The MarketsandMarkets “Fixed-Wing VTOL UAV Market” report estimates market size to be USD 842 million in 2022 and projects this to reach USD 4,627 million by 2030, at a CAGR of 23.7% during the period.
The press release announcing the publication reports “Fixed-wing VTOL UAVs are used in a wide range of civil & commercial applications such as inspection, monitoring, remote sensing, photography, research, and product delivery, among others. They are also used to carry out surveillance and data collection. The market for these UAVs has been growing significantly over the past few years, and this trend is expected to continue.”
The market report identifies notable players in the sector and in the press release three key areas of predicted growth are highlighted:
“The commercial application segment of the fixed-wing VTOL UAV market is projected to grow at the highest CAGR during the forecast period.
“Based on application, the commercial segment is expected to lead the fixed-wing VTOL UAV market from 2022 to 2030. These UAVs are used extensively for commercial applications for inspection & surveying, 3D mapping, product delivery and agricultural activities. The commercial segment is projected to grow at the highest CAGR during the forecast period.
“The >170-kilogram segment of the fixed-wing VTOL UAV market is projected to grow at the highest CAGR during the forecast period.
“Based on MTOW, the fixed-wing VTOL UAV market has been segmented into <25 kilograms, 25-170 kilograms, and >170 kilograms. The >170 kilograms segment is projected to grow at the highest CAGR from 2022 to 2030. These fixed-wing VTOL UAVs are widely used in military applications such as combat, ISR, and battle damage management.
“North America is projected to lead the market for fixed-wing VTOL UAVs during the forecast period.
“The growth of the North American market can be attributed to the increased demand for fixed-wing VTOL UAVs from the military and commercial sectors of the US and Canada. The US is estimated to lead the North American market in 2022. Textron Inc. (US) and Lockheed Martin Corporation (US) are some of the leading manufacturers of UAVs based in this region”
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