Multirotor UAV Market Global Share, Size, Trends, Key Manufacturers Growth, Analysis by Segments and Forecast to 2023
Multirotor unmanned aerial vehicles (UAVs) or drones with two or above rotors for navigation and traversing of difficult landscapes. These drones obtain data from a combination of gyroscopes, accelerometers, and micro-electro-mechanical systems (MEMS). The global multirotor UAV market report by Market Research Future (MRFR) covers detailed qualitative and quantitative aspects supported by various industry experts.
Market Outlook:
The global multirotor UAV market is set to accumulate revenues at 24% CAGR from 2017 to 2023 (forecast period). The popularity of these drones by civilians, government organizations, and militaries due to its ability to yaw through tough spots can drive the market demand substantially. The capacity of these UAVs of capturing images and videos from remote locations makes it an insatiable purchase.
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The inherent capability of these drones for detecting nuclear and radioactive chemicals in the mining sector as well as survey lands for development purposes in the construction sector can bode well for the market. Low investment costs and easy deployment for critical missions can work favorably for the global market. Aerial shooting applications
But lax policies and uncertainty of the rules for flying multirotor UAVs can impede its growth.
Segmentation Analysis:
The global multirotor UAV market considers the following segments for its valuation – rotors, payload, and application.
By rotors, it is segmented into less than 10 and more than 10. The less than 10 segment is purportedly gaining traction due to the use of quadcopters by flying enthusiasts and UAV hobbyists.
By payload, it is segmented into laser designator, LiDAR, electro-optical sensors, GPS, cameras, and others. The cameras segment is expected to perform exceptionally over the forecast period by capturing images over a long perennial view. In addition, the use of night-vision cameras attached to these drones for making arrests of antisocials and lowering the criminal ratio can bode well for the global multirotor UAV market.
By application, it is segmented into commercial, homeland security, military, and others. The military segment is predicted to garner significant revenue for the market due the use of drones for surveillance and reconnaissance missions. Peacekeeping missions which include the deployment of troops and combating troops can drive the demand for multirotor UAVs
Regional Analysis:
Geography-wise, the global multirotor UAV market covers Asia Pacific (APAC), North America, Europe, the Middle East & Africa (MEA), and Latin America.
The APAC region is expected to be lucrative for the global market due to increasing security threats caused by terrorists and geopolitical tensions. Huge investments in research and development for enhancing the current technology of drones can drive the regional market. Moreover, use of multirotor UAVs in military combat for leverage can bode well for the multirotor UAV market. Singapore has opened its airspace for drone taxi test flights which can fuel the demand in the market.
North America and Europe regions may experience sluggish growth due to budget cuts of militaries and economic recession. But the U.S. and U.K. remain prime contributors to the market due to large number of consumer aware of drones and their applications. Inclination towards photography as a hobby is expected to ring in large sales throughout the forecast period.
The MEA has high potential for growth due to regulations encouraging its use.
Competitive Landscape:
3D Robotics, Inc. (U.S.), Coptercam (Australia), AeroVironment, Inc. (U.S.), Cyberhawk Innovations Ltd. (U.K.), Draganfly Innovations, Inc. (Canada), Israel Aerospace Industries (Israel), DJI Innovations (China), Aeryon Labs Inc., Microdrones GMBH (Germany), and others are some of the prominent names in the multirotor UAV market. Players in the market space have decided to incorporate the latest payloads, sensors, and communication technologies for applications in sports, wildlife monitoring, agriculture, and others.
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