According to a recent report published by Allied Market Research, titled, “target drone market by end use, target, and mode of operation: global opportunity analysis and industry forecast, 2021–2030,” the global target drone market was valued at $4.46 billion in 2020, and is projected to reach $8.55 billion by 2030, registering a CAGR of 6.9%.
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Rise in spending to procure defense equipment globally and surge in territorial conflicts throughout the world are expected to drive the target drone market during the forecast period. However, lack of skilled and trained personnel is one of the major factors that are anticipated to hamper the growth of the market. Moreover, increase in drone-related incidents across the globe is expected to offer lucrative opportunities for the market in future.
North America dominates the market, in terms of revenue, followed by Europe, Asia-Pacific, and LAMEA. U.S. dominated the global target drone market share in North America in 2020, owing to increase in R&D activities; technological developments by key players; and rapid adoption of innovative technologies in making durable and long-lasting target drones. Asia-Pacific is expected to grow at a significant rate during the forecast period, owing to rise in defense expenditure across different nations in the region, along with defense modernization initiatives being implemented across prominent countries such as China, India, and Japan.
By end use, the target drone market is segregated into defense and commercial. The defense segment accounted for highest revenue in 2020, owing to rise in demand for target drones to provide defense forces a cost-effective training solution.
On the basis of target, the market is divided into aerial target, ground target, and marine target. The aerial target segment garnered highest revenue in 2020, owing to rise in aerial drone related threats globally.
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By mode of operation, the target drone market is segregated into autonomous and remotely piloted. The autonomous segment accounted for the highest revenue in 2020, owing to surge in demand for autonomous drone to carry out several defense and commercial operations independently.
COVID-19 Impact Analysis
- The COVID-19 impact on the target drone market is unpredictable and is expected to remain in force till the fourth quarter of 2021.
- The COVID-19 outbreak forced governments across the globe to implement strict lockdowns and banned import–export of nonessential items for most of 2020. This led to sudden fall in the availability of important raw materials.
- Moreover, nationwide lockdowns forced manufacturing facilities to partially or completely shut their operations.
- Adverse impacts of the COVID-19 pandemic have resulted in delays in activities and initiatives regarding development of reliable and innovative target drones globally.
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Key Findings Of The Study Target Drone Market
- By end use, the defense segment is expected to register a significant growth during the forecast period.
- On the basis of target, the ground target segment is anticipated to exhibit significant growth in future.
- Depending on mode of operation, the autonomous segment is projected to lead the global target drone market.
- Region wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
The key players operating in the global target drone market include Airbus S.A.S., BAE Systems plc, Denel Dynamics, Embention, Griffon Aerospace, Leonardo S.p.A., Lockheed Martin Corporation, Northrop Grumman Corporation, Qinetiq Group plc, and The Boeing Company.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
