August 03, 2022 07:30 ET | Source: MarketsandMarkets Research Pvt. Ltd. MarketsandMarkets Research Pvt. Ltd.
Chicago, Aug. 03, 2022 (GLOBE NEWSWIRE) -- Target Drones Market is projected to grow from USD 4.5 billion in 2022 to USD 6.4 billion by 2027, at a CAGR of 7.4% from 2022 to 2027, according to a new report by MarketsandMarkets™. The advent of target drones in terms of compact designs and recovery systems, is one of the major driving factor for the demand of target drones market.
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Browse in-depth TOC on “Target Drones Market” 177– Tables 50 – Figures 201 – Pages
By payload capacity, the Medium (20 kg to 40 kg) segment is expected to lead the market during the forecast period
On the basis of payload capacity, the target drones market has been segmented into high (>40 kg), medium (20 kg to 40 kg), and low (<20 kg). Owing to the growing applications of these target drones, they are equipped with payloads such as identification friend or foe, passive & active radar augmentation, infrared augmentation, and electronic payloads, among others. The use of target drones in applications such as target & decoy, reconnaissance, and combat training requires additional components to make them more effective in operations. These target drones are equipped with passive & active radar augmentation, electronic payloads, GPS navigation, and several types of cameras. With the increasing efforts to make military training more realistic, these payloads are used to help drones perform functions in the above-mentioned applications
By mode of operation, the remotely piloted segment has the highest share in the forecasted period
On the basis of mode of operation, the target drones market has been segmented into autonomous, remotely piloted, and optionally piloted. With growing advancements in connectivity technology, target drones can be operated remotely or autonomously with preprogrammed functions. Some target drones are designed with the option of both, remote as well as autonomous operation. These are known as optionally piloted drones. Most target drones that are currently being developed are remotely piloted. These drones offer better control and mitigate the risks of program failure that is prevalent in autonomous drones.
Jet engines segment has the highest share in the forecasted period
On the basis of the engine type, the target drones market has been segmented into internal combustion (IC), jet, and others (electric motors, microturbine engines, and free-flying). Based on engine type, the jet engines segment led the target drones market in 2022. This segment was valued at USD 3494 million in 2022 and is projected to reach USD 5090 million by 2027, recording the highest CAGR of 7.8% from 2020 to 2027 . The segment is expected to lead the market, as most target drones are powered by jet engines, which have a higher power-to-weight ratio compared to IC engines.
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North America has the highest share in the forecasted period.
The North America Unmanned Aerial Target market is projected to grow at the highest rate of 7.8% during the forecast period. The US navy is focusing on the development of UAVs that can be integrated with its naval fleet. In August 2018, Boeing was awarded a contract worth USD 805 million to develop and build the MQ-25, an aerial refueling tanker. Along with the military sector, the commercial sector is also expected to offer growth opportunities for the target drones market during the forecast period. According to the Federal Aviation Administration (FAA), the commercial drone fleet of the US is expected to grow from 42,000 drones in 2016 to about 442,000 drones by 2021.
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). The players are largely focused on new product development and launches, and having a strong global presence will help them gain a competitive advantage in the target drones industry. These companies are concentrating their efforts on breaking into new markets by launching technologically superior and cost-effective platforms and infrastructure solutions. These companies, in addition to new product releases and advances, have adopted partnership, contracts and agreement strategy.
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