According to a research report published by MarketsandMarkets, the Target Drones Market is projected to reach USD 6.4 billion by 2027, with a compound annual growth rate (CAGR) of 7.4% from 2022 to 2027. The report provides a comprehensive analysis of various factors influencing the market, including end-use sectors, payload capacity, mode of operation, engine type, and geographical regions. In this blog post, we will delve deeper into the key findings of the report and highlight the significant trends shaping the target drones industry.
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Payload Capacity: Meeting Diverse Application Requirements
The report highlights the importance of payload capacity in the target drones market. Target drones with medium payload capacity (20 kg to 40 kg) are expected to dominate the market during the forecast period. These drones are equipped with various payloads, such as identification friend or foe, radar augmentation, infrared augmentation, and electronic payloads. Applications like target and decoy, reconnaissance, and combat training require additional components to enhance the effectiveness of these drones. The integration of passive and active radar augmentation, electronic payloads, GPS navigation, and advanced camera systems enables target drones to perform complex functions, contributing to their growing popularity.
Mode of Operation: Remote Control Takes the Lead
The report categorizes target drones into three modes of operation: autonomous, remotely piloted, and optionally piloted. Remotely piloted drones currently hold the highest market share. With advancements in connectivity technology, target drones can be operated remotely or autonomously through pre-programmed functions. Remotely piloted drones offer better control and mitigate the risks associated with program failure, which are more prevalent in autonomous drones. Additionally, some target drones are designed with the option of both remote and autonomous operation, known as optionally piloted drones.
Engine Type: Jet Engines Powering Growth
Among the different engine types, jet engines dominate the target drones market. Jet-powered drones have a higher power-to-weight ratio compared to internal combustion engines (IC), making them more efficient for a wide range of applications. The report states that the jet engines segment led the market in 2022 and is projected to maintain its dominance, recording the highest CAGR of 7.8% from 2020 to 2027. The superior performance and capabilities offered by jet engines contribute to their widespread adoption in the target drones market.
Geographical Analysis: North America at the Forefront
North America emerges as the leading region in the target drones market, projected to grow at a rate of 7.8% during the forecast period. The United States, in particular, focuses on the development of unmanned aerial vehicles (UAVs) that can be integrated into its naval fleet. The commercial sector in North America also presents growth opportunities for the target drones market, as indicated by the expected increase in the commercial drone fleet from 42,000 drones in 2016 to approximately 442,000 drones by 2021, according to the Federal Aviation Administration (FAA).
Key Market Players: Driving Innovation and Expansion
The target drones market is highly competitive, with key players actively engaged in new product development, global expansion, and strategic partnerships. QinetiQ Group plc, Kratos Defense & Security Solutions, Inc., Airbus Group, Northrop Grumman Corporation, and Boeing Company are some of the prominent companies in the industry. These players focus on launching technologically advanced and cost-effective platforms and infrastructure solutions to gain a competitive edge in the target drones market.
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The global commercial drone industry size is anticipated to reach USD 129.23 billion by 2025, registering a CAGR of 56.5% over the forecast period, according to a new report by Grand View Research, Inc.
The market is characterized by the growing application scope spanning a wide range of sectors such as construction, photography, real estate, and agriculture.With their capability to reach places that humans and other machines cannot, and their onboard computer controlled cameras, commercial Unmanned Aerial Vehicles (UAVs) hold enormous potential to help farmers to monitor crops, law enforcement authorities to sharpen surveillance activities, and to support insurance agents in accessing damaged assets.
Drone hardware has also become more affordable to produce and purchase over the years.There has been a notable improvement in battery life along with the progress in the degree of autonomy for UAVs.
As a result of all these developments, contemporary drones possess the ability to be used across a broad range of applications in the commercial sector, leading to their increased adoption across a range of commercial applications.In terms of product type, the commercial drone industry for rotary blade drones is expected to expand at a significant CAGR over the forecast period due to their increasing use in filming and photography applications.
These type of UAVs offer the ease of maneuvering in tight spaces and are ideal for detailed work.
In terms of revenue, the market for rotary blade drones is expected to register a CAGR of over 55% during the next six years.Further key findings from the report suggest:Commercial drones offer an elevated panoramic view for collecting facts, which contribute enormously in monitoring a variety of parameters such as traffic flow and weatherDemand in agriculture is expected to exhibit a CAGR of more than 60% over the forecast period.
