Global Vertical Take-off and Landing (VTOL) UAV/Drone Market Research Report Information by Platform (Commercial and Military), Type (Fixed-Wing and Multi-rotor), Propulsion System (Electric, Solar, Hybrid, and Others) and Region– Forecast till 2023
Market Research Future published a half-cooked research report on global VTOL UAV market. The global VTOL UAV market are expected to witness ~15.0% CAGR during the period 2018 to 2023.
The key players in the global vertical take-off and landing UAV market are Northrop Grumman Corporation (U.S.), DJI Innovations (China), Lockheed Martin Corporation (U.S.), Israel Aerospace Industries Ltd. (Israel), Schiebel Elektronische Gerate GmbH (Austria), AeroVironment, Inc. (U.S.), Saab Group (Sweden), Textron Inc. (U.S.), The Boeing Company (U.S.), and Turkish Aerospace Industries, Inc. (Turkey).
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Vertical Take-off and Landing (VTOL) UAV Market Scenario
Unmanned Aerial Vehicle (UAV), also known as drone or remotely piloted vehicle, is described as a type of aerial vehicle that can operate without any human or pilot interference. The UAVs are predominantly used for military purposes such as surveillance, reconnaissance, and combat, and currently, a few countries are planning on replacing their manned forces with that of the UAVs.
The Global Vertical Take-Off and Landing (VTOL) UAV market are majorly dominated by the military platform due to its wider applicability in a range of military applications. After various successful applications and over a period of growth and innovations in the military segment, there has been a significant shift and increase of market dynamics towards an extensive use of UAVs in the commercial sector. Government agencies, industries, and other organizations are all actively gauging the prospect for UAVs to disrupt the market and create new and innovative business models. Of late, drones are being largely used for various industrial applications, including aviation, construction, mining, oil & gas, telecom, and logistics sectors. The usage of drones is driven by its benefits over their conventional manual inspection counterparts.
Several major strategic developments have been undertaken on the VTOL UAV front, which have high growth potential. The key players in the market have invested extensively in product innovations and technological advancements. For instance, Northrop Grumman signed a contract with the U.S. Navy, to develop a VTOL UAV system. The major drivers that propel the growth of this market are the increasing security concerns, focus on enhancing UAV propulsion systems, participation by aerospace companies, and rising adoption of UAVs in the commercial sector.
In the recent years, the global VTOL UAV market witnessed a number of developments, particularly in the military sector. This growth is owed to the emergence of various new technologies on the unmanned system front. As the usage of unmanned systems has made its way to commercial applications, every country, lately, is planning on increasing its expenses on the development of VTOL UAV. For example, it was reported that Israel Aerospace Industries and the South Korea-based Hankuk Carbon collaborated for the development of hybrid propulsion systems, which increase the endurance and payload carrying capacity of VTOL UAVs.
Vertical Take-off and Landing (VTOL) UAV Marekt : Segmentation and Geogrpahic overview
Based on type, multi rotor drones are expected to grow at a faster pace as compared to their fixed wing counterparts. Multi rotor drones have various benefits such as the ease of control and use, among others, they have short flight times and lesser payload capacity when compared to the fixed-wing drones. However, its ability to hover makes it apt for operating in confined areas. Moreover, camera control is also comparatively easier. In addition, several new startups and established companies are keen on developing multi-rotor drones.
On the basis of platform, the millitary segment accounted for a highr share than commercial segment in 2017. Countries such as the U.S., the U.K, Germany, China, and France are engaging in high R&D investments on VTOL UAVs, primarily for the provision of security services and surveillance. Market players are focusing on making these unmanned systems smaller and lighter, so that they are more feasible, approachable, and effective.
Based on region, North America accounted for the largest share in the global market in year 2017 as the U. S. Navy is engaged in the development of VTOL UAVs, which can be integrated with the naval fleet for sea-based surveillance. In addition, the region is engaged in the development of multipurpose VTOL UAVs for various land-based military operations, to provide strong support to the armed forces. It leads the global market in terms of expenditure and technological advancements and has deployed several drones. The U.S. generates a very high demand for drones used for surveillance purposes.
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