Target Drones Market to Grow 8.2% CAGR, Reaching $7.14B by 2028 Amid Rising Defense Budgets

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Target Drones Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $7.14 billion In 2028 At A CAGR Of 8.2%:

The target drones market size has grown strongly in recent years. It will grow from $4.78 billion in 2023 to $5.21 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to military training requirements, rising defense budgets, integration of electronic warfare training, surge in unmanned systems adoption, testing and evaluation of missile systems, need for moving target scenarios.

The target drones market size is expected to see strong growth in the next few years. It will grow to $7.14 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to demand for multi-domain training, focus on electronic attack training, integration with live-fire exercises, growing importance of anti-drone training, adoption of high-speed target drones, incorporation of real-time telemetry, customization for specific threat scenarios. Major trends in the forecast period include advancements in autonomy and artificial intelligence, integration of electronic warfare (ew) capabilities, development of high-speed and agile drones, growing adoption in air-to-air combat training, collaborations for technology advancements, integration of high-fidelity sensors.

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Target Drones Market Major Segments
The target drones market covered in this report is segmented -
1) By Target: Aerial Target, Ground Target, Marine Target
2) By Mode Of Operation: Autonomous, Remotely Piloted
3) By Engine Type: Internal Combustion Engine, Jet Engine, Other Engine Types
4) By Application: Combat Training, Target And Decoy, Reconnaissance, Target Identification, Target Acquisition
5) By End Use: Defense, Commercial

Key Driver - Defense Spending Surge Fuels Target Drones Market Growth

The increase in defense spending is expected to propel the growth of the target drones market going forward. Defense spending refers to the amount of the federal budget earmarked for defense, including funding for military operations, pay, training, and health care, in addition to maintaining and buying weapons, buildings, and equipment. Defense spending is used for procurement and the purchase of military drones, which have been a force multiplier in combat around the world. For instance, in April 2022, according to the UK Defense Expenditure, published by the House of Commons, the lower house of the Parliament of the United Kingdom, in 2020-21, defense spending totaled £42.4 billion (USD 49.65 billion) in monetary terms. This amounts to a nominal rise of £2.5 billion (USD 2.92 billion) and a real increase of £1.7 billion (USD 1.99 billion) over the prior year 2019-20. Therefore, increasing defense spending is driving the growth of the target drones market.

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Prominent Trend - Cutting-Edge Tech Reshaping Target Drones Market Growth

Technological advancement is a key trend gaining popularity in the target drones market. Major players in the target drone sector are focused on technological advancement to sustain their market position. For instance, in February 2022, EDGE, a UAE-based defense and space manufacturing company, introduced swarming drones, unmanned aerial systems (UAS), with advanced artificial intelligence (AI) technology that enables the drones to swarm together in a joint mission. This drone's unique features include being quick and nimble while being guided to its destination, having a maximum take-off weight of 8 kg, a substantial communications range, and flying with solid endurance.

Target Drones Market Players
Major companies operating in the target drones market report are Airbus SE, BAE Systems plc, Denel Dynamics, Embention, Griffon Aerospace, Leonardo S.p.A., Northrop Grumman Corporation, Boeing, AeroTargets International, Air Affairs Australia, Kratos Defense & Security Solutions Inc., General Dynamics Corporation, L3Harris Technologies, Safran S.A., SCR Drones, AeroVironment Inc., Airborne Technologies GmbH, Al Marakeb Boat Manufacturing Co LLC, Altavian Inc., BSK Defense S.A., Composite Engineering Inc., CybAero AB, DroneShield Limited, ECA Group, FlightWave Aerospace Systems Inc., Gaitech International Ltd., General Atomics Aeronautical Systems Inc., Orbital UAV Pty Ltd, Innocon Ltd., Kongsberg Defence & Aerospace AS

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Largest And Fastest Growing Region In The Market
North America was the largest region in the target drones market in 2023. Asia-Pacific is expected to be the fastest-growing region in the target drones market report during the forecast period. The regions covered in the target drones market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Target Drones Market Report Structure
3. Target Drones Market Trends And Strategies
4. Target Drones Market - Macro Economic Scenario
5. Target Drones Market Size And Growth
…..
27. Target Drones Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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