Multirotor UAV Market Is Estimated To Witness A CAGR Of More Than 24% During The Forecast Period From 2018 To 2023.
The functions of multirotor UAV include image capturing and video recording in remote or hazardous places, which act as a driving factor for the multirotor UAV market growth. These UAVs consist of night vision cameras, which are majorly used for gathering intelligence, weather/traffic monitoring, media and entertainment purposes, environmental research, and agricultural/industrial applications. As a result of their functions, it is estimated that the multirotor UAV market would witness a significant growth in the forthcoming years.
The ability of such aerial vehicles to perform in extreme conditions is one of the key factors for their increased adoption in the commercial market. Moreover, due to the recent technological advancements, multirotor UAVs are widely used in the fields of mining, chemicals, to detect the nuclear and radioactive materials, and construction. Factors such as low operational costs, flexibility in operations, and low cost of ownership also influence the multirotor UAV market growth. In addition, extensive R&D investment is another key reason that leads to the market growth. The rising threats of terrorist attacks, political and regional disputes, and border conflicts are boosting the demand for multirotor UAVs, across the globe. However, the market is adversely affected by factors such as air traffic management rules and limited battery lives or endurance of UAVs. economic downturn and defense budget cuts in some countries in North America and Europe hinder the market growth.
The key players in 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).
Scope of the Report
This study provides an overview of the multirotor UAV market, tracking three market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume, and share for North America, Europe, Asia-Pacific (APAC), the Middle East and Africa, Latin America. 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 global multirotor UAV market by its application, rotors, payload, and region.