DUBLIN, Feb. 21, 2024 /PRNewswire/ — The “Target Drones: Global Strategic Business Report” has been added to ResearchAndMarkets.com’s offering.
The landscape surrounding unmanned aerial technology continues to evolve rapidly, carving a dynamic trajectory for the Target Drones market. With its pulse on the sector’s advancement, a comprehensive market analysis reveals a potential increase in market size from US$4.4 Billion in 2020 to a projected US$6.6 Billion by the year 2027. This growth represents a steady Compound Annual Growth Rate (CAGR) of 6.1% over the designated period.
Analytics further dissect the market into key segments including Aerial Targets, Ground Targets, and Marine Targets. Aerial Targets, witnessing vigorous technological proliferation, are on course to experience a substantial CAGR of 6.3%, culminating at an estimated US$2.9 Billion by 2027. Ground Targets follow closely, adjusting to a revised growth estimate of 6.8% CAGR given current market recovery trends.
In analyzing geographical markets, the report highlights the United States’ market size, which stood at an impressive US$1.3 Billion in 2020. Alternatively, China, dubbed the globe’s second-largest economy, is forecasted to mount a 5.6% CAGR through the same seven-year analytical period. Other regions, including Japan and Canada, also present significant market prospects with predicted CAGRs of 5.4% and 5.1%, respectively. Notably, the German market is anticipated to manifest a near 4.6% CAGR.
Among the fastest-growing segments is the Marine Targets niche, embarking on a 5.1% CAGR. Predominantly driven by five major markets—the United States, Canada, Japan, China, and Europe—this segment’s momentum can be attributed to heightened demand and technological advancements within marine defense operations.
Select global players in the Target Drones industry include several industry juggernauts who feature prominently in the study. These major operators are recognized for their expansive footprint and strategic influence in the target drone sector.
Aerotargets International,Air Affairs AustraliaAirbus GroupAsv GlobalKratos Defense & Security SolutionsLeonardo SpALockheed Martin CorporationNorthrop Grumman CorporationQinetiQ Group PLCSAAB ABThe Boeing Company
The report also provides an in-depth understanding of the market’s competitive landscape and the percentage market share commanded by principal competitors. Furthermore, insights into market presence across diverse geographies portray the extent of penetrative impact and market saturation achieved by key players.
Key Market Trends & Drivers
Growing Use of Drones in Surveying and Mapping Applications Widens Opportunities for Drone Services MarketRemote Sensing: High Growth Application Vertical3D Modelling Made Highly EffectiveFast Evolving Role of Drones in Environmental Monitoring Augurs WellSeamless Data Acquisition & Analytics Widen Addressable Market for Drone ServicesDisaster Risk Management Made Effortless with DronesIndustrial Inspection, Surveillance and Tracking: Drones Come to Fore with Great PromiseDrones Grab the Attention of the Construction IndustryDrones Step In to Cater to Myriad Needs of Oil & Gas IndustryDrone Services Potentially Aid Utilities Streamline their OperationsInsurance Value Chain: The New Avenue for Drone ServicesFarming Sector Likely to Benefit Immensely from Drone ServicesIoT Poised to Widen the Scope & Span of Drone ServicesSafety and Security Issues Associated with Drone Technology Curtail Wider Adoption of Drone Services
For more information about this report visit https://www.researchandmarkets.com/r/k3x8zd
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SOURCE Research and Markets
