Unmanned Traffic Management Market Latest Innovations & Industry Share By Forecast
The unmanned traffic management market size was valued at 0.79 billion in 2020. The market is expected to rise from USD 0.92 billion in 2021 to USD 3.59 billion by 2028 at a CAGR of 21.4 % during the forecast period 2021-2028. Fortune Business Insights™ has deep-dived into these insights in its latest research report, titled, “Unmanned Traffic Management Market, 2021-2028.”
According to the study, unmanned traffic management (UTM) services have set the trend to streamline services, data exchange protocols, information architecture and software functions. Prominently, NASA has upped its efforts on research to explore UTM capabilities; other organizations are likely to follow suit. Stakeholders expect logistic transportation, oil & gas industry, defense sector and disaster management to seek UTM solutions.
Segments
Based on type, the market is segmented into non-persistent and persistent.
In terms of component, the market is segregated into software, hardware, and services.
On the basis of solution, the market includes navigation infrastructure, communication infrastructure, surveillance infrastructure, and others.
With respect to end-use, the market is segmented into surveillance & monitoring, logistics & transportation, agriculture & forestry, and others.
On the basis of geography, the market is segmented into North America, Asia Pacific, Europe, and the Rest of the World.
Report Coverage
The report includes quantitative and qualitative analysis to provide a holistic view of the global market. The report also deep-dives into top-down and bottom-up approaches to provide a strategic approach on product mapping of leading players and new entrants. Primary sources, such as interviews with major stakeholders and opinion leaders, will validate the report’s authenticity. The report includes secondary sources, including annual reports, press releases, SEC filings and website reports to bolster the authenticity of the report.
Drivers and Restraints
Strong Demand from Defense Sector to Underpin Growth Prospect
Industry participants are likely to bank on the defense sector to foster the unmanned traffic management market growth. Exponential demand for UTM services will be pronounced across Russia, China, Saudi Arabia, and India. Besides, developments in air traffic management will expedite the penetration of next-gen military drones. To illustrate, in September 2021, the Indian Army inked a contract of approximately USD 13.7 million with Alpha Design for the procurement of more than 100 strike drones. The drones would be made and supplied by Alpha Design in a joint venture with Elbit Security Systems.
Stakeholders envisage media, advertisement, entertainment, and precision agriculture sectors to exhibit strong demand for technology. However, rigorous government regulations may challenge industry players gearing to expand their penetration.
Regional Insights
Rising Footfall of Drone Manufacturers to Propel Asia Pacific Market
Leading companies are poised to infuse funds into emerging and advanced economies in the Asia Pacific on the back of the growing penetration of drone manufacturers. So much so that the trend for crop monitoring and aerial photography has instilled confidence among stakeholders. The Asia Pacific unmanned traffic management market share will witness an upward growth trajectory due to increased demand for precision farming.
Major players project the U.S. and Canada to provide lucrative opportunities against the backdrop of investments in the defense landscape. The North America market size accounted for USD 0.30 billion in 2020 and will grow with the increasing penetration of drones across surveillance and logistic applications. Leading companies, such as Lockheed Martin and L3 Harris, are likely to expand their portfolios to gain a competitive edge.
The Europe market forecast will be strong owing to the rising penetration of navigation infrastructure, communication, and surveillance systems. End-users are likely to augment their investments across the U.K., France, and Germany following the demand from advanced agriculture solutions and surveillance systems.
Competitive Landscape
Leading Companies to Emphasize Strategic Approaches to Expand Footprint
Industry players are likely to bolster their portfolios, with mergers & acquisitions, product rollouts, R&D activities and technological advancements gaining traction. Current trends suggest key players could invest in strategic expansion during the forecast period.
Key Industry Developments
- January 2021– The National Oceanic and Atmospheric Administration (NOAA) selected Black Swift Technologies to develop commercially viable technology enabling GPS-denied navigation of UAS to leverage long distance, Beyond Visual Line of Sight (BVLOS) flights.
- November 2021– Thales Group presented EagleSHIELD to protect and secure sensitive sites and large-scale events in urban areas.
Major Players Profiled in the Report:
- Frequentis (Austria)
- Leonardo S.p.A. (Italy)
- Thales Group (France)
- L3Harris Technologies Inc (U.S.)
- Lockheed Martin Corporation (U.S.)
- Airbus SE (France)
- Raytheon Technologies Corporation (U.S.)
- Nova Systems (Australia)
- Unifly (Belgium)
- PrecisionHawk (U.S.)
- Altitude Angel Limited (U.K.)
Browse Summary
https://www.fortunebusinessinsights.com/unmanned-traffic-management-market-106651
