Target Drone Market To Expand At A Significant CAGR of More Than 9% During 2018-2023

Pune, India, July, 2018 /press release/- Market Research Future Published a Half Cooked Research Report on Global Target Drone Market Research Report.

Market Synopsis:

The advancement of defense strategies by various nations owing to the proliferation of territorial conflicts and geopolitical issues had led to the incorporation of evolved technology for strengthening the military and defense sectors all over the world. Target drone is one such unmanned aerial vehicle which is majorly used for training purposes in anti-aircraft warfare.

Market Drivers and Restraints:

Market Research Future (MRFR) has recently published a report asserting that the global target drone market is anticipated to project significant expansion at a noteworthy CAGR of more than 9% during the forecast period of 2018-2023.

The application of target drone as ground targets, aerial targets, underwater targets and sea surface targets proves it to be an essential tool for military training purposes. The rapid adoption of target drones in anti-missile and anti-submarine training programs has increased the demand for target drones in the past few years. The development of cost-effective drone technology has widened the application range of target drones for military training programs, which in turn is leading to the expansion of the global target drone market.

The increasing territorial conflicts have created the emergence of advanced training programs in order to strengthen the military and defense sectors in various countries. The skyrocketing use of target drones for counter-air defense, homeland security, as a bullseye for weapon calibration and to stimulate manned aircraft in radar due to its autonomous or remotely controlled programming is leading to the expansion of the global target drone aircraft market. The increasing popularity of target drones in sporting events is also projected to fuel the expansion of the global target drone market during the forecast period.

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Market Segmentation:

The global target drone market has been segmented on the basis of end users, platform, engine type, and target type. Based on end-users, the target drone market has been segmented into defense, homeland security and commercial. The increasing geopolitical and territorial imbalance is resulting in the significant growth of defense segment in the global target drone market during the forecast period.

Based on platform, the target drone market is segmented into aerial, ground, underwater and sea surface. Based on engine type, the target drone market is segmented into internal combustion engine, jet engine and others. Among these, the jet engine segment is anticipated to dominate the global target drone market during the forecast period due to the increasing application of high-speed target drones in the military and defense sector for training purpose. Based on target type, the target drone market is segmented into full-scaled, sub-scaled, free-flying, towing, sporting and others.  

Regional Analysis

The global target drone market has been segmented into five major regions such as North America, Europe, Asia Pacific, the Middle East and Africa, and South America. The North America region is dominating the global target drone market owing to the increased investment in defense training programs in this region. The increasing budget allocation for target drones for missile training and weapon testing is driving the target drone market in the Europe region towards significant growth.

The Asia Pacific region is projecting fastest growth in the global target drone market due to the increasing demand for advanced training equipment in the military and defense sector of the developing economies in this region. The increasing demand for target drones in various countries is fueling the expansion of the global target drones market in the rest of the world.

Competitive Analysis:

The increasing investment for incorporation of target drones in defense training programs has created a huge opportunity for the players in the global target drone market. The players in the global target drone market are focusing on new product launch in order to sustain the highly competitive environment of the global target drone market.

On 16th July 2018, Kratos Defense and Security solutions (U.S.) has announced the promotion of its series of target drones that are exclusively designed for weapons verification and training program. The company has its full-scale mockups of BQM-177, a drone used by U.S. Navy to mimic sea-skimming targets, and MQM-178, a drone used to mimic enemy aircraft, on its stand.

The prominent players of the global target drone market are ASV Global (U.K), AeroTargets International, LLC (U.S.), Boeing Company (U.S.), QinetiQ Group Plc (U.K), Kratos Defense & Security Solutions, Inc. (U.S.), Northrop Grumman Corporation (U.S.), Saab AB (Sweden), Airbus S.A.S (France), Leonardo S.p.A. (Italy), and Lockheed Martin Corporation (U.S.).