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Vertical Take-Off And Landing (VTOL) UAV Global Market Report 2024: Size, Share, Growth, Trends, Forecast to 2033
Vertical Take-Off And Landing (VTOL) UAV Market
According to The Business Research Company's, the vertical take-off and landing (VTOL) UAV market size has grown rapidly in recent years. It will grow from $6.71 billion in 2023 to $7.87 billion in 2024 at a compound annual growth rate (CAGR) of 17.3%. The growth in the historic period can be attributed to environmental monitoring, disaster response and relief, military demand, and global security concerns.
The vertical take-off and landing (VTOL) UAV market size is expected to see rapid growth in the next few years. It will grow to 14.76 billion in 2028 at a compound annual growth rate (CAGR) of 17.0%. The growth in the forecast period can be attributed to energy infrastructure inspection, autonomy and artificial intelligence, electric propulsion, and commercialization of new applications. Major trends in the forecast period include rapid technological advancements, electric propulsion dominance, integration of artificial intelligence, and sustainability and green initiatives.
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Market Drivers and Trends:
The growing military and civil applications are expected to propel the growth of the vertical take-off and landing (VTOL) UAV market going forward. Military and civil applications refer to the various applications in which technologies, products, or services are utilized, either by military organizations or civilian entities such as businesses, governments, or individuals. Military and civil applications use VTOL UAVs to inspect structures such as bridges, power lines, and pipelines. Vertical take-off and landing (VTOL) unmanned aerial vehicles (UAVs) are utilized in a wide range of military and civil applications for intelligence, surveillance, target acquisition, and reconnaissance (ISTAR) purposes due to their versatility, maneuverability, and operational flexibility. 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 civil applications are driving the growth of the vertical take-off and landing (VTOL) UAV market.
Major companies operating in the vertical take-off and landing (VTOL) UAV market are integrating their efforts in 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:
Boeing Co., Airbus SE, Honeywell International Inc., Thales Group, Bell Textron Inc., Textron Systems, SZ DJI Technology Co. Ltd. , Yuneec International Inc., AeroVironment Inc., Joby Aviation Inc., Lilium GmbH, Volocopter GmbH, Aurora Flight Sciences, Vertical Aerospace, Quantum Systems GmbH, Wingcopter GmbH, Elroy Air Inc., SkyDrive Inc., Terrafugia Inc., 3D Robotics Inc., Urban Aeronautics, Kitty Hawk Corporation, ALTI UAS, EHang Holding, Zero Zero Robotics Inc.
Vertical Take-Off And Landing (VTOL) UAV Market 2024 Key Insights:
• The vertical take-off and landing (vtol) uav market is expected to grow to 14.76 billion in 2028 at a compound annual growth rate (CAGR) of 17.0%.
• VTOL UAV Market Growth Fueled By Expanding Military And Civil Applications
• Advancements In Power Systems And Propeller Designs Propel VTOL UAV Market
• North America was the largest region in the vertical take-off and landing (VTOL) UAV market in 2023
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