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Target Drones Market Overview 2024-2033: Outlook and growth
Target Drones Market Overview
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According to The Business Research Company's, 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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Market Drivers and Trends:
The increasing adoption of drones for commercial applications is expected to propel the growth of the target drones market going forward. Commercial drones are unmanned aerial vehicles (UAVs) that are used for several commercial purposes in various industries, including agriculture, construction, delivery services, and insurance. Target drones can be used commercially to inspect infrastructure, such as bridges, power lines, and pipelines. These drones can be used to deliver small packages and other items. For instance, in August 2023, according to the Federal Aviation Administration, a US-based transportation agency of the government, the total number of commercial drones registered reached 352,222. Furthermore, in November 2021, according to Seed Scientific, a US-based consulting firm, the application of drones in various sectors was worth around $127 billion, and the number of jobs operating drones in the industry reached 422,000 by 2021. Therefore, the increasing adoption of drones for commercial applications is driving the growth of the target drones market.
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.
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Major Key Players of the Market:
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
Target Drones Market 2024 Key Insights:
• 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%.
• Defense Spending Surge Fuels Target Drones Market Growth
• Cutting-Edge Tech Reshaping Target Drones Market Growth
• North America was the largest region in the target drones market in 2023
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