Global Unmanned Traffic Management (UTM) Market to Reach $1.3 Billion by 2024
SAN FRANCISCO, Aug. 13, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Unmanned Traffic Management (UTM) - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 6; Released: May 2021
Executive Pool: 6071
Companies: 31 - Players covered include AirMap; Delair; AiRXOS, a part of GE Aviation; Altitude Angel; Analytical Graphics, Inc.; DJI; Frequentis ; Harris Corporation; Leonardo S.p.A; Lockheed Martin; Nova Systems; PrecisionHawk; Sensefly SA; Skyward IO; Thales Group; Unifly and Others.
Coverage: All major geographies and key segments
Segments: Component (Services, Software, Hardware); Solution (Communication Infrastructure, Navigation Infrastructure, Surveillance Infrastructure); Type (Persistent, Non-Persistent); End-Use (Logistics & Transportation, Surveillance & Monitoring, Agriculture & Forestry)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.
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ABSTRACT-
Global Unmanned Traffic Management (UTM) Market to Reach $1.3 Billion by 2024
Unmanned Traffic Management (UTM) is defined as an automated workflow infrastructure process encompassing flight, from flight planning, through in-flight monitoring, separation assurance and collision resolution. UTM typically utilizes low-altitude airspace beyond visual line of sight. UTM is growing in popularity and importance as the only feasible technology solution to ensure safety of drones and aircraft. Several UTM projects are being developed and pilot tested in countries worldwide. Amid the COVID-19 crisis, the global market for Unmanned Traffic Management (UTM) is projected to reach US$1.3 Billion by 2024, registering a compounded annual growth rate (CAGR) of 17.7% over the analysis period. United States represents the largest regional market for Unmanned Traffic Management (UTM), accounting for an estimated 70.7% share of the global total. The market is projected to reach US$1.1 Billion by the close of the analysis period. Europe is forecast to emerge as the fastest growing regional market with a CAGR of 19.5% over the analysis period.
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. This expanding use of unmanned systems is due to advances in technology and reductions in size, risks, and costs that remotely operated systems offer. UTM remains critical to the future of commercial drones. 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. Several UTM projects are underway the world over i.e. the EU's SESAR initiative expected to roll out by 2020; the unmanned Aircraft Systems Service Suppliers initiative launched by NASA in the United States; Airbus UTM, the only FAA approved LAANC (Low Altitude Authorization and Navigation Capability) service provider in the United States. UTM is now poised to play a critical role in the emerging urban air mobility" ecosystem. More
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