The market is projected to expand at a CAGR of 10.02% during the forecast period from 2018 to 2026.
Albany, NY -- (SBWIRE) -- 12/11/2018 -- The expanding database of Market Research Reports Search Engine (MRRSE) has been recently updated by the addition of a new study which is titled as "Global Target Drone Market - Size is Projected to be around US$ 8,240.2 Million by 2026". The fact-based research report on the global Target Drone market covers various aspects such as trends, drivers, challenges and opportunities that have an influence on the growth and expansion of the global market. All these factors are analyzed across key regions of Latin America, North America, Europe, Middle and Africa (MEA) and the Asia Pacific. In order to provide an accurate forecast, analysts have presented the current market, which forms the basis of how the metal caps and closures market is expected to develop in the future.
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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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.
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.
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.
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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
Sea Surface Target
Global Target Drone Market, by Engine Type
Internal Combustion Engine
Global Target Drone Market, by Application
Target & Decoy
Surveillance, Target Acquisition, and Reconnaissance
Global Target Drone Market, by End-user
Global Target Drone Market, by Geography
Asia Pacific (APAC)
Middle East & Africa (MEA)
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