On The Radar
The global market for fixed-wing VTOL drones, or uncrewed aerial vehicles (UAVs), is expected to grow from $750 million in 2021 to nearly $4.5 billion by 2030, according to a new market research report from The Brainy Insights.
Fixed-wing VTOL UAVs, which employ tilting rotors to take off and land vertically, are used for a growing number of applications, such as defense, border control, agriculture, and environmental protection. More recently, UAVs have become involved in commercial cargo delivery and shipping operations as well.
In recent years, the world has continued to come up with new uses for drone technology and the global investment in research and development has increased. That growth won't slow down anytime soon, according to the market report, which suggests that technological advances, especially involving the integration of artificial intelligence, will drive the expansion of the global VTOL UAV market for years to come.
The Brainy Insights report forecasts a compound annual growth rate (CAGR) of 22 percent in the fixed-wing VTOL UAV market between 2022 and 2030. According to the report, the growth will primarily be driven by increasing demand for this type of aircraft “for commercial flight operations, surveying and mapping, imaging, product delivery, and aerial remote sensing in the agricultural, environmental, and defense sectors.”