Large drone flying over construction site in downtown Los Angeles
The Multirotor Drone Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Multirotor Drone Global Market Report 2024, The multirotor drone market size has grown rapidly in recent years. It will grow from $3.53 billion in 2023 to $4.17 billion in 2024 at a compound annual growth rate (CAGR) of 18.4%. The growth in the historic period can be attributed to expansion of commercial applications, cost reduction, data processing capabilities, environmental and conservation applications.
The multirotor drone market size is expected to see rapid growth in the next few years. It will grow to $8.39 billion in 2028 at a compound annual growth rate (CAGR) of 19.1%. The growth in the forecast period can be attributed to customization and specialization, environmental and disaster response use, safety enhancements, autonomous features development, payload advancements.. Major trends in the forecast period include rapid prototyping and customization, environmental monitoring and conservation, safety and redundancy features, data processing and analytics, demand for autonomous functionality.
Increasing adoption of the multi-rotor by military bodies is expected to propel the growth of the multirotor drone market. Military bodies refer to the personnel involved in security forces to contain terror and counter the emerging challenges in defense and homeland security. Multi-rotors help in security and terrorism-related challenges and enhance the capabilities of security forces to stop terror. They help under various situations, from damaging the target to identifying unreachable locations. For instance, in May 2022, according to the US Department of Defense, the Switchblade 300 drone was created and constructed by AeroVironment, a US-based UAV manufacturing company for the US armed forces during the Russia-Ukraine war. Furthermore, according to a fact sheet issued by Whitehouse.gov in March 2022, the United States announced the provision of 100 tactical unmanned aerial systems to Ukraine as part of an $800 million military aid package. Therefore, increasing adoption of the multi-rotor by military bodies is driving the multirotor drone market.
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The multirotor drone market covered in this report is segmented –
1) By Type: Quadcopters, Hexacopters, Tricopters, Octocopters
2) By Payload: Camera and Imaging Systems, Control Systems, Tracking Systems, Other payload
3) By Price Range: Budget, Medium, Premium
4) By Application: Surveillance, Inspection, and Monitoring, Mapping and Surveying, Aerial Photography, Other applications
5) By End-users: Commercial, Military and Government, Consumer
Technological advancements are the key trends gaining popularity in the multirotor drone market. The market has witnessed the use of advanced technology, including artificial intelligence and machine learning, which incorporate functions such as face recognition, fifth-generation network technology, and biological detection to identify threats and provide suggestive action. Major companies operating in multi-rotor drone are developing new technologies to sustain their position in the market. For instance, in January 2022, Advanced Aircraft Company, a US-based developer, and manufacturer of hybrid fuel-electric unmanned aircraft systems for defense applications, launched Hybrid-Electric HAMR UAS. The system has a multi-rotor design and a hybrid gas-electric propulsion system. The aircraft always receives the correct amount of gasoline since fuel injection is computer controlled. The mechanism automatically injects additional fuel during take-off and then leans out during flight, resulting in a more fuel-efficient long-endurance drone. It has an aerodynamic frame design as well.
The multirotor drone market report table of contents includes:
1. Executive Summary
2. Multirotor Drone Market Characteristics
3. Multirotor Drone Market Trends And Strategies
4. Multirotor Drone Market – Macro Economic Scenario
5. Global Multirotor Drone Market Size and Growth
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26. South America Multirotor Drone Market
27. Brazil Multirotor Drone Market
28. Middle East Multirotor Drone Market
29. Africa Multirotor Drone Market
30. Multirotor Drone Market Competitive Landscape And Company Profiles
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