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

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Apr 06, 2023, 11:15 ET

BANGALORE, India, April 6, 2023 /PRNewswire/ -- The Global Unmanned Traffic Management Marke t 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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