The unmanned traffic management (UTM) market is projected to grow from USD0.92 billion in 2021 to USD3.59 billion in 2028 at a CAGR of 21.40% in the forecast period according to the latest report published by Fortune Business Insights.
The high market growth is attributed to increased drone activities in developed countries for commercial and military applications. The global impact of COVID-19 has been unprecedented, with UTM systems witnessing positive demand across all regions amid the pandemic, says the report. The global market exhibited a lower growth of 12.32% in 2020 as compared to the average year-on-year growth during 2017-2019. The rise is CAGR is due to market demand returning to pre-pandemic levels in 2021.
The competitive landscape of the UTM market depicts the domination of selected players including Thales Group, Frequentis, L3 Harris Technologies and Lockheed Martin. These companies focus on designing and developing advanced autonomous maintenance solutions, according to the report. They are also expanding their geographical reach. The list of key companies profiled includes:
- Frequentis (Austria)
- Leonardo SpA (Italy)
- Thales Group (France)
- L3Harris Technologies Inc (US)
- Lockheed Martin Corporation (US)
- Airbus SE (France)
- Raytheon Technologies Corporation (US)
- Nova Systems (Australia)
- Unifly (Belgium)
- PrecisionHawk (US)
- Altitude Angel Limited (UK)
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