Research Nester released a report titled “Unmanned Traffic Management (UTM) Market: Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the global UTM market in terms of market segmentation by component, by UTM type, by solution, by end user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The unmanned traffic management (UTM) system can be considered as a collection of services, among other features, intended to ensure safe and efficient operations of UA within the UTM-authorized volume of airspace and which is in compliance with regulatory requirements. The global UTM market was valued at USD 468.5 million in 2018 and is expected to grow at a CAGR of 20.33% over the forecast period, i.e., 2020-2028. The market for UTM is segmented by component, by UTM type, by solution, by end user and by region. The global unmanned traffic management market is segmented into hardware, software and services on the basis of components. The services segment held the major part of the market segment with over 45% market share in 2018 which is anticipated to grow further. The growth of this segment can be attributed to the growing use of UTM services across various application areas including flight information, network, communication & connectivity, emergency response and weather.
On the basis of region, the unmanned traffic management market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The market in North America is anticipated to lead the global market as it accounted for over 48% of the global market share in 2018. The growth in this region can be attributed to the rise in drone activity across various end use sectors.
Rising Demand for UAVs to Drive the Market Growth
The growing demand for unmanned aerial vehicles (UAVs) is anticipated to have a direct impact on the growth of UTM market. The innovators of drone services across various countries such as Canada, US and Australia are building their operations with UTM system as an integrated service rather than a standalone feature operated by some third party. This integration is anticipated to further boost the adoption of UTM and boost the growth of the market. However, the stringent regulations & laws imposed by the aviation authorities or government bodies are estimated to hamper the growth of the UTM market.
This report also provides the existing competitive scenario of some of the key players of the global UTM market which includes company profiling of Airmap, Inc., PrecisionHawk, Unifly NV, UTC Corporation (Collins Aerospace), Frequentis AG and Leonardo S.p.A. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global UTM market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.