The market is driven by the need for upgrades in the battlefield scenarios. However, the market’s growth is limited by the stringent standards for ballistic protection products. In 2020, the global military expenditure was worth USD 1,981 billion, the highest level since 1988 as per SIPRI.
New York, Sept. 20, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Ballistic Protection Market by Material, Product, Technology, Threat Level, Platform, Application and Region - Global Forecast to 2027" - https://www.reportlinker.com/p05893107/?utm_source=GNW
The global military expenditure in 2020 was 2.6% higher in real terms than in 2019 and 9.3% higher than in 2011. This increase was largely due to the fact that most countries in the world experienced severe economic downturns in 2020 due to the COVID-19 pandemic, while military expenditure continued to rise due to growing tension and disputes on several international borders around the world.
• By speed, high speed segment is expected to grow at highest CAGR
Unmanned vehicles that are manufactured for use as targets and can operate beyond a speed of 250 m/s fall under the category of high-speed target drones. This segment accounted for a 46.5% share of the target drones market in 2022. With the growing emphasis on replicating realistic threats in military training, high-speed target drones are expected to witness prominent demand during the forecast period. However, due to limited defense budget allocation in some emerging economies, these drones are not always feasible. The US, Russia, and China procure high-speed target drones. QinetiQ Group PLC (UK), Northrop Grumman (US), Kratos Defense and Security Solutions (US), and Boeing (US) are key manufacturers of high-speed target drones.
• By payload capacity, medium (20 kg to 40 kg) segment is expected to lead the market in terms of value
On the basis of payload capacity, the target drones market has been segmented into high (>40 kg), medium (20 kg to 40 kg), and low (<20 kg). The use of target drones in applications such as target & decoy, reconnaissance, and combat training requires additional components to make them more effective in operations. These target drones are equipped with passive & active radar augmentation, electronic payloads, GPS navigation, and several types of cameras. With the increasing efforts to make military training more realistic, these payloads are used to help drones perform functions in the above-mentioned applications. QinetiQ is one such major company involved in the production of target drones capable of carrying medium payloads.
Asia-Pacific held largest market share in terms of value
Asia-Pacific is estimated to account for 33.2% of the ta market in 2022. The market in North America is projected to grow from USD 4,467 million in 2022 to USD 5,935 million by 2027, at a CAGR of 5.8% from 2022 to 2027.
Break-up of profiles of primary participants in this report:
• By Company Type: Tier 1 – 35%, Tier 2 – 45% and Tier 3 – 20%
• By Designation: C level – 35%, Director level – 25%, Others – 40%
• By Region: North America - 45%, Europe – 25%, Asia Pacific – 15%, Middle East– 5%,Africa – 5%, Latin America – 5%
The major players include BAE Systems (UK), Avon Protection (US), Rheinmetall AG (US), Tencate Advanced Armor (Netherlands), Point Blank Enterprises (US) and SAAB AB (Sweden).
The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the ground support equipment market.A detailed analysis of the key industry players has been done to provide insights into their business overviews; solutions and services; key strategies; contracts, joint ventures, partnerships & agreements, acquisitions, and new product launches associated with the ground support equipment market.
Competitive analysis of upcoming startups in the target drones market ecosystem is covered in this report.
Reasons to Buy This Report:
From an insight perspective, this research report has focused on various levels of analyses—industry analysis (industry trends), market ranking analysis of top players, value chain analysis, and company profiles, which together comprise and discuss basic views on the competitive landscape, emerging and high-growth segments of the target drones market, high-growth regions, and market drivers, restraints, and opportunities.
The report provides insights on the following pointers:
• Market Penetration: Comprehensive information on ballistic protection productoffered by top market players
• Market Sizing: The estimated size of the market in 2022 and its projection to 2027
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the ballistic protection market
• Market Overview: Market dynamics and subsequent analysis of associated trends as well as drivers, opportunities, and challenges prevailing in the ballistic protection market
• Market Development: Comprehensive information about lucrative markets – the report analyzes the markets for ballistic protectionacross regions
• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the ballistic protection market
• Regional Analysis: Factors influencing the growth of the ballistic protection market in North America, Europe, Asia-Pacific, Middle-East, Latin America and Africa.
• Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the ballistic protection market.
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