Portland, OR, Nov. 10, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global target drone market generated $4.46 billion in 2020, and is estimated to reach $8.55 billion in 2030, witnessing a CAGR of 6.9% from 2021 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Increase in spending to procure defense equipment across the world and increase in territorial conflicts drive the growth of the global target drone market. However, lack of skilled and trained personnel hinders the market growth. On the other hand, rise in drone-related incidents across the globe creates new opportunities in the coming years.
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Covid-19 Scenario on Target Drones:
- Manufacturing activities of target drones halted due to lockdown measures were taken place in many countries. In addition, disruptions in the supply chain and shortage of raw materials presented challenges in carrying out manufacturing activities.
- Manufacturers of target drones needed to postpone expansion plans and reduce R&D investments to cope up with the decline in revenue and operating performance in the defense industry.
- In addition, there were challenges regarding installation of target drones for naval, military, and air force applications throughout 2020, and are estimated to continue for the next few years.
The report offers detailed segmentation of the global target drone market based on end use, target, mode of operation, and region.
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Based on target, the aerial target segment accounted for the highest share in 2020, contributing to nearly two-fifths of the total share, and is expected to maintain its lead during the forecast period. However, the ground target segment is projected to witness the highest CAGR of 7.7% from 2021 to 2030.
Based on end use, the defense segment held the highest share in 2020, accounting for more than three-fifths of the total share of the global target drone market, and is projected to continue its leadership status during the forecast period. Moreover, this segment is estimated to portray the highest CAGR of 7.3% from 2021 to 2030. The research also analyzes the commercial segment.
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Based on region, North America accounted for the highest share in 2020, contributing to around two-fifths of the total market share, and is expected to maintain its dominance by 2030. However, Asia-Pacific is projected to register the largest CAGR of 8.4% during the forecast period.
Leading players of the global target drone market analyzed in the research include Airbus S.A.S., Denel Dynamics, BAE Systems plc, Griffon Aerospace, Embention, Lockheed Martin Corporation, Leonardo S.p.A., Qinetiq Group plc, Northrop Grumman Corporation, and The Boeing Company.
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