Dublin, Nov. 29, 2022 (GLOBE NEWSWIRE) -- The "Unmanned Traffic Management Market Forecast to 2030 - COVID-19 Impact and Global Analysis By Type, Component, Application, and End Use" report has been added to ResearchAndMarkets.com's offering.
The unmanned traffic management market is expected to grow from US$ 867.99 million in 2022 to US$ 3,217.40 million by 2030; it is estimated to grow at a CAGR of 17.8% from 2022 to 2030.
The increasing demand for drones in commercial, logistics, and aviation applications is anticipated to drive the demand for unmanned traffic management systems in the coming years. Notable growth prospects in air mobility with the significant adoption of autonomous aerial vehicles, electric aircraft, flying taxis, and delivery drones are further driving the need for unmanned traffic management systems to efficiently manage the fleet.
In January 2021, the FAA (Federal Aviation Administration) is working closely with industry and stakeholders, including NASA, to develop a drone traffic management system. The FAA establishes rules for operating drones and to support this UTM ensure coordination between flights by improving communication and measuring performance of drones. According to the FAA, the number of small UAS (less than 55 pounds) used for commercial purposes is expected to increase by more than 60%, from ~488,000 in 2016 to ~784,000 by 2024, in circulation; moreover, more than 1.5 million small unmanned aircraft systems (UASs) would be in use for recreational purposes by 2024. Thus, such a predicted surge in the use of unmanned aircraft systems underlines the need for traffic management systems during the forecast period.
UAVs and UAS are still in developing phase for their recreational and commercial applications; hence, regulations pertaining to the same are still evolving. Per a Government Accountability Office (GAO) report, from January 2021, FAA's UTM ecosystem lacked adequate communication with stakeholders and had minimal information on measuring progress. According to the FAA, the UTM ecosystem involves various stakeholders; hence, establishing regulatory frameworks and developing rules of operations will require additional time. The uncertainties associated with operations are making it challenging for flight operators to obtain a Special Flight Operations Certificate (SPOC) for BVLOS (beyond-visual-line-of-sight) missions.
Concerns about drone crashes is another factor resulting in the increasing stringency of drone-related regulations. In June 2021, an Amazon Prime delivery drone prototype (model MK27) crashed in a field, resulting in a fire across 23 acres of land. These factors collectively restrain the growth of the unmanned traffic management market to some extent.
The unmanned traffic management market is segmented into four major regions - North America, Europe, Asia Pacific (APAC), and Rest of the world. In 2021, North America led the market with a substantial revenue share, followed by Europe and Asia Pacific, respectively.
The unmanned traffic management market is segmented on the basis of type, component, application, and end use. Based on type, the market is bifurcated into persistent UTM and non-persistent UTM. Based on component, the market is bifurcated into persistent hardware and software. In terms of application, the unmanned traffic management market is segmented into communications, navigation, surveillance and monitoring, and others. The market, by end use, is segmented into agriculture and forestry, logistics and transportation, surveillance, and others.
Market Dynamics
Market Drivers
- Advancement in UAS Leading to Increasing Application of UTM
- Rising Adoption of Drones in Logistics and Supply Chain Management
Key Market Restraints
- Stringent Regulations and Certification Procedure
Key Market Opportunities
- Rising Collaboration Between Drone Operators, Aviation Authorities and Other Stakeholders
Trends
- Integration of AI and ML
- Application of Blockchain in UTM
| Report Attribute | Details |
| No. of Pages | 148 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $867.99 Million |
| Forecasted Market Value (USD) by 2030 | $3217.4 Million |
| Compound Annual Growth Rate | 17.8% |
| Regions Covered | Global |
Key Topics Covered:
1. Introduction
2. Key Takeaways
3. Research Methodology
4. Unmanned Traffic Management Market Landscape
5. Unmanned Traffic Management Market - Key Market Dynamics
6. Unmanned Traffic Management - Global Market Analysis
7. Unmanned Traffic Management Market - By Type
8. Unmanned Traffic Management Market - By Component
9. Unmanned Traffic Management Market - By Application
10. Unmanned Traffic Management Market - By End Use
11. Unmanned Traffic Management Market - Geographic Analysis
12. Unmanned Traffic Management Market - Covid-19 Impact Analysis
13. Industry Landscape
14. Company Profiles
15. Appendix
Companies Mentioned
- Lockheed Martin Corp
- Leonardo SpA
- Thales SA
- Raytheon Technologies Corp
- Altitude Angel Ltd
- Frequentis AG
- AirMap Inc
- Unify NV
- OneSky Systems Inc
- Airbus SE
For more information about this report visit https://www.researchandmarkets.com/r/bwhu5b
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