Target Drone Market - Snapshot
According to the report, the global target drone market will continue to be influenced by a range of factors such as increasing adoption of target drones for training and testing of anti-aircraft crews by various defense forces along with its rising use for border security, reconnaissance, and surveillance for safety purposes. Asia Pacific will continue to be at the forefront of global demand, with the market in the region growing at above 10% through 2026. The global target drone market is expected to reach US$ 8,240.2 Mn by 2026. The market is projected to expand at a CAGR of 10.02% during the forecast period from 2018 to 2026.
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Ground target platform type segment expected to be more lucrative
The global target drone market is bifurcated by platform into ground target, aerial target, underwater target, and sea surface target. Ground target platform is projected to hold significant market revenue share in 2026. The higher market share of the ground target drone platform is due to the increasing air to ground missile attacks in various regions especially across the Middle East region. The target drone imitates the missiles and helps anti-aircraft crews to test and simulate the real life scenario. Additionally, defense forces are also deploying aerial target systems for combat training. For instance, in May 2018, Kratos Defense & Security Solutions, Inc., an aerospace and Defense Company, announced that it has been given a contract worth US$ 93.3 million for providing aerial target systems to the U.S. defense force.
Internal combustion engine segment expected to dominate the target drone market
Based on engine type, the target drone market is segmented into internal combustion engine, jet engine, and others. The higher market share of internal combustion engine is because of wider use across many target drones due to its numerous advantages including lighter weight and compactness, and higher safety and efficiency. However, jet engines segment is projected to expand at a significant CAGR due to its rising popularity and it is expected to be used across various target drones due to higher speed and maneuverability.
Combat training application segment is expected to hold a prominent market share
On the basis of application, the target drone market is segmented into combat training; target & decoy; and surveillance, target acquisition, and reconnaissance. Combat training application segment is expected to hold a higher market share of over 38% in 2026. This is due to the larger use of target drones by many defense forces for the training and testing of anti-aircraft crews. Target drones are designed to simulate enemy threats and allow ground, naval, and air forces to train with air-to-air and surface-to-air targets. Furthermore, target drones also allow weapon and radar operators to train against a realistic target.
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Defense end-user segment is expected to hold a prominent share of the global target drone market
In terms of end-user, the global target drone market is segmented into commercial, defense, and homeland security. Defense segment is further bifurcated into air, navy, and land. Defense end-user segment is projected to surpass US$ 4,500.0 Mn in 2026. This prominent market share is due to the rising adoption of target drones by the defense forces around the globe for simulating real combat enemy air to air or air to ground missiles. Additionally, many defense forces are purchasing target drones to increase the safety of their people and for weapons training. For instance, in July 2018, Kratos Defense and Security Solutions received a US$ 109 million contract to make three batches of unmanned aerial target drones for the Air Force for weapons testing and training exercises.
North America to continue to hold significant share in the overall market
North America is projected to hold a significant position in the global target drone market. The factors contributing to growth in the North America region are the increasing defense spending, rising adoption and spending on the use of unmanned aerial vehicles in the defense sector, and presence of many established players providing target drones for military weapon simulation and testing. Additionally, North America is home to many well-established players from the target drone domain including Aerotargets International, The Boeing Company, Griffon Aerospace, and Kratos Defense & Security Solutions, Inc. Furthermore, many North American companies are trying to improve the performance of their multiple target drones business units. For instance, in May 2018, Kratos Defense & Security Solutions, Inc. announced that its “Unmanned Systems Division” has received a contract of approximately US$ 38 million pertaining to unmanned aerial drone aircraft. However, the market in Asia Pacific is expected to grow at a prominent pace. The factors responsible for the higher growth are increasing popularity of target drones, especially across China, Japan, and India, increased spending on defense systems and technologies across these countries, and presence of companies producing target drones across the Asia Pacific region.
The Boeing Company, QinetiQ Target Systems, Airbus S.A.S., Lockheed Martin Corporation, and Kratos Defense & Security Solutions, Inc. among others are some of the major players operating in the target drone market profiled in this study. Details such as financials, SWOT analysis, business strategies, recent developments, and other such strategic information pertaining to these players have been duly provided as part of company profiling. Various players are providing novel target drones to be deployed across automated factories to perform various tasks with higher speed and accuracy. Also, market players are establishing partnerships with global distributors to increase their product reach for additional revenue generation.
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