Overview and Scope
A multi-rotor drone is an unmanned aerial vehicle (UAV) with many propellers that spin around a central mast. Multirotor drones outfitted with cameras, autopilots, and image processing software are used for land surveying and mapping, and many others homeland security activities.
Sizing and Forecast
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.
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Segmentation & Regional Insights
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
North America was the largest region in the multirotor drone market in 2023. The regions covered in the multirotor drone market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the multirotor drone market report are IdeaForge Technology Pvt. Ltd., AeroVironment Inc., SZ DJI Technology Co. Ltd., Autel Robotics, Draganfly Inc., Microdrones GmbH, Parrot Drone SAS, Australian UAV Pty. Ltd., Aero Systems West Inc., Centeye Inc., Embention Sistemas Inteligentes SA, 3D Robotics Inc., Yuneec International, EchoBlue Ltd., Skydio Inc., Delair, Elbit Systems Ltd., Aerix Drone, DJI Innovations, Lockheed Martin, Northrop Grumman, General Atomics, PrecisionHawk, Kratos Defense & Security Solutions, Aurora Flight Sciences, Impossible Aerospace, Hoverfly Technologies, Flyability, CyPhy Works, Altavian
The multirotor drone market report table of contents includes:
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List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Multirotor Drone Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Multirotor Drone Market, Segmentation By Payload, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Multirotor Drone Market, Segmentation By Price Range, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 76: IdeaForge Technology Pvt. Ltd. Financial Performance
Table 77: AeroVironment Inc. Financial Performance
Table 78: SZ DJI Technology Co. Ltd. Financial Performance
Table 79: Autel Robotics Financial Performance
Table 80: Draganfly Inc. Financial Performance
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