Target drones are considered to be a subclass of remote-controlled UAVs that are utilized for the evaluation and testing of weapons systems, for carrying out counter-artillery operations and for the training of crews in real air with simulation. Such drones offer the performance, reliability, and cost-effectiveness of various weapons. Demand for target drones is anticipated to grow considerably in the coming year all over the world.
MARKET SCOPE
The "Global Target Drones Market Analysis to 2028" is a specialized and in-depth study of the aerospace and defense industry with a special focus on the global market trend analysis. The report aims to provide an overview of the target drones market with detailed market segmentation by type, target, operation, application, and geography. The report provides key statistics on the market status of the leading target drones market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- Based on type, the global target drones market is segmented into fixed wing and rotary wing.
- On the basis of application, the market is segmented into aerial targets, ground targets and marine targets.
- Based on operation, the global target drones market is segmented into autonomous and remotely piloted.
- On the basis of application, the market is segmented into combat training, target and decoy, reconnaissance target identification, target identification, and target acquisition.
MARKET DYNAMICS
Drivers:
- Increasing military modernization programs in various developing nations.
- Rapid technological advancements in drone technology.
Restraints:
- High capital investment may restrain the market growth
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW). The target drones market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 17 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trends. The report also provides exhaustive porter's five forces analysis affecting the target drones market worldwide.
IMPACT OF COVID-19 ON TARGET DRONES MARKET
The target drones market was growing significantly with increasing military spending in many countries of the world. But due to the pandemic of COVID-19, some countries' defense budget was reduced during 2020 owing to increased expenditure on the healthcare sector. Brazil's military expenditure in 2019 was US$ 25.90 billion which was reduced to US$ 19.73 billion in 2020. This affected the demand for target drones to some extent. Some key companies also saw a drop in their annual revenues. For instance, the annual revenue of Thales Group went down to US$ 20.66 billion in 2020 from US$ 22.38 billion in 2019. More than demand, the major impact during the pandemic of COVID-19 was from the supply side. Temporary manufacturing shutdown, restriction of the limited workforce, limited availability of raw material, and delay in scheduled deliveries have affected the production process adversely. With growing vaccination drives, the production process has started coming back to normalcy.
MARKET PLAYERS
The report covers key developments in the target drones market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from target drones market are anticipated to lucrative growth opportunities in the future with the rising demand for target drones in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the target drones market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- AeroTargets International LLC.
- Denel Dynamics
- Griffon Aerospace
- Kratos Defense and Security Solutions, Inc.
- Leonardo S.p.A.
- Lockheed Martin Corporation
- Northrop Grumman Corporation
- QinetiQ
- Saab AB
- Thales Group