Demand for unmanned traffic management systems to surge
As of now, North America accounts for a majority of the market share for unmanned traffic management (UTM) systems, followed by Europe. This is due to high penetration of autonomous aerial vehicles, UAVs, conventional aircraft, and drones in the region.
Key players are operating aggressively and deploying huge capital for the development of their infrastructure, which enables improved efficiency and flexibility. Improvements in technological architecture play a vital role in developing unmanned traffic management systems.
Further, increase in demand for unmanned aerial vehicles and UAVs, which increases global air traffic, and multitude government and defence initiatives, will shape the market for UTM over the coming years.
As per a new report published by an ESOMAR-certified market research and consulting firm, the unmanned traffic management market is anticipated to surpass $900m valuation in 2021, and is poised to expand at a CAGR of around 18% over the next ten years.
Key takeaways from market study
- The UTM market is anticipated to add five times value by 2031.
- Controlled airspace captures a major chunk of more than three-fourth global market share, and is set to create an absolute $ opportunity of around $3bn over 2021-2031.
- Among the end uses, drone operators is the fastest-growing segment, owing to rise in penetration UAVs across multiple industries over the past decade.
- North America is set to dominate market revenue in 2021, and is expected to gain more than 700 BPS points by 2031.
- The market in Germany, China, and the US is expected to rise at around 20% CAGR each through 2031.
- Among the types, persistent UTM is expected to expand at a CAGR of around 14% during the forecast period.
- Among the systems, technical infrastructure systems are expected to dominate the market and gain 161 BPS points by the end of 2031.
“High R&D spending on infrastructure will aid market growth over the coming years,” said a Senior Research Analyst.