Global Target Drones Market Outlook to 2027 and Impact of COVID-19 – GlobeNewswire
Dublin, July 31, 2020 (GLOBE NEWSWIRE) — The “Target Drones – Global Market Outlook (2019-2027)” report has been added to ResearchAndMarkets.com’s offering.
The Global Target Drones market accounted for $4.04 billion in 2019 and is expected to reach $8.04 billion by 2027 growing at a CAGR of 9% during the forecast period.
Increased emphasis on enhanced military training and the advantages of target drones over manned target vehicles are the major factors propelling the growth of the market. However, the lack of skilled and trained personnel is hindering the growth of the market.
Based on the build, the new-build segment is going to have a lucrative growth during the forecast period owing to the limited defense budget allocation in emerging economies, full-scale customization of fighter aircraft is not feasible. As most growing economies acquire fighter aircraft from the US and Russia, they cannot afford to convert them into aerial targets. Unmanned vehicles that are manufactured to be used as targets fall under the category of new build drones.
By geography, Asia Pacific is anticipated to hold considerable market share during the forecast period due to the increasing procurement of state-of-the-art equipment for military training programs. China is growing its defense budget to train its military personnel using advanced techniques. An increase in the applicability of target drones in the military sector has propelled its demand in China.