The Target Drones Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Target Drones Global Market Report 2024, The target drones market size has grown strongly in recent years. It will grow from $4.78 billion in 2023 to $5.21 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to military training requirements, rising defense budgets, integration of electronic warfare training, surge in unmanned systems adoption, testing and evaluation of missile systems, need for moving target scenarios..
The target drones market size is expected to see strong growth in the next few years. It will grow to $7.14 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to demand for multi-domain training, focus on electronic attack training, integration with live-fire exercises, growing importance of anti-drone training, adoption of high-speed target drones, incorporation of real-time telemetry, customization for specific threat scenarios.. Major trends in the forecast period include advancements in autonomy and artificial intelligence, integration of electronic warfare (ew) capabilities, development of high-speed and agile drones, growing adoption in air-to-air combat training, collaborations for technology advancements, integration of high-fidelity sensors..
The increase in defense spending is expected to propel the growth of the target drones market going forward. Defense spending refers to the amount of the federal budget earmarked for defense, including funding for military operations, pay, training, and health care, in addition to maintaining and buying weapons, buildings, and equipment. Defense spending is used for procurement and the purchase of military drones, which have been a force multiplier in combat around the world. For instance, in April 2022, according to the UK Defense Expenditure, published by the House of Commons, the lower house of the Parliament of the United Kingdom, in 2020–21, defense spending totaled £42.4 billion (USD 49.65 billion) in monetary terms. This amounts to a nominal rise of £2.5 billion (USD 2.92 billion) and a real increase of £1.7 billion (USD 1.99 billion) over the prior year 2019–20. Therefore, increasing defense spending is driving the growth of the target drones market.
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The target drones market covered in this report is segmented –
1) Target Drones Market By Target: Aerial Target, Ground Target, Marine Target
2) Target Drones Market By Mode Of Operation: Autonomous, Remotely Piloted
3) Target Drones Market By Engine Type: Internal Combustion Engine, Jet Engine, Other Engine Types
4) Target Drones Market By Application: Combat Training, Target And Decoy, Reconnaissance, Target Identification, Target Acquisition
5) Target Drones Market By End Use: Defense, Commercial
Top Major Players
Technological advancement is a key trend gaining popularity in the target drones market. Major players in the target drone sector are focused on technological advancement to sustain their market position. For instance, in February 2022, EDGE, a UAE-based defense and space manufacturing company, introduced swarming drones, unmanned aerial systems (UAS), with advanced artificial intelligence (AI) technology that enables the drones to swarm together in a joint mission. This drone’s unique features include being quick and nimble while being guided to its destination, having a maximum take-off weight of 8 kg, a substantial communications range, and flying with solid endurance.
The target drones market report table of contents includes:
1. Executive Summary
2. Target Drones Market Characteristics
3. Target Drones Market Trends And Strategies
4. Target Drones Market – Macro Economic Scenario
5. Global Target Drones Market Size and Growth
….
31. Global Target Drones Market Competitive Benchmarking
32. Global Target Drones Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Target Drones Market
34. Target Drones Market Future Outlook and Potential Analysis
35. Appendix
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