Market for target UAVs to reach $6.2 billion by 2022; defense sector will see highest growth
SEATTLE. The global market for target drones -- or unmanned aerial vehicles (UAVs) used in the training of anti-aircraft crews -- is projected to grow from $3.79 billion in 2016 to $6.20 billion by 2022, at a combined annual growth rate (CAGR) of 8.55 percent during the forecast period, according to research from MarketsandMarkets.
The report -- titled "Target Drones Market by Engine Type (IC, Jet, others), End-user (Defense, Homeland Security, Commercial), Platform (Aerial, Ground, Underwater, and Sea Surface), Target Type (Full- & Sub-scaled, Free Fly, Tow, Sport) and Region - Global Forecast to 2022" -- cited rising incidents of political violence, maritime piracy, terrorism, insurgency, and civil unrest as the elements leading to increased investments in the field of realistic military training and simulation.
Based on end user, the defense segment of the target drones market is projected to experience the highest growth during the forecast period. Defense agencies across the globe are rapidly adopting target drones for training of their armed forces, as these drones offer a solution for all aspects -- including realism, cost, and operational effectiveness -- of threat simulation, which helps improve the overall effectiveness of training.
The North American target drones market in North America is expected to witness the highest growth during the forecast period, due to the increased defense expenditure in training programs and the budget increase allocated for the procurement of target drones in the U.S.
Key global players in the target drones market include Boeing (U.S.), QinetiQ Group plc (U.K.), Northrop Grumman (U.S.), Kratos Defense & Security Solutions (U.S.), Airbus Group (Netherlands), Lockheed Martin (U.S.), Leonardo (Italy), Air Affairs Australia (Australia), Saab (Sweden), ASV Global (U.K.), and AeroTargets International (U.S.).
For more information on the market study please visit ASDReports.