Target Drone Trends and Forecast
The future of the global target drone market looks promising with opportunities in the defense, homeland security, and commercial markets. The global target drone market is expected to grow with a CAGR of 5.1% from 2024 to 2030. The major drivers for this market are growing demand for unmanned aerial vehicles and increasing emphasis on realistic and cost-effective training.
• Lucintel forecasts that aerial target is expected to witness the highest growth over the forecast period.
• Within this market, defense is expected to witness the higher growth.
• APAC is expected to witness highest growth over the forecast period.
United States: Raytheon Technologies announced the development of a new high-speed, multi-threat target drone for the US Navy in April 2024. This aligns with the US NavyÄX%$%Xs goal of improving its defenses against emerging aerial threats.
Europe: European defense consortium is working on a new standardized target drone system to meet the requirements of various European militaries. This initiative aims to reduce procurement costs and streamline training exercises across Europe.
China: The Chinese government has set an ambitious target to become a leading manufacturer of target drones by 2028. This has led to increased investments in research and development by Chinese defense companies, aiming to compete with established players in the market.
India: To address growing security concerns, the Indian government recently issued a tender for the acquisition of high-performance target drones. This move is expected to attract participation from global drone manufacturers and potentially lead to significant market growth in the region.
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
Target Drone by Segment
The study includes a forecast for the global target drone by type, application, and region.
Target Drone Market by Type [Shipment Analysis by Value from 2018 to 2030]:
• Aerial Targets
• Ground Targets
• Underwater Targets
• Sea Surface Targets
Target Drone Market by Application [Shipment Analysis by Value from 2018 to 2030]:
• Defense
• Homeland Security
• Commercial
• Others
Target Drone Market by Region [Shipment Analysis by Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
List of Target Drone Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies target drone companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the target drone companies profiled in this report include-
• Boeing
• Qinetiq
• Northrop Grumman
• Kratos Defense & Security Solutions
• Airbus
• Lockheed Martin
• Leonardo
• BSK Defense
• Air Affairs Australia
• Saab
Recent Development in the Target Drone Market
Raytheon Technologies (USA): Awarded a contract by the US Navy to develop a new high-speed, multi-threat target drone (April 2024). This signals a focus on advanced target drones that can simulate emerging aerial threats for effective military training.
AeroVironment Inc. (USA): Unveiled a new generation of target drones with enhanced autonomy and electronic warfare capabilities (April 2024). This highlights the trend of target drones becoming more sophisticated with improved life-like behavior and countermeasure functionalities.
QinetiQ Ltd. (UK): Secured a contract from the British Army to deploy target drones for battlefield training exercises (April 2024). This exemplifies the continuous demand for target drones by militaries for realistic combat training.
CAIG Aviation Inc. (Canada): Announced the development of a new low-cost, recoverable target drone for commercial airspace security applications (March 2024). This reflects the growing adoption of target drones beyond military applications, potentially opening new markets in commercial airspace security.
Elbit Systems (Israel): Signed a contract with a European nation (confidential) for the supply of advanced target drones and associated training systems (February 2024). This demonstrates the ongoing international demand for target drone systems and training solutions from leading manufacturers.
Features of the Global Target Drone Market
Market Size Estimates: Target drone market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Target drone market size by type, application, and region in terms of value ($B).
Regional Analysis: Target drone market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different types, applications, and regions for the target drone market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the target drone market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. What is the growth forecast for target drone market?
Answer: The global target drone market is expected to grow with a CAGR of 5.1% from 2024 to 2030.
Q2. What are the major drivers influencing the growth of the target drone market?
Answer: The major drivers for this market are growing demand for unmanned aerial vehicles and increasing emphasis on realistic and cost-effective training.
Q3. What are the major segments for target drone market?
Answer: The future of the target drone market looks promising with opportunities in the defense, homeland security, and commercial markets.
Q4. Who are the key target drone market companies?
Answer: Some of the key target drone companies are as follows:
• Boeing
• Qinetiq
• Northrop Grumman
• Kratos Defense & Security Solutions
• Airbus
• Lockheed Martin
• Leonardo
• BSK Defense
• Air Affairs Australia
• Saab
Q5. Which target drone market segment will be the largest in future?
Answer: Lucintel forecasts that aerial target is expected to witness the highest growth over the forecast period.
Q6. In target drone market, which region is expected to be the largest in next 5 years?
Answer: APAC is expected to witness highest growth over the forecast period.
Q7. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the target drone market by type (aerial targets, ground targets, underwater targets, and sea surface targets), application (defense, homeland security, commercial, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
For any questions related to Target Drone Market, Target Drone Market Size, Target Drone Market Growth, Target Drone Market Analysis, Target Drone Market Report, Target Drone Market Share, Target Drone Market Trends, Target Drone Market Forecast, Target Drone Companies, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.