A recent report published by Infinium Global Research on the target drone market provides an in-depth analysis of segments and sub-segments in the global as well as regional target drone market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional target drone market over the short term as well as long term. The report is a comprehensive presentation of trends, forecasts, and dollar values of the global target drone market. According to the report, the global target drone market is projected to grow at a CAGR of 6.9% over the forecast period of 2020-2026.

Market Insight

A target drone is a remote-controlled unmanned aerial vehicle used in the training of anti-aircraft squads. The current concerns over the spread of coronavirus are expected to have a depressing impact on the target drones market. As the countries across the world are taking action for containing and mitigating the spread of Coronavirus and are allocating budget funds to ensure a comprehensive response. This increase in public funding will reduce the spending in sectors such as defense by considering the financial havoc wrecked by COVID-19 pandemic. The consumption of equipment used in armed forces will also reduce considerably, which in turn will have a negative impact on the sales of target drones in the short term. However, it will progressively rise over the long term as these systems play an important role in aerospace and defense applications.

The increasing advantage of target drone over manned aircraft drives the growth of the global target drone market during the forecast period. Target drones help in various defense-related tasks due to their tremendous endurance capabilities. The use of target drones is growing rapidly in target and decoy, reconnaissance, surveillance, combat training, and target acquisition for safety reasons is augmenting the growth of the market. Moreover, the increased funding for the military training program, increasing instances of maritime piracy, along with high research and development investment also attributed to market growth. Besides this, the growth in the defense budget especially in developing economies is likely to have a positive impact on the global target drone market. For instance, in 2019, China's military expenditure is expected to reach $261 billion and India's military spending is anticipated to reach at $71.1 billion. However, Lack of skilled professionals may hamper the growth of the global target drone market. Furthermore, product innovation is one of the major strategies adopted by several players creates greater growth opportunities for the market in the coming years.

Among the geographies, the global target drone market segmented into North America, Europe, Asia Pacific, and RoW. North America dominates the global target drone market in the forecast period due to its high investment for defense training programs and the presence of well-established players in this region. The high defense budget is another major factor boosting the growth of North America's target drone market. The United States spent about $718.69 billion on its military in 2019. On the other hand, Asia Pacific is accounted to grow at the highest CAGR throughout the forecast period due to the developing economies such as China, India, and Japan. The growth of this region is attributed due to the increasing spending on defense systems. Moreover, there are several manufacturers of target drones are based in China. The Middle East and Africa and Latin America are expected to grow at a steady rate in the forecast period.

Segment Covered

The report on the global target drone market covers segments such as platform, end user, and application. On the basis of the platform, the sub-markets include an aerial target, ground target, underwater target, and sea surface target. On the basis of end user, the sub-markets include defense, commercial, and homeland security. On the basis of application, the sub-markets include target and decoy, reconnaissance, surveillance, combat training, and target acquisition.

Companies Profiled:

The report provides profiles of the companies in the market such as Lockheed Martin Corporation, Leonardo S.p.A., Airbus SE, Saab AB, Northrop Grumman Corporation, Kratos Defense & Security Solutions, Inc, Qinetiq, The Boeing Company, AeroTargets International, LLC, and ASV Global.

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the target drone market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.