Growth of the drone market, surge in demand for improved surveillance, and increase in product launches and partnerships drive the growth of the global unmanned traffic management market.
PORTLAND, Ore. , June 16, 2022 /PRNewswire/ — Allied Market Research recently published a report, titled, “Unmanned Traffic Management Market by Component (Hardware, Software), by Application (Agriculture and Forestry, Logistics and Transportation, Surveillance and Monitoring), by End User (Drone Operators or Pilots, Recreational Users, Airports, Emergency Service and Local Authorities): Global Opportunity Analysis and Industry Forecast, 2021-2031″. As per the report, the global unmanned traffic management industry was accounted for $0.78 billion in 2021, and is expected to reach $3.1 billion by 2031, growing at a CAGR of 15.7% from 2022 to 2031.
Drivers, restraints, and opportunities
Growth of the drone market, surge in demand for improved surveillance, and increase in product launches and partnerships drive the growth of the global unmanned traffic management market. However, strict drone regulations, technological challenges in implementation of UTM hinder the market growth. On the contrary, rise in demand for drones in commercial applications and support of government would unlock new opportunities in the future.
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Covid-19 scenario:
The Covid-19 pandemic forced governments to implement strict lockdown and ban on import-export of raw material items. This led to sudden fall in the availability of important component for manufacturing unmanned traffic management component.
The prolonged lockdown forced manufacturing facilities to completely shut their operations. Moreover, this resulted in delays in initiatives and activities regarding development of advanced unmanned traffic management services.
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The software segment held the largest share
By component, the software segment held the largest share in 2021, accounting for more than 90% of the global unmanned traffic management market, due to high demand for unmanned traffic management software that can enable the development of future-centric unmanned traffic management system across the globe. However, the hardware segment is expected to register the highest CAGR of 17.4% during the forecast period, owing to rise in demand for the installment of superior sensing, communication, and data transfer devices in UAVs globally.
The surveillance and monitoring segment dominated the market
By application, the surveillance and monitoring segment held the lion’s share in 2021, contributing to nearly three-fourths of the global unmanned traffic management market, due to high demand for systems that can ensure accurate surveillance and monitoring of UAVs. However, the agriculture and forestry segment is estimated to manifest the highest CAGR of 18.9% from 2022 to 2031, due to rise in demand for the UAVs to be deployed in agriculture sector globally.
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North America held the largest share
By region, the global unmanned traffic management market across North America dominated in 2021, holding nearly two-fifths of the market, due to increase in R&D activities; technological developments by key players; and increase in government support. However, the market across Asia-Pacific is projected to portray the highest CAGR of 17.9% during the forecast period, owing to rise in adoption of unmanned aerial vehicles or drones across several Asian nations, for instance, China, India, Japan, South Korea, and Australia, among others.
Major market players
Airbus
Altitude Angle
Droniq GmbH.
Intelligent Automation (IAI)
Leonardo S.p.A.
One sky
PrecisionHawk Inc.
Thales Group
Terra Drone
Unifly NV.
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