- North America is dominating the market as it is the largest defense spender.
- The global VTOLUAV market is expected to witness ~15.0% CAGR.
- 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.
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 include 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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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.
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).