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The global target drone market is estimated to reach $10,433.9 million in 2031, at a compound annual growth rate (CAGR) of 8.77% during the forecast period 2021-2031

·3-min read

The major driving factor for robust of the market will be because of increasing defense budgets by major countries for military modernization and strengthening national security activities.

New York, June 09, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Target Drone Market - A Global and Regional Analysis: Focus on End-User, Application, Platform, Mode of Operation, Speed, Target Type, Payload, and Country - Analysis and Forecast, 2021-2031" - https://www.reportlinker.com/p06090604/?utm_source=GNW
Impact of COVID-19 on Target Drone Technology Market

The COVID-19 pandemic has restricted the growth of the market as the companies have lowered their research and development funding to develop innovative solutions. The key players in the U.S. and Europe were affected the most during the first wave of the COVID-19 and had to impose strict lockdowns to ensure the safety of their employees. This has affected the manufacturing and development of the target drones. However, with the vaccination process being implemented, the market is expected to grow gradually.

Market Segmentation

Target Drone Technology Market (by Application)

The application segment of the market is further categorized into combat training, target and decoy, target identification, target acquisition, and others. The combat training application is expected to be the front runner in the global target drone market, mainly to train the military personnel and gunnery systems by either destroying expendable drones or virtually eliminating the re-usable target drones with the help of laser technology.

Target Drone Technology Market (by Platform)

The platform segment of the target drone technology market is categorized into aerial, marine, and ground targets. Wherein, Aerial targets are estimated to dominate the global target drone market, due to their unique ability to mimic and simulate actual threats with the help of various payloads such as passive and active radar augmentation, infrared augmentation, and others.

Target Drone Technology Market (by End-user)

The end user market in target drone technology is segmented based on military, homeland security, and defense companies. The military end user segment consisting of the army, navy, and air force is expected to dominate the global target drone market, on account of major focus on military modernization activities for better combat training to increase the efficiency and performance of the personnel.

Target Drone Technology Market (by Region)

The data of major regions covered under the target drone technology includes North America, Europe, Asia-Pacific, and Rest-of-the-World. North America is expected to account for the highest share of the global target drone market, owing to a significant number of companies based in the region, increased spending by government organizations such as the U.S. Department of Defense (DoD) on procurement of drones for military applications.

Key Market Players and Competition Synopsis

Some of the original equipment manufacturers operating in the market include Airbus S.A.S., Boeing, Leonardo S.p.A., Lockheed Martin Corporation, Northrop Grumman, AeroTargets International LLC, Air Affairs Australia, Denel SOC Ltd, DRDO, Griffon Aerospace, Kadet Defence Systems, Kratos Defense & Security Solutions, Inc., QinetiQ, SCR, and Sistemas de Control Remoto, among others.

In addition, there are certain component providers operating in the market, including BAE Systems, General Dynamics Corporation, Raytheon Technologies Corporation, Robonic Ltd Oy, Meggitt Defense Systems, and Safran.

The companies that are profiled in the report have been selected post undergoing in-depth interviews with experts and understanding details around companies such as product portfolio, annual revenues, market penetration, research and development initiatives, and domestic and international presence in the target drone industry. Accordingly, a structured approach is followed which include segmenting pool of players under three mutually exclusive and collectively exhaustive parts, holding a 100% pie of the market.

Countries Covered
• North America
• U.S.
• Canada
• Europe
• Germany
• Russia
• France
• U.K.
• Rest-of-Europe
• Asia-Pacific
• China
• India
• Japan
• Rest-of-Asia-Pacific
• Rest-of-the-World
Read the full report: https://www.reportlinker.com/p06090604/?utm_source=GNW

About Reportlinker
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