Dublin, Jan. 21, 2022 (GLOBE NEWSWIRE) -- 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.
The U.S. Market is Estimated at $453.4 Million in 2021, While China is Forecast to Reach $79.1 Million by 2026
The Unmanned Traffic Management (UTM) market in the U.S. is estimated at US$453.4 Million in the year 2021. The country currently accounts for a 66.1% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$79.1 Million in the year 2026 trailing a CAGR of 23.2% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 17.5% and 16.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 15.4% CAGR while Rest of European market (as defined in the study) will reach US$98.3 Million by the end of the analysis period.
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.
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)
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
For more information about this report visit https://www.researchandmarkets.com/r/xtx8j7
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