DUBLIN--(BUSINESS WIRE)--The "Unmanned Traffic Management (UTM) - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Unmanned Traffic Management (UTM) Market to Reach US$1.6 Billion by the Year 2026
Global market for Unmanned Traffic Management (UTM) estimated at US$603.6 Million in the year 2020, is projected to reach a revised size of US$1.6 Billion by 2026, growing at a CAGR of 18.1% over the analysis period. Services, one of the segments analyzed in the report, is projected to grow at a 17.9% CAGR to reach US$925.1 Million by the end of the analysis period.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Software segment is readjusted to a revised 19% CAGR for the next 7-year period. This segment currently accounts for a 34.2% share of the global Unmanned Traffic Management (UTM) market.
The future expansion of the UTM services market is anticipated to be favored by supportive standards and regulations that would allow for commercial, regular and automated BVLOS operations across Europe and North America. These developments are poised to create the requirement of sophisticated UTM services.
The UTM software helps create a platform to perform multiple tasks to support drone operations, including real-time tracking of all drones in the air, showing restricted and non- restricted airspaces to help pilots avoid zones where flying is not allowed.
UTM is growing in popularity and importance as the only feasible technology solution to ensure safety of drones and aircraft. Growth in the global market is set to be driven by growing UAV traffic in commercial airspace. Unmanned Aerial Systems (UAS) have been growing rapidly in popularity in recent years with UAVs forecast to be the most dynamic growth sector of the global aerospace industry.
Approval of commercial drones and their legal use is directly related to the development of workable and reliable UTM solutions, since uncontrolled flying puts infrastructure and lives in danger and increases the risk of damage to people and property. Continuous innovations in detect-and-avoid technology are vital to the successful development of UTM and also for the integration of drones into the national airspace.
Public and private investments in UTM are growing as companies scramble to get their drones `airworthy` via BVLOS. Successfully tested UTMs are eligible for waiver from the line-of-sight requirement imposed by the Federal Aviation Administration (FAA). As drones prove indispensable for timely and effective Covid-19 epidemic monitoring and response, demand for drones is fast tracking and UTM will also grow in prominence and urgency as the world anxiously awaits for safe drone operation.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Pandemic Presents a Mixed Bag of Challenges and Opportunities for Drones Market
- COVID-19 Pandemic Weighs on Global Adoption of UTM Systems
- Growing UAV Traffic in Commercial Airspace: The Foundation for Growth in the Market
- Reasons Behind the Proliferation of Drones
- A Review of Existing and Emerging Use Cases in the Commercial Space
- Why Unmanned Traffic Management is Important for Drones?
- Key Components and Features
- Regulations to Ensure Seamless Integration
- BVLOS for Unmanned Industry
- A Review of UTM Initiatives Worldwide
- Recent Industry Activity
2. FOCUS ON SELECT PLAYERS (Total 43 Featured)
- Altitude Angel
- Harris Corporation
- Leonardo S.p.A
- Lockheed Martin
- Nova Systems
- Sensefly SA
- Skyward IO
- Thales Group
3. MARKET TRENDS & DRIVERS
- An Insight into Innovative Technologies that Enable Autonomous Anti-Collision Flight
- Select Recent Collaborations and Developments in UMT Space
- Geofencing & Drone Zones, Attractive Solutions for Traffic Management
- As Drone Incidents Continue to Rise in the Commercial Sector, the Need for UTM is Becoming More Urgent Than Ever:
- 5G to Strengthen the UTM Ecosystem
- EU's 5G!Drones Project to Steer Implementation of 5G in UAV Domain
- AI Finds Increasing Application in UTM Development
- Blockchain Exudes Potential to Address UTM Challenges Regarding Drones in Airspace
- Need for UMT Scales up as Unmanned Aircraft Systems Tap Wider Opportunities
- Drone Air Taxis for Commuters to Add to Drone Overcrowding, Driving the Need for UTM
- Imposition of Stricter Regulations Provides Regulatory Driven Stability to Growth in the Market
- New Regulatory Developments in Select Regions/Countries Worldwide
- FAA's New Rules Herald Better Future for Drones in Commercial Deliveries
- Europe Focuses on Establishing Robust STM Approach
- Switzerland to Introduce UTM Services
- Austria Aims to Develop National UTMS
- Denmark Plans to Test UTM Platform to Integrate Commercial Drones into Airspace
- Port of Antwerp Becomes First Seaport to Deploy UTM System to Accommodate Drones
- UK's New Act to Bring Regulatory Regime for Drones Out of Flux
- Drones Gain Spotlight for Emergency Response for Pandemic Management, Driving Up the Importance of UTM
- Increased Deployment of Drone Delivery Operations Drives Demand for UTM in the Logistics & Transportation Industry
- Demand for UTM to Rise as Drone Deliveries Mark a New Chapter in eCommerce
- Pandemic Drives the Drone Delivery Boom
- Airborne Drones in Smart Cities for Surveillance, a Growth Catalyst in the UTM Market
- Increasing Application of Drones in Agriculture Drives Opportunities for UTM
- Application of Agricultural Drones throughout the Crop Cycle
- Pandemic Accelerates Uptake of Drones in Agriculture
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
- Total Companies Profiled: 43
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