According to the new market research report by IndustryARC titled “Target Drones Market By Specification (Wing Span, Speed, Altitude, Others); By Engine Type (Piston, Wankel, Turboprop, Turbojet, Others); By Application (Target & Decoy, Training, Reconnaissance, Others); By Geography 2018-2023”, the market is driven by insufficient inventory among the developed nations.
Americas dominates the Target Drones Market
Americas will dominate the Target Drones Market during the forecast period. It is expected to reach $2,608.45 million by 2023 at a CAGR of 7.83%. The training applications are responsible for the growth of the target drones in Americas. The target drones market is concentrated in North America with a share of 39% of the total market. In the US, the demand for military drones is growing due to insufficient number of practice targets. Canada is another emerging region for target drones due to the demand for armed drones in the Canadian army. These drones improve the military’s training and the ability to patrol the territory of the region.
Selected Analysis done in the full Report:
The training application will dominate the Target Drones Market during the forecast period. In 2017, this segment recorded revenue of $1,237.3 million. It is expected to reach $2,296.43 million by 2023 at a CAGR of 9.41%. Target drones can be used for test and evaluation of ground to air and air to air missiles testing. The target drones are also being used to train air crews by using realistic target simulation. Many military forces have realized the need for a high performance and realistic mid-subsonic aerial targets for the testing of advanced air defence systems.
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Excerpts on Market Growth Factors
- Adoption of latest technologies drives the demand for target drones during the forecast period.
- Deployment of drones is cost effective. This factor enhances the growth of the target quadcopter.
- The growing threat of terrorism drives the need for giving realistic training services to the military forces.
- Introducing electronic warfare systems will lead to the use of latest technologies in target drones.
- Target drones with camera can be used as dummy attackers for analysing the effectiveness of the weapons.
Key players of the Target Drones Market
Boeing and Lockheed Martin dominate the Target Drones Market. Boeing manufactures commercial jet aircrafts, spare parts, and provides training and maintenance. It is the largest company in the aerospace industry and exports commercial airplanes. Lockheed Martin manufactures electronic, space, and defence systems in the US. It has branches in Australia, Canada, Germany, India, UK, and UAE.
Target Drones Market is segmented as below
The Target Drones Market is driven by the adoption of latest technologies during the coming years.
A. Target Drones Market By Specification
B. Target Drones Market By Engine Type
1. Piston Engine
2. Wankel Engine
C. Target Drones Market By Application
1. Target and Decoy
2. Testing and Calibration of Weapon System
5. Tracking and Monitoring
6. Research and Development of Weapons
D. Target Drones Market by Geography (covers 17+ countries)
E. Target Drones Market Entropy
F. Companies Citied / Interviewed
1. THE BOEING COMPANY
2. LOOKHEED MARTIN CORPORATION
3. QINETIQ GROUP PLC
4. NORTHROP GRUMMAN CORPORATION
5. GRIFFON AEROSPACE, INC
6. MEGGITT PLC
7. Airbus Group, Inc.
8. BSK Defense S.A
9. Turkish Aerospace Industries Inc.
10. Textron Inc.
11. Aero Target International, LLC
12. Kratos Defense & Security Solutions, Inc.
13. BAE Systems, PLC
14. FINMECCANICA – SELEX ES
15. Company 15+
Mr. Venkat Reddy
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