According to a current analysis by Emergen Research, the Global Target Drones Market size is expected to reach USD 7.26 billion by 2027 from USD 4.26 billion in 2019, delivering a CAGR of 6.8% through the forecast period. Market growth is driven by advancements in battery & camera technology, expanding application scope of drones in the commercial sector, and increased adoption of target drones by the intelligence bureau and defense agencies across the globe.
Target UAVs or target drones have the ability to land or take off vertically from or onto a small space, which enables the users to operate it within a smaller vicinity without having to worry about landing or take-off area. The advantageous features of target drones have made it a preferable option for various applications, especially inspection applications, where a higher precision maneuvering and the ability to keep a firm visual on a specific target for prolonged periods is required.
The global target drones market is expected to showcase a remarkable growth in the forecast period on account of the deterioration of interpersonal relations between nations, rise in cross-border conflicts, advancements in existing military monitoring & controlling technology, and their further upgradation as per specific needs.
Further key findings from the report suggest
- Based on payload, the camera & explosives segment accounted for nearly 41.2% of the target drones market share in 2019 and is expected to make a significant revenue contribution through 2027. A major focus on modification and further investment in the R&D of the camera systems to expand application scope will boost segmental growth.
- Asia Pacific region, led by China, India, and South Korea, is expected to hold a major chunk of the global target drones market on account of considerable budget allotment by these countries for their defense & law enforcement grooming purposes. The rise in terrorist activities, asymmetric warfare, and incidences of interpersonal stand-offs will also fuel the demand for target drones. Moreover, enhancement in semiconductor solutions, growth in the manufacturing industry, and higher economic development in the region will foster market revenue share through 2027.
- Key players operating in the global target drones market are The Boeing Company, Airbus, Lockheed Martin Corporation, Guangdong Cheerson Hobby Technology Co., Ltd, Skyrocket Toys LLC, Prox Dynamics, Hubsan Technology Company Ltd., Microdones, Acumen Robot Intelligence, and Aerix Drone, among others.
- In December 2019, Drone Aviation Holding Corp., a wholly-owned subsidiary of COMSovereign Holding Corp., announced its merger with US-based ComSovereign Corp in 2019. ComSovereign Corp is a consortium of power systems, 5G telecommunications radio, and silicon photonics, designed for next-gen global networks.
For the purpose of this report, Emergen Research has segmented the Global Target Drones Market based on payload, end-user, type, and region:
- Payload Outlook (Revenue: USD Billion; Volume: Thousand Units; 2017-2027)
- Camera & Explosives
- Control Systems
- Tracking Systems
- End-User Outlook (Revenue: USD Billion; Volume: Thousand Units; 2017-2027)
- Type Outlook (Revenue: USD Billion; Volume: Thousand Units; 2017-2027)
- Fixed Wing
- Rotary Wing
- Regional Outlook (Revenue: USD Billion; Volume: Thousand Units; 2017-2027)
- North America
- Asia Pacific
- South Korea
- North Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
- North America
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