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.
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.
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.
Target Drone Market - Overview
The “Target Drone Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 – 2026” report provides analysis of the target drone market for the period 2016–2026, wherein 2018 to 2026 is the forecast period and 2017 is considered as the base year. Data for 2016 has been included as historical information. The report covers all the trends and technologies playing a major role in the growth of the target drone market over the forecast period. It highlights the drivers, restraints, and opportunities expected to influence the market growth during this period. The study provides a holistic perspective on the market’s growth in terms of revenue and volume (in US$ Mn and Thousand Units) across different geographical regions, namely North America, Europe, Asia Pacific, Middle East & Africa, and South America.
This report analyzes and forecasts the market for target drones at the global and regional level. The market has been forecasted based on revenue (US$ Mn) and volume (thousand units) from 2018 to 2026. The study includes drivers and restraints of the global target drone market. It also covers the impact of these drivers and restraints during the forecast period.
The report comprises a detailed value chain analysis, which provides a comprehensive view of the global target drone market. Porter’s Five Forces model has also been included to help understand the competitive landscape in the market. The study encompasses market attractiveness analysis, wherein end-users are benchmarked based on their market size, growth rate, and general attractiveness.
Global Target Drone Market: Taxonomy
This research study on the global target drone market provides a detailed cross segment analysis based on the different segments including platform, engine type, application, and end-user. Based on platform, the market is segmented into ground target, aerial target, underwater target, and sea surface target. Based on engine type, the market is divided into internal combustion engine, jet engine, and others. On the basis of application, the market is segmented into combat training; target & decoy; and surveillance, target acquisition, and reconnaissance. Moreover, on the basis of end-user, the global target drone market is segmented into commercial, defense (air, navy, and land), and homeland security.
Global Target Drone Market: Research Methodology
Secondary research sources that are typically referred to include, but are not limited to company websites, annual reports, financial reports, broker reports, investor presentations, and SEC filings, internal and external proprietary databases, and relevant patent and regulatory databases, national government documents, statistical databases, and market reports, news articles, press releases, and webcasts specific to companies operating in the market, national government documents, statistical databases, and market reports, Factiva, etc.
Primary research involves e-mail interactions, telephonic interviews, and face-to-face interviews for each market, category, segment, and sub-segment across geographies. We conduct primary interviews on an ongoing basis with industry participants and commentators in order to validate the data and analysis. Primary interviews provide firsthand information on the market size, market trends, growth trends, competitive landscape, and outlook, etc. These help us to validate and strengthen secondary research findings. These also help to develop the analysis team’s market expertise and understanding.
Global Target Drone Market: Competitive Dynamics
The report highlights well-established players such as The Boeing Company, QinetiQ Target Systems, Airbus S.A.S., and Kratos Defense & Security Solutions, Inc. among others. These players innovate novel target drones. For instance, The Boeing Company focuses on producing more target drones to help various defense forces in strengthening security and combat training. In 2017, the company announced that by April 2021, it will provide the U.S. Air Force with 18 more QF-16 target drones under a US$ 24.7 Mn contract.
Global Target Drone Market Segments
Global Target Drone Market, by Platform
- Ground Target
- Aerial Target
- Underwater Target
- Sea Surface Target
Global Target Drone Market, by Engine Type
- Internal Combustion Engine
- Jet Engine
Global Target Drone Market, by Application
- Combat Training
- Target & Decoy
- Surveillance, Target Acquisition, and Reconnaissance
Global Target Drone Market, by End-user
- Homeland Security
Global Target Drone Market, by Geography
- North America
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
- South America