Northbrook, IL 60062 -- (SBWIRE) -- 06/08/2022 -- This report provides a detailed analysis of the fixed-wing VTOL UAV market from 2022 to 2030. It discusses the industry and technological trends prevailing in the market and examines factors that are expected to drive or challenge the growth of the fixed-wing VTOL UAV market in the near future.
The fixed-wing VTOL UAV market is projected to grow from USD 842 million in 2022 and is projected to reach USD 4,627 million by 2030, at a CAGR of 23.7% during the forecast period. The increasing adoption of fixed-wing VTOL UAVs in commercial and military applications are projected to drive the growth of the fixed-wing VTOL UAV market.
The fixed-wing VTOL UAV market has been segmented on the basis of application, mode of operation, range, endurance, propulsion, MTOW, and region. Based on application, the market has been classified into military, government & law enforcement, and commercial. The military segment is expected to lead the market during the forecast period, which can be attributed to the increasing adoption of these UAVs in the military applications.
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Based on range, the fixed-wing VTOL UAV market has been segmented in visual line of sight (VLOS), extended visual line of sight (EVLOS), and beyond visual line of sight (BVLOS). The beyond visual line of sight (BVLOS) segment is projected to grow at the highest CAGR from 2022 to 2030. This growth can be attributed to the increasing demand for high range fixed-wing VTOL UAVs from the military and commercial applications.
The fixed-wing VTOL UAV market has been divided into three categories based on MTOW: 25 kilograms, 25-170 kilograms, and > 170 kilograms. From 2022 to 2030, the >170 kilograms sector is expected to increase at the fastest rate. The expansion of UAVs for mapping and surveying applications is attributed to this area.
Based on endurance, the fixed-wing VTOL UAV market has been segmented in <5 hours, 5-10 hours, and >10 hours. The >10 hours segment is projected to grow at the highest CAGR from 2022 to 2030. This category has witnessed increased adoption in the military and government & law enforcement applications as these applications demand high endurance.
The fixed-wing VTOL UAV market in the North America region is expected to lead the market with highest market share. The growth of the market here can be attributed to the relaxing of guidelines regarding the use of UAVs by the Federal Aviation Administration (FAA) in 2015, which has permitted the flying of military, private, and commercial UAVs in US airspace.