(MENAFN- Market Press Release) November 20, 2023 6:17 am - The 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 recent research report titled "Target Drones Market" published 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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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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