According to the new market research report the Target Drones Market is estimated at USD 4.4 billion in 2020 and is projected to reach USD 6.3 billion by 2025, at a CAGR of 7.6% from 2020 to 2025. Increasing RD investment and better funding for military training programs are key factors driving the growth of the target drones market.
The aerial targets segment is projected to lead the target drones market in 2020
The target drones market has been segmented on the basis of end-use sector, end use, application, mode of operation, payload capacity, build, target type, engine type, speed, type, and region. Based on end use, the target drones market has been classified into aerial targets, marine targets, and ground targets. The aerial targets segment is estimated to lead during the forecast period. This growth of the segment is attributed to the wide adoption of these drones in military practices across the world to replicate enemy aircraft threats.
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The defense segment is projected to lead the target drones market
Based on end-use sector, the target drones market is segmented into defense and commercial. The defense sector is expected to lead and grow at a high CAGR during the forecast period from 2020 to 2025. This segment is further classified into military and homeland security in the target drones market. Target drones are used by military agencies across the globe, owing to the benefits they offer to armed forces. An increase in budgetary constraints, a decline in the recruitment of defense personnel, and an increase in the procurement of defense equipment by the US and European countries have necessitated the need to develop cost-effective solutions to accomplish military missions. These factors are driving the target drones market.
Asia Pacific projected to have a high growth rate in the target drones market during the forecast period
North America is estimated to lead the target drones market across the forecast period from 2020 to 2025. Asia Pacific is also expected to have a high growth rate due to the increasing procurement of state-of-the-art equipment for military training programs. China is increasing 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 their 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 policies to manufacture aircraft components in India. The ‘Make in India’ policy has allowed 100% FDI in the aerospace sector, which has attracted international aviation companies to India. Such policies have driven the demand for target drones for aviation training exercises in the country. For instance, Hindustan Aeronautics Limited, a premier aircraft manufacturer in India, is manufacturing an unmanned version of a home-grown light combat aircraft (LCA) known as Tejas. These developments have contributed to the growth of the Indian target drones market.
Key Market Players
The key players in the target drones market are The Boeing Company (US), QinetiQ Group plc (UK), Northrop Grumman Corporation (US), Kratos Defense Security Solutions, Inc. (US), Airbus Group (Netherlands), Lockheed Martin Corporation (US), Leonardo S.p.A. (Italy), BSK Defense S.A. (Greece), Air Affairs Australia Pty Ltd (Australia), Saab AB (Sweden), AeroTargets International, LLC (US), L3 ASV (UK), BAE Systems (UK), Raytheon (US), General Dynamics Corporation (US), Almaz-Antey (Russia), Thales (France), Embention (Spain), Griffon Aerospace (US), and Denel Dynamics (South Africa), among others.
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