Target Drones Market Is Estimated To Witness A CAGR Of More Than 9% During The Forecast Period From 2018 To 2023.
Target drone is an unmanned aerial vehicle that can be used for ground targets, aerial targets, underwater targets, and sea surface targets. It is popularly used in the defense industry, mostly for training in anti-aircraft warfare. Besides, it is used to simulate manned aircraft in radar, counter-air defense, and homeland security. In addition, the application of target drones has increased necessity in military training related to anti-missile and anti-submarine and in weapon calibration testing. The rising funds in the defense industry focused on training in several emerging nations is an eminent factor boosting the target drones market. In several developing economies, line fit based target drones are witnessing extensive acceptance due to their cost-effectiveness and wider accessibility in emerging regions.
The growing number of innovation and patent registrations in several developed nations is expected to boost the market growth. Advancements in simulation technologies and massive R&D investments spent on developing these technologies are notable factors increasing the market growth. Target drones are alternatives to aerial targets mainly used in evaluation, testing, research, and development. The current target drones are used in radar and countermeasures to mimic manned aircraft.
Based on end-user, the market can be segmented into defense, homeland security, and commercial. Defense segment is estimated to be the major segment of the target drones market. Since target drones are majorly used for anti-aircraft, anti-missile, and anti-submarine military training in the defense sector. Target drones are also used for missile and weapon calibration testing.
In terms of region, the target drones market has been segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America. North America is expected to account for the largest share of the target drones market during the forecast period, owing to the rise in investment in defense training programs and the increase in budget allocated for target drones in the U.S. Furthermore, in the U.S., old fighter aircraft are converted into aerial targets that help in missile training, testing training, and simulating real-time threat scenarios for military anti-aircraft.
The key players in Target Drones market are 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.).
Scope of the Report
This study provides an overview of the global target drones market, tracking three market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC), Middle East and Africa, and South America. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global Target Drones market by its End-user, Platform, Engine Type, Target Type, and Region.