MQM-171 Broadsword and MQM-170 Outlaw UAS goals for the targets management office of the service branch and other customers from the Department of Defense.
Target Drones Market’s leading Manufacturers:
- AeroTargets International LLC.
- Saab AB
- Lockheed Martin Corporation
- Kratos Defense & Security Solutions, Inc.
- QinetiQ
- Airbus S.A.S.
- Air Affairs Australia
- Leonardo S.p.A.
- Northrop Grumman
- Boeing
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
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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