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Fixed-Wing VTOL UAV Global Market Report 2024: Size, Share, Growth, Trends, Competitive Outlook to 2033
Fixed-Wing VTOL UAV Market Report
According to The Business Research Company's, the fixed-wing VTOL UAV market size has grown exponentially in recent years. It will grow from $1.18 billion in 2023 to $1.46 billion in 2024 at a compound annual growth rate (CAGR) of 23.6%. The growth in the historic period can be attributed to wide-scale use in civil and commercial applications, the growing number of applications, and rise in the use of fixed-wing VTOL UAVs for the military, the rise in government investment, the need for safe and accurate inspection and monitoring.
The fixed-wing VTOL UAV market size is expected to see exponential growth in the next few years. It will grow to $3.35 billion in 2028 at a compound annual growth rate (CAGR) of 23.1%. The growth in the forecast period can be attributed to rise in advanced patrolling of marine borders, rapid industrial developments, increased the demand for automation in various industries, increased foreign investments, increased transfer of technologies related to fixed-wing VTOL UAV platforms. Major trends in the forecast period include technological advancements, product innovations, increased deployment to carry out aerial remote sensing, emerging applications of UAVs in the commercial sector, rise in R&D for new and advanced technology.
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Market Drivers and Trends:
The growing military and defense applications are expected to propel the growth of the fixed-wing VTOL UAV market going forward. Military and defense encompass the strategies, organizations, technologies, and activities aimed at protecting a nation's sovereignty, interests, and citizens from external threats. Fixed-wing VTOL UAVs are utilized in military and defense applications for reconnaissance, tactical operations, border patrol, and search and rescue missions because they improve operational effectiveness and situational awareness by offering versatility, flexibility, and efficiency. For instance, in 2021, according to the Stockholm International Peace Research Institute, a US-based international institute, arms sales increased by 4.2% compared with 2020, reaching $123 billion in 2022. Furthermore, in April 2023, according to the Peter G. Peterson Foundation, a US-based nonpartisan organization, between 2021 and 2022, U.S. defense spending increased by $71 billion. Therefore, the growing military and defense applications are driving the growth of the fixed-wing VTOL UAV market.
Major companies operating in the fixed-wing VTOL UAV market are focusing on developing advanced solutions equipped with highly reliable power systems and locking propeller designs to gain a competitive edge in the market. A highly reliable power system and locking propeller design allow for efficient missions while maintaining vertical takeoff and landing capability. For instance, in June 2023, T-DRONES, a China-based manufacturer of industrial UAVs, launched the VA25, a new fixed-wing VTOL UAV (unmanned aerial vehicle). This innovative VA25 is a long-endurance fixed-wing VTOL drone designed for industrial use. It has a wingspan of 2.5m, a takeoff weight of 13kg, and a flight time of up to 210 minutes with a 1kg payload. The frame is made of carbon fiber composite PVC, and it features a highly reliable power system and a locking propeller design, which greatly prolongs the flight time. The standard drone includes the frame and T-MOTOR power system.
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Major Key Players of the Market:
Lockheed Martin Corporation, Textron Inc., Avery Dennison Corporation (AVY), AeroVironment Inc., SZ DJI Technology Co. Ltd., ideaForge Technology Ltd., Quantum-Systems GmbH, Wingtra WingtraOne, Autel Robotics, Elroy Air Inc., ULC Robotics Inc., Bluebird Aero Systems Ltd., Arcturus UAV Inc., Latitude Engineering, ALTI Unmanned Aircraft Systems, Threod Systems, ZEROTECH Intelligence Technology Co., Ltd., Sunlight Aerospace, A-techSYN Ltd., Ukrspecsystems, Vertical Technologies Ltd., Carbonix, Hubblefly Technologies, Homeland Surveillance & Electronics LLC, Height Technologies
Fixed-wing VTOL UAV Market 2024 Key Insights:
• The fixed-wing vtol uav market is expected to grow to $3.35 billion in 2028 at a compound annual growth rate (CAGR) of 23.1%.
• The Role Of Fixed-Wing VTOL UAVs In The Growing Military And Defense Sector
• T-DRONES Launches VA25 To Revolutionize The Fixed-Wing VTOL UAV Market
• North America was the largest region in the Fixed-wing VTOL UAV market in 2023
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