PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1235916
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1235916
According to Stratistics MRC, the Global Target Drone Market is accounted for $5.28 billion in 2022 and is expected to reach $8.82 billion by 2028 growing at a CAGR of 8.9% during the forecast period. Target drones are unmanned (marine, ground, and airborne) vehicles that are typically employed for training in warfare against manned and unmanned threats, destruction tests on dummy targets that mimic the behaviour of genuine threats, and testing and developing new military systems. Target drones are utilised as more affordable alternatives to the tools and systems that militaries in different nations use. Target drones and unmanned aerial vehicles are nearly identical. These drones are used for targets on land, in the air, below the surface of the sea, and in the water. These drones are frequently employed to simulate anti-ship combat in training.
According to the Stockholm International Peace Research Institute (SIPRI), the global military expenditure has reached $1,981 billion in 2020 with a 2.6% year-on-year increase.
The most effective option for threat simulation, including realism, cost, and operating efficiency, is provided by target drones, which also increases the effectiveness of training as a whole. Target drones provide military forces across the world with a beneficial training environment. Target drones were purchased by the UK Ministry of Defence as part of a $9.37 billion investment in military aviation training and equipment, according to the Defence Equipment Plan. To equip its aircrew for the rigours of upcoming combat operations, it intends to use cutting-edge, flexible, and long-lasting training systems that make use of the advantages of virtual settings.
Target drones don't have a pilot on board, so mistakes made while controlling them could have serious consequences. Target drones require specialised knowledge to operate and control because, in comparison to conventional target aircraft, they rely more on computer technology, autopilot, and radio communication. To imitate a real-world battlefield, target drones must be more manoeuvrable, necessitating competent individuals for remote control. A number of drone mishaps are caused by careless operators. At the moment, initiatives are being taken to lessen such accidents by enhancing the autonomy of these drones and lowering the level of operator engagement. Additionally, a variety of training initiatives are being carried out to prepare pilots for the precise control of drones, hence lowering the likelihood of drone mishaps.
A major game-changer for the global business has been the artificial intelligence (AI) technology used in target drones. In-depth research is being done by many suppliers, who are producing drones equipped with a variety of autonomous tools supported by machine learning (ML) and artificial intelligence (AI) capabilities. The commercialization of unmanned aerial vehicles, fuel cells, energy systems, and AI-enabled unmanned aerial vehicles, along with the growth rate of technology in these areas, will result in the production of simple-to-target drones with a variety of functions, increasing the effectiveness and effectiveness of unmanned aerial vehicles.
One of the most significant challenges faced by manufacturers of target drones is their inability to test energy limits both, in terms of endurance as well as the ability to deliver the required amount of energy limits both, in terms of endurance as well as the ability to deliver the required amount of energy to different payloads, such as radars and lasers, among others.
The COVID-19 pandemic outbreak has slowed the market's expansion since businesses are spending less on research and development to create novel remedies. The largest companies in Europe and the United States were most adversely impacted by the pandemic and were forced to enact stringent lockdowns to ensure the safety of their workers. The development and production of the target drones have been impacted by this. However, it is projected that the market will expand gradually as the immunisation process is carried out.
The IC engines segment is estimated to have a lucrative growth. Turbojet engines are known for delivering power, whereas IC engines are noted for faster processing rates. In their respective markets, demand for both of them is rising. Drones with turbojet engines can have IC engines implanted in them to increase their intelligence. While IC engines are utilised for navigation and light drones, turbojet engines are mostly used for heavier drones deployed by the armed services.
The reconnaissance segment is anticipated to witness the fastest CAGR growth during the forecast period, due to their expanding capacities and endurance. Target drones are being used by a number of armed forces to train and test anti-aircraft teams. Target drones are used to test the defensive systems' capabilities by simulating enemy aircraft in combat. These targets are accessible for training platforms in the air, on land, and in the sea. Companies have begun transforming fighter planes into full-scale target drones that can mimic real threats in response to the increased interest in target drones.
North America is projected to hold the largest market share during the forecast period. Many target drone manufacturers, including Kratos Defence & Security Solutions, Inc., Grummman Corporation, and Boeing Company, have manufacturing facilities in North America. Due to the existence of the defence manufacturing sector, the rising demand for defence platforms globally, and continuous upgrade programmes for current defence systems, the market for target drones has been rising in North America.
Asia Pacific is projected to have the highest CAGR over the forecast period, owing to an increase in military spending, particularly in developing nations like China and India. After a decade of intensive research and development, China has started to exhibit an increasing level of confidence in the production of drones and their use in warfare. China has started to send out relatively few nuclear-armed submarines and cutting-edge combat platforms like the J-20 stealth jet. The Chinese air force uses more than merely advanced drones.
Some of the key players profiled in the Target Drone Market include: Embention, Airbus S.A.S., The Boeing Company, Griffon Aerospace, Leonardo S.p.A., Lockheed Martin Corporation, Northrop Grumman Corporation, Qinetiq Group plc, Denel Dynamics, BAE Systems plc, Asv Global, AIr AffaIrs AustralIa Pty Ltd, Aerotargets InternatIonal, Llc, Kratos Defense & Security Solutions, Inc., SELEX Galileo, Safran S.A., Saab Ab and Bsk Defense S.A.
In March 2022, Qinteiq received an agreement from japan Ground Self-Defence Force to offer Bnanshee Jet80+Unmanned aerial vehicle targets
In January 2022, The U.S. Navy gave an agreement to Kratos Defense and Security Solutions Inc. worth US$ 50.9 million to acquire 65 units of BQM-177A subsonic air targets.
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Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.