The global target drone market is estimated to reach $10,433.9 million in 2031

The global target drone market is estimated to reach $10,433.9 million in 2031, at a compound annual growth rate (CAGR) of 8.77% during the forecast period 2021-2031. The major driving factor for growth in the market will be because of increasing defense budgets by major countries for military modernization and strengthening national security activities.

The target drone technology and products have been used widely by various countries since the second world war. The technological advancements in terms of payload, platform, target type, speed, and mode of operation are driving use for target drones in defense and homeland security sectors in areas including combat training for military personnel, countering cross-border terrorism, smuggling activities, and maritime security.

Target drones are unmanned vehicles that are generally used for the testing and development of military systems, combat training against manned and unmanned threats, and destruction tests on decoys that simulate the behaviour of real threats. The target drones are hence used as a cost-effective alternative to the vehicles and systems used by the military forces of numerous countries.

In the 1920s and 1930s, the remotely piloted target aircraft were used for target practice of battleship guns. Since then, technology has evolved continually and transformed the entire defense industry by developing unique products and systems. The latest trend in the target drones includes completely autonomous systems, hypersonic target drones that are difficult to track and acquire a target. The marine and ground-based technologies are likely to penetrate the niche markets and generate significant revenues in the future.

The COVID-19 pandemic has restricted the growth of the market as the companies have lowered their research and development funding to develop innovative solutions. The key players in the U.S. and Europe were affected the most during the first wave of the COVID-19 and had to impose strict lockdowns to ensure the safety of their employees. This has affected the manufacturing and development of the target drones. However, with the vaccination process being implemented, the market is expected to grow gradually.

Key Companies Profiled

AeroTargets International LLC, Air Affairs Australia, Airbus S.A.S., Boeing, Denel SOC Ltd., Defence Research and Development Organization (DRDO), Griffon Aerospace, Kadet Defence Systems, Kratos Defense & Security Solutions, Inc., Leonardo S.p.A., Lockheed Martin Corporation, Northrop Grumman, QinetiQ, Robonic Ltd Oy, SCR, Sistemas de Control Remoto

Market Segmentation

End users - Military, Homeland Security, and Defense Companies
Applications - Combat Training, Target and Decoy, Target Identification, Target Acquisition, and Others
Platform - Aerial, Marine, and Ground
Target type - Full scale, Sub-scaled, and Towed
Speed of aerial target drones - Subsonic, Transonic, Supersonic, and Hypersonic
Payloads - Flares, Passive and Active Radar Augmentation, Infrared Augmentation, Electronic Payloads, and Others

Regional Segmentation

North America - U.S. and Canada
Europe - U.K., France, Germany, Russia, Rest-of-Europe
Asia-Pacific - China, Japan, India, and Rest-of-Asia-Pacific
Rest-of-the-World

Market Growth Drivers

Increasing Adoption of Unmanned Systems for Military Operations
Advancements in Military Training to Simulate Real Combat Scenario

Market Challenges

Lack of Skilled Workforce
Short Endurance of Target Drones

Market Opportunities

Growing Defense Budgets of Major Economies
Rising Deployment of Defense Systems in Emerging Countries

How this Report Helps You Strategize

Product/Innovation Strategy

The product segment helps the reader in understanding the different types of aerial, ground, and marine target drones and their market potential globally. Moreover, the study provides the reader a detailed understanding of target drones with respect to speed (i.e.,, subsonic, transonic, supersonic, and hypersonic) and target type. Additionally, comprehensive coverage on payloads (qualitative data only) used by target drones for various applications has also been added in the study.

Growth/Marketing Strategy

Players operating in the global target drone market are developing innovative products to enhance the capabilities of their product offerings. Growth/marketing strategies will help the readers in understanding the revenue-generating strategies adopted by the players operating in the global target drone market. For instance, in December 2020, the U.S. Navy awarded a $57 million contract to Northrop Grumman Corporation to manufacture Coyote supersonic targets. The contract could be worth $250 million for an additional 84 target vehicles in the coming years. Moreover, other strategies adopted by the market players will help the reader in making strategic decisions, such as go-to-market strategies.

Competitive Strategy

Players analyzed and profiled in the study involve Original Equipment Manufacturers (OEMs) and component providers that capture maximum share in the global target drone market. Moreover, a detailed competitive benchmarking of the players operating in global target drone has been done that will help the reader to understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.

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This release was published on openPR.