VTOL UAV Market Global Analysis | Size, Share and Industry estimated to grow at a CAGR of 15% by Forecast to 2023

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Market Highlights

VTOL UAV defined as an aircraft that can take off and land and able to perform maneuvers. The demand for VTOL UAV is growing at fastest rate in emerging market owing to rise in combat operation in Korea, Iraq, and Afghanistan and are known for their cost effectivity equipment for security systems.

Presently, North America is dominating the market as it is the largest defense spender. Europe is expected to account for the second largest market share during the forecast period.For instance, in year 2018, Martin UAV LLC signed a contract with Naval Air Systems Command to developed the autonomous landing capability of V-BAT, that is known as VTOL UAV. The global VTOLUAV market is expected to witness ~15.0% CAGR during the period from 2018 to 2023.

The key drivers for global VTOL UAV market inlcude focus on enhancing UAV propulsion system, increase in demand for commercial purposes, , and focus on enhancing situational awareness. Other key factors that drives the market growth are rising terrorist activities, and robust technological growth in aerospace sector.

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Key Players

The key players in the Global VTOL 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).

Market Segment

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.

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.

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Scope of the Report

This report provides an in-depth analysis of the global VTOL UAV market, tracking four market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, and share for North America, Europe, Asia Pacific (APAC), Middle East, Africa and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the VTOL UAV market by construction platform, type, propulsion, and by region.

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