Press release
Global Target Drone Market Heats Up with 6.9% CAGR, Reaching $8.55 Billion in 2030
Target Drone Market
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Increase in spending to procure defense equipment across the world and increase in territorial conflicts drive the growth of the global target drone market. However, lack of skilled and trained personnel hinders the market growth. On the other hand, rise in drone-related incidents across the globe creates new opportunities in the coming years.
North America dominates the market, in terms of revenue, followed by Europe, Asia-Pacific, and LAMEA. U.S. dominated the global target drone market share in North America in 2020, owing to increase in R&D activities; technological developments by key players; and rapid adoption of innovative technologies in making durable and long-lasting target drones. Asia-Pacific is expected to grow at a significant rate during the forecast period, owing to rise in defense expenditure across different nations in the region, along with defense modernization initiatives being implemented across prominent countries such as China, India, and Japan.
Based on target, the aerial target segment accounted for the highest share in 2020, contributing to nearly two-fifths of the total share, and is expected to maintain its lead during the forecast period. However, the ground target segment is projected to witness the highest CAGR of 7.7% from 2021 to 2030.
Based on end use, the defense segment held the highest share in 2020, accounting for more than three-fifths of the total share of the global target drone market, and is projected to continue its leadership status during the forecast period. Moreover, this segment is estimated to portray the highest CAGR of 7.3% from 2021 to 2030. The research also analyzes the commercial segment.
Based on region, North America accounted for the highest share in 2020, contributing to around two-fifths of the total market share, and is expected to maintain its dominance by 2030. However, Asia-Pacific is projected to register the largest CAGR of 8.4% during the forecast period.
Leading players of the global target drone market analyzed in the research include Airbus S.A.S., Denel Dynamics, BAE Systems plc, Griffon Aerospace, Embention, Lockheed Martin Corporation, Leonardo S.p.A., Qinetiq Group plc, Northrop Grumman Corporation, and The Boeing Company.
Analyst Review
The global target drone market is expected to witness significant growth, owing to surge in drone-based attacks along with modernization of defense equipment and war practices across the globe.
Rise in spending to procure defense equipment globally and surge in territorial conflicts throughout the world are expected to drive the target drone market during the forecast period. However, lack of skilled and trained personnel is one of the major factors that are anticipated to hamper growth of the market. Moreover, increase in drone-related incidents across the globe is expected to offer lucrative opportunities for the market in the future.
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Key Benefits For Stakeholders:
➢ This study presents analytical depiction of the global target drone market analysis along with the current trends and future estimations to depict imminent investment pockets.
➢ The overall target drone market opportunity is determined by understanding profitable trends to gain a stronger foothold.
➢ The report presents information related to key drivers, restraints, and opportunities of the global target drone market with a detailed impact analysis.
➢ The current target drone market is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
➢ Porter's five forces analysis illustrates the potency of the buyers and suppliers in the industry.
Frequently Asked Questions:
➢ What is the target drone market?
➢ What are the main applications of target drones?
➢ Which industries are driving demand for target drones?
➢ What types of target drones are available?
➢ What are the key trends in the target drone market in 2025?
➢ Who are the major players in the target drone market?
➢ What are the main challenges in the target drone market?
➢ Which regions lead the target drone market in 2025?
➢ What technologies are shaping the future of target drones?
➢ How is sustainability addressed in the target drone market?
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