Unmanned Traffic Management (UTM) Market Size to Grow USD 3.1 Billion by 2031 at a CAGR of 15.7% | Valuates Reports

BANGALORE, India, April 6, 2023 /PRNewswire/ -- The Global Unmanned Traffic Management Market is Segmented 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. It is published in Valuates Reports under the Transportation & Logistics Category.

The global Unmanned Traffic Management Market was valued at USD 0.78 Billion in 2021 and is projected to reach USD 3.1 Billion by 2031, growing at a CAGR of 15.7% from 2022 to 2031.

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Major Factors Driving the Growth of the Unmanned Traffic Management

The unmanned traffic management market is experiencing significant traction, which is driven by the promising growth rate of the drone market, the increase in demand for improved surveillance, and the rise in recent partnerships, product launches, and other developments in unmanned traffic management (UTM) space.

Growing demand for drones in commercial applications, and improved government support are the major factors that are expected to supplement the unmanned traffic management market, thereby providing a better opportunity for the Unmanned Traffic Management market growth during the forecast period.

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TRENDS INFLUENCING THE GROWTH OF UNMANNED TRAFFIC MANAGEMENT MARKET:

Unmanned aircraft vehicles, or drones, are growing greatly and in many different ways, becoming an increasingly important part of daily life. Drones can also be used for a wide range of activities, including commercial, leisure, and other uses. For instance, drones are used in agriculture to maximize the use of fertilizer, seeds, and water, cut down on crop scouting time, react to pests, weeds, and fungi more rapidly, validate treatments carried out, enhance varying treatments in real-time, and forecast yield from a field. Unmanned traffic management market growth is expected to be aided by the expanding use of drones across a variety of industries and the creation of more advanced drones during the forecast period.

During the forecast period, it is anticipated that rising public and private company expenditures in the creation of unmanned traffic control systems will fuel market expansion. Additionally, it is anticipated that the rise of the unmanned traffic management market will be fueled by the developments of unmanned traffic systems and partnerships between private and public market players to improve the performance and efficiency of UTM.

Increasing spending on drones or unmanned aerial vehicles has resulted from the rise in terrorism threats and security concerns around the world. This has increased the use of drones for industrial surveillance and is expected to increase demand for unmanned traffic management systems to conduct drone operations in a safer manner. Drones can conduct covert operations, work at night, operate anywhere, and are simple to employ. Due to these advantages, there are more drones being used in law enforcement and commercial surveillance activities. Furthermore, cutting-edge access control and video surveillance systems have significantly improved the security of important organizations. In big cities, drones are used to monitor important occasions or gatherings. This in turn is expected to drive the growth of the Unmanned Traffic Management market.

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UNMANNED TRAFFIC MANAGEMENT MARKET SHARE ANALYSIS:

From 2022 to 2031, Asia-Pacific would have the greatest CAGR of 17.9%.

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Key Companies:

• 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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-  Drone Sensor market size is estimated to be worth USD 410.7 million in 2022 and is forecast to a readjusted size of USD 1184.1 million by 2028 with a CAGR of 19.3% during the review period.

-  Unmanned Aerial Vehicle market size is estimated to be worth USD 32350 million in 2022 and is forecast to a readjusted size of USD 72320 million by 2028 with a CAGR of 14.4% during the review period.

-  Autonomous Underwater Vehicles market size is projected to reach USD 968.9 Million by 2027, from USD 421.8 Million in 2020, at a CAGR of 12.1% during 2021-2027.

-  Military Drone market size is estimated to be worth USD 11770 million in 2022 and is forecast to a readjusted size of USD 17270 million by 2028 with a CAGR of 6.6% during the review period.

-  Drone Analytics market size is projected to reach USD 2931.6 million by 2028, from USD 1070.7 million in 2021, at a CAGR of 15.4% during 2022-2028.

-  Drone Package Delivery market size will be USD 241.53 Million and it is expected to reach USD 3694.38 Million by the end of 2027, with a Compound Annual Growth Rate (CAGR) of 57.55% during the forecast period 2021-2027.

-  Drone Defense System market size was USD 1825.6 million and it is expected to reach USD 16460 million by the end of 2027, with a CAGR of 36.7% during 2021-2027.

-  Medical Drones market size is estimated to be worth USD 96900 million in 2022 and is forecast to a readjusted size of USD 212700 million by 2028 with a CAGR of 14.0% during the review period.

-  Commercial Drone market size is estimated to be worth USD 6510.8 million in 2022 and is forecast to a readjusted size of USD 34500 million by 2028 with a CAGR of 32.0% during the review period.

-  Anti-Drone market size is estimated to be worth USD 1323.8 million in 2022 and is forecast to a readjusted size of USD 5098.4 million by 2028 with a CAGR of 25.2% during the review period.

-  Drone Services market size is projected to reach USD 51270 million by 2028, from USD 3696 million in 2021, at a CAGR of 45.3% from 2022 to 2028.

-  Drone Logistics and Transportation market size is projected to reach USD 12180 million by 2028, from USD 5752.2 million in 2021, at a CAGR of 10.8% during 2022-2028.

-  Drone market was valued at USD 6414 million in 2022 and is anticipated to reach USD 17520 million by 2029, witnessing a CAGR of 14.7% during the forecast period 2023-2029.

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