Multirotor UAV Market Size is expected to reach USD 8.401 Billion by 2030, registering a CAGR of 22.1% during 2020-2030.
Multirotor UAV Market Scenario
Multirotor UAV Market Size is expected to reach USD 8.401 Billion by 2030, registering a CAGR of 21.1% during 2020-2030.
Multirotor drones are Unmanned Aerial Vehicles (UAV) which is the advanced technology wireless drones. A multirotor UAV is a remotely controlled device for aerial support application having capabilities of similar flights to a regular helicopter. Multirotor UAV has many fixed rotors and is controlled by changing the relative speeds of different rotors. It uses multiple rotors to move in 3 dimensions, yawing on the spot, and hovering in place. Multirotor UAV is very easy to operate for various short-range applications. As a result, it is widely preferred by users over other forms of drones and has become very popular in commercial, government, defense, and personal applications.
Multirotor UAV can perform various functions, such as image capturing and video recording in remote or hazardous places, which act as market drivers. In these camera functions, the night vision cameras are highly used in criminal prosecution, criminal investigation, and sentencing of criminal behavior. This are the key drivers for the growth of multirotor UAV market. Additionally, multirotor UAV contributes to industries such as agriculture, traffic monitoring, media & entertainment, and environmental research. Technological advancements and ability to perform in extreme situations are some of the key factors responsible for the increased adoption of multirotor UAVs in the commercial sector. Multirotor UAV is widely used in the field of mining, chemicals, to detect the nuclear and radioactive materials, owing to its advanced technologies features. Low operational cost, flexibility in operations, and low cost of ownership also affect positively for the market growth of multirotor UAV. Air traffic management rules and procedural issues are restraints for the market for multirotor UAV. The market is estimated to witness a CAGR of approximately 24% during the forecast period, from 2018 to 2023.
Key Player & Industry News of Multirotor UAV Market
The key players in the global multirotor UAV market are Israel Aerospace Industries (Israel), AeroVironment, Inc. (U.S.), DJI Innovations (China), 3D Robotics, Inc. (U.S.), Microdrones GMBH (Germany), Coptercam (Australia), Cyberhawk Innovations Ltd. (U.K.), Aeryon Labs Inc. (Canada), and Draganfly Innovations, Inc. (Canada).
Multi rotor UAV Market by Segmentation:
By application, multirotor UAV market has been segmented into military, homeland security, and commercial. In the past few years, huge investment is made in the military segment for multirotor UAV. Israel had invested in this market and is the largest exporter of multirotor UAV.
Multirotor UAV market has been segmented by rotors into less than 10 and more than 10. By payload, the market has been segmented into cameras, electro-optical sensors, GPS, LIDAR, and laser designator. The camera segment is expected to be the largest segment of multirotor UAV market.
Regional Analysis of Multirotor UAV Market
Among regions, Asia-Pacific is expected to be the largest market for multirotor UAV, due to the reason behind the growth of the market for multirotor UAV in Asia-Pacific especially in the defense sector is increasing border security threat. Political disputes and terrorist attacks are fueling the demand for multirotor UAV in this region. Huge investments in the research and development of UAVs is another reason for the growth of multirotor UAV market in Asia-Pacific. The economic downturn and budget cuts are affecting the market growth in North America and Europe.
The report for Global Multirotor UAV Market by Market Research Future covers extensive primary research. This is accompanied by a detailed analysis of qualitative and quantitative aspects by various industry experts and key opinion leaders to gain deeper insights into the market and industry performance. The report gives a clear picture of the current market scenario, which includes the historical and forecasted market size, in terms of value and volume, technological advancement, macroeconomic, and governing factors of the market. The report provides comprehensive information about the strategies of the top companies in the industry, along with a broad study of the different market segments and regions.