Unmanned Traffic Management Market is set to Witness Huge Demand by 2028 | L3Harris Technologies, PrecisionHawk, Altitude Angel

According to a report titled "Unmanned Traffic Management Market, 2021-2028" by Fortune Business Insights™, the global market for unmanned traffic management is expected to experience significant growth due to the rising use of drones for commercial and military purposes in developed nations.
The Unmanned Traffic Management (UTM) system is designed to oversee unmanned aerial vehicle traffic operations, which are distinct from the traditional Air Traffic Management (ATM) system. The development of UTM will define various aspects such as roles, services, infrastructure, software functions, and performance requirements necessary to manage uncontrolled drone operations at low altitudes. Additionally, UTM development will establish data exchange protocols and an information architecture to support these operations.

List of Key Players Profiled in the Unmanned traffic management market Report
• Frequentis
• Leonardo S.p.A.
• Thales Group
• L3Harris Technologies Inc
• Lockheed Martin Corporation
• Airbus SE
• Raytheon Technologies Corporation
• Nova Systems
• Unifly
• PrecisionHawk
• Altitude Angel Limited

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COVID-19 Impact-
The unmanned traffic management market growth has been harmed by the COVID-19 outbreak, which has resulted in lockdown measures in various countries and delays in the implementation of niche projects. Vail Resorts, for instance, one of the longest-running funders of climate modification activities in the central Colorado Mountains, ended funding for all of its planned initiatives this year due to COVID-19-related budget impacts.

Segments-
• Based on type, the market is segmented into non-persistent and persistent.
• In terms of component, the market is segregated into software, hardware, and services.
• On the basis of solution, the market includes navigation infrastructure, communication infrastructure, surveillance infrastructure, and others.
• With respect to end-use, the market is segmented into surveillance & monitoring, logistics & transportation, agriculture & forestry, and others.
• On the basis of geography, the market is segmented into North America, Asia Pacific, Europe, and the Rest of the World.

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Report Highlights
This report encompasses an in-depth evaluation of the factors driving and constraining the market and also contains a piecemeal study of the different segments of the market. Further, it also supplies a careful examination of the competitive landscape of the market, besides incorporating a detailed analysis of the regional trends and prospects in the market.

Drivers and Restraints
Strong Demand from Defense Sector to Underpin Growth Prospect
Industry participants are likely to bank on the defense sector to foster the unmanned traffic management market growth. Exponential demand for UTM services will be pronounced across Russia, China, Saudi Arabia, and India. Besides, developments in air traffic management will expedite the penetration of next-gen military drones. To illustrate, in September 2021, the Indian Army inked a contract of approximately USD 13.7 million with Alpha Design for the procurement of more than 100 strike drones. The drones would be made and supplied by Alpha Design in a joint venture with Elbit Security Systems.
Stakeholders envisage media, advertisement, entertainment, and precision agriculture sectors to exhibit strong demand for technology. However, rigorous government regulations may challenge industry players gearing to expand their penetration.

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Regional Insights
Rising Footfall of Drone Manufacturers to Propel Asia Pacific Market
Leading companies are poised to infuse funds into emerging and advanced economies in the Asia Pacific on the back of the growing penetration of drone manufacturers. So much so that the trend for crop monitoring and aerial photography has instilled confidence among stakeholders. The Asia Pacific unmanned traffic management market share will witness an upward growth trajectory due to increased demand for precision farming.
Major players project the U.S. and Canada to provide lucrative opportunities against the backdrop of investments in the defense landscape. The North America market size accounted for USD 0.30 billion in 2020 and will grow with the increasing penetration of drones across surveillance and logistic applications. Leading companies, such as Lockheed Martin and L3 Harris, are likely to expand their portfolios to gain a competitive edge.
The Europe market forecast will be strong owing to the rising penetration of navigation infrastructure, communication, and surveillance systems. End-users are likely to augment their investments across the U.K., France, and Germany following the demand from advanced agriculture solutions and surveillance systems.

Competitive Landscape-
Government Programs to Promote Cloud Seeding in Arid Areas to Encourage Innovation
Government initiatives, such as increasing the implementation of artificial rainfall technologies to improve water levels in countries such as India, are expected to drive the demand for weather control equipment. Furthermore, governments in India, the United Arab Emirates, and China are investing heavily in weather modification activities, generating huge opportunities for research and innovation for market players.

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This release was published on openPR.