Market Research Report
Target Drones - Global Market Outlook (2019-2027)
|Published by||Stratistics Market Research Consulting||Product code||951433|
|Published||Content info||157 Pages
Delivery time: 2-3 business days
|Target Drones - Global Market Outlook (2019-2027)|
|Published: July 1, 2020||Content info: 157 Pages||
According to Stratistics MRC, the Global Target Drones Market is accounted for $4.04 billion in 2019 and is expected to reach $8.04 billion by 2027 growing at a CAGR of 9.0% during the forecast period. Increased emphasis on enhanced military training and the advantages of target drones over manned target vehicles are the major factors propelling the growth of the market. However, the lack of skilled and trained personnel is hindering the growth of the market.
Target drones are analogous to unmanned aerial vehicles. Target drones can be used for ground targets, aerial targets, underwater targets, and sea surface targets. It is commonly used in the defense industry mostly for training in anti-aircraft warfare. Besides, it is used to replicate manned aircraft in radar, counter-air defense, and homeland security. Besides, the application of target drones has increased its requirement in military training related to anti-missile and anti-submarine and in weapon calibration testing. They are the alternatives for aerial targets mainly used in the evaluation, testing, and research and development. The current target drones are used in radar and countermeasures to imitate a manned aircraft.
Based on the build, the new-build segment is going to have a lucrative growth during the forecast period owing to the limited defense budget allocation in emerging economies, full-scale customization of fighter aircraft is not feasible. As most growing economies acquire fighter aircraft from the US and Russia, they cannot afford to convert them into aerial targets. Unmanned vehicles that are manufactured to be used as targets fall under the category of new build drones.
By geography, Asia Pacific is anticipated to hold considerable market share during the forecast period due to the increasing procurement of state-of-the-art equipment for military training programs. China is growing its defense budget to train its military personnel using advanced techniques. An increase in the applicability of target drones in the military sector has propelled its demand in China. Several manufacturers of target drones used for aviation training exercises are based in China. Similarly, the Indian government is implementing new aviation regulations to manufacture aircraft components in India. The 'Make in India' policy has allowed 100% FDI in the aerospace sector, which has engrossed international aviation companies to India. Such policies have determined the demand for target drones for aviation training exercises in the country.
Some of the key players profiled in the Target Drones Market include ASV Global, AeroTargets International, LLC, Boeing Company, QinetiQ Group Plc, Kratos Defense & Security Solutions, Inc, Northrop Grumman Corporation, Saab AB, Airbus S.A.S, Leonardo S.p.A, and Lockheed Martin Corporation.
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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.