$6.3 Billion Worldwide Drones Industry to 2025 – Impact of C…

DUBLIN–(BUSINESS WIRE)–Jun 15, 2020–

The “Target Drones Market by End-use Sector (Defense, Commercial), End Use (Aerial Targets, Ground Targets, Marine Targets), Application, Mode of Operation, Payload Capacity, Build, Target Type, Engine Type, Speed, Type, and Region – Global Forecast to 2025” report has been added to ResearchAndMarkets.com’s offering.

The target drones market is projected to grow from USD 4.4 billion in 2020 to USD 6.3 billion by 2025, at a CAGR of 7.6% during the forecast period.

Increased R&D investment and better funding for military training programs are key factors driving the growth of the target drones market. However, the lack of sustainable power sources to improve the endurance of drones is limiting the overall adoption of target drones.

Based on end-use, aerial target drones segment is projected to drive the target drones market by 2025

Based on end-use, the aerial targets segment is projected to lead the target drones market by 2025 due to its wide acceptance across the world in military training. Aerial targets include all unmanned aerial target vehicles; about 80% of target drones acquired by armed forces worldwide fall under this category. Jet engines, as well as internal combustion engines, are used in aerial target drones. Target drones powered by jet engines have high speed and exceptional maneuvering capabilities. Those powered by internal combustion engines are cost-effective with a restricted scope of usage.

Based on end-use sector, the defense segment is projected to lead the target drones market over the forecast period

Target drones are used by military forces worldwide to perform various defense-related tasks due to their extreme endurance capabilities and potential for high-altitude threat simulation. Target drones offer the best solution for all aspects of threat simulation, such as realism, cost, and operational effectiveness, which, in turn, improve overall training effectiveness.

North America is estimated to account for the largest share of the market in 2020 North America is projected to hold the lion’s share in the target drones market. The US Air Force is the largest consumer of aerial targets. Currently, the US Air Force is converting retired F-16s to unmanned target vehicle QF-16s. Increasing R&D and venture capitalist activities in the field of drones are also aiding the growth of the target drones market in the US.

Market Dynamics

Drivers

  • Increased Emphasis on Enhanced Military Training
  • Advantages of Target Drones Over Manned Target Vehicles

Restraints

  • Lack of Skilled and Trained Personnel

Opportunities

  • Full-Scale Conversion of Target Drones for Simulation of a War Scenario
  • Growing Defense Budgets of Major Economies
  • Demand for Target Drones for Homeland Security Applications

Challenges

  • Lack of Sustainable Power Sources to Improve Endurance of Drones
  • Effect of Covid-19 on Supply Chain and Business Development Programs

Companies Profiled

  • The Boeing Company
  • Qinetiq Group plc
  • Northrop Grumman Corporation
  • Kratos Defense & Security Solutions, Inc.
  • Airbus Group
  • Lockheed Martin Corporation
  • Leonardo S.P.A.
  • BSK Defense S.A.
  • Air Affairs Australia Pty Ltd.
  • Saab Ab
  • Aerotargets International, LLC
  • L3 Asv
  • Bae Systems
  • Raytheon
  • General Dynamics Corporation
  • Almaz-Antey
  • Thales
  • Embention
  • Griffon Aerospace
  • Denel Dynamics

For more information about this report visit https://www.researchandmarkets.com/r/iehtp2

View source version on businesswire.com:https://www.businesswire.com/news/home/20200615005346/en/

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SOURCE: Research and Markets

Copyright Business Wire 2020.

PUB: 06/15/2020 06:58 AM/DISC: 06/15/2020 06:58 AM

http://www.businesswire.com/news/home/20200615005346/en

Copyright Business Wire 2020.

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