DUBLIN, Jun 15, 2021--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.
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.
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.
The target drone technology and products have been used widely by various countries since the second world war. The technological advancements in terms of payload, platform, target type, speed, and mode of operation are driving use for target drones in defense and homeland security sectors in areas including combat training for military personnel, countering cross-border terrorism, smuggling activities, and maritime security.
Players operating in the global target drone market are developing innovative products to enhance the capabilities of their product offerings. Growth/marketing strategies will help the readers in understanding the revenue-generating strategies adopted by the players operating in the global target drone market. For instance, in December 2020, the U.S. Navy awarded a $57 million contract to Northrop Grumman Corporation to manufacture Coyote supersonic targets. The contract could be worth $250 million for an additional 84 target vehicles in the coming years. Moreover, other strategies adopted by the market players will help the reader in making strategic decisions, such as go-to-market strategies.
Players analyzed and profiled in the study involve Original Equipment Manufacturers (OEMs) and component providers that capture maximum share in the global target drone market. Moreover, a detailed competitive benchmarking of the players operating in global target drone has been done that will help the reader to understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
Key questions answered in the Target Drone Market Report
What are the futuristic trends in this market, and how is the market expected to change over the forecast years 2021-2031?
What are the key drivers and challenges faced by the companies that are currently working in the global target drone market?
How is the market expected to grow during the forecast period 2021-2031?
What are the opportunities for the companies to expand their businesses in the global target drone market?
Which region is expected to be leading the global target drone market by 2031?
What are the key developmental strategies implemented by the key players to sustain in this highly competitive market?
What is the current and future revenue scenario of this market?
What is the competitive scenario of the key players in the global target drone market?
What are the emerging technologies that the key companies are focusing on to increase their market share?
What are the strengths and weaknesses of the companies that are influencing the growth of the market?
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.
Increasing Adoption of Unmanned Systems for Military Operations
Advancements in Military Training to Simulate Real Combat Scenario
Lack of Skilled Workforce
Short Endurance of Target Drones
Growing Defense Budgets of Major Economies
Rising Deployment of Defense Systems in Emerging Countries
AeroTargets International LLC
Air Affairs Australia
Denel SOC Ltd.
Defence Research and Development Organization (DRDO)
Kadet Defence Systems
Kratos Defense & Security Solutions, Inc.
Lockheed Martin Corporation
Robonic Ltd Oy
SCR, Sistemas de Control Remoto
For more information about this report visit https://www.researchandmarkets.com/r/p639e7
View source version on businesswire.com: https://www.businesswire.com/news/home/20210615006017/en/
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900