Home Press Releases Drone Dynamics: Tracing the Path of Target Drones Market to $6.4 Billion

Drone Dynamics: Tracing the Path of Target Drones Market to $6.4 Billion

by Press Room

(EMAILWIRE.COM, November 21, 2023 ) According to a recent research report by MarketsandMarkets, the Global Target Drones Market is poised for significant growth, projected to increase from USD 4.5 billion in 2022 to USD 6.4 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 7.4% during the forecast period from 2022 to 2027. The study encompasses a comprehensive analysis of various market factors, including end-use sectors, applications, mode of operation, payload capacity, build, target type, engine type, speed, type, and regional trends.

Key Market Players

Key players in the target drones market include QinetiQ Group plc (UK), Kratos Defense & Security Solutions, Inc. (US), Airbus Group (Netherlands), Northrop Grumman Corporation (US), and Boeing Company (US). These players are emphasizing new product development, launches, and global presence to gain a competitive advantage in the industry. Additionally, the strategy of forming partnerships, contracts, and agreements is also being employed to further enhance their market position.

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The primary driver for the escalating demand in the target drones market is attributed to the advent of compact designs and recovery systems in target drones. This development has substantially increased their appeal across defense and commercial sectors. The market report details the growth prospects with a total of 177 market data tables and 50 figures spread across 201 pages, along with an in-depth Table of Content available on the official website.

By payload capacity, the medium segment (20 kg to 40 kg) is anticipated to lead the market during the forecast period. The growing applications of target drones, equipped with various payloads such as identification friend or foe, passive & active radar augmentation, infrared augmentation, and electronic payloads, among others, are driving the demand for these medium-capacity drones.

The report also highlights the mode of operation, indicating that the remotely piloted segment is expected to have the highest share during the forecast period. With advancements in connectivity technology, target drones can operate remotely or autonomously, with some offering both options, known as optionally piloted drones. Remotely piloted drones provide better control and help mitigate risks associated with program failure prevalent in autonomous drones.

In terms of engine type, the jet engines segment is projected to lead the market during the forecasted period. Jet engines, with their higher power-to-weight ratio compared to internal combustion engines, are the preferred choice for most target drones.

Regionally, North America is expected to have the highest share in the forecasted period, with the North America Unmanned Aerial Target market projected to grow at a rate of 7.8%. The US navy’s focus on the development of UAVs, along with the growth of the commercial drone fleet, is anticipated to contribute significantly to market growth in the region.

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About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

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