Multirotor Drone Market to Generate $6.30 Billion by 2031: AMR
Allied Market Research
6 min read
Allied Market Research
Increase in the number of non-military applications, surge in demand for drone operability in extreme conditions, and extensive application of multirotor done in the construction sector are expected to drive the growth of the global multirotor drone market., Closure of various manufacturing facilities, and prevalence of financial crisis during COVID-19 pandemic has had a negative impact on the growth of the global multirotor drone market.
Portland, OR, Sept. 06, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global multirotor drone market generated $1.86 billion in 2021, and is projected to reach $6.30 billion by 2031, growing at a CAGR of 13.1% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
Multirotor Drone Industry Report Coverage & Details:
Report Coverage
Details
Forecast Period
2022–2031
Base Year
2021
Market Size in 2021
$1.86 billion
Market Size in 2031
$6.30 billion
CAGR
13.1%
No. of Pages in Report
303
Segments covered
Type, payload, application, end use, and region
Drivers
Increase in the number of non-military applications
Surge in demand in extreme conditions
Opportunities
Extensive application in the construction sector
Application in hazardous locations
Restrains
Limited operational bandwidth
Stringent drone regulations
COVID-19 Scenario:
The outbreak of COVID-19 had had a negative impact on the growth of the global multirotor drone market, owing to the occurrence of lockdowns in various countries across the globe.
Lockdowns resulted in the closure of various manufacturing facilities, including those of multirotor drone, negatively impacting its supply during the pandemic. This was majorly due to the stringent social distancing restrictions imposed by the government to curb the spread of the virus during the colossal outrage in the outbreak.
The pandemic had taken a toll in the entire aerospace and defense industry as more and more nations were reluctant to spend extortionately due to the economic and financial crisis that was followed by the outbreak of COVID-19. However, the multirotor drone market is expected to recoup soon.
The report offers a detailed segmentation on the global multirotor drone market based on type, payload, application, end use, and region.
Based on type, the quadcopters segment held the largest market share in 2021, holding more than half of the global market, and is expected to maintain its leadership status during the forecast period. The octocopters segment, on the other hand, is expected to cite the fastest CAGR of 15.9% during the forecast period.
Based on payload, the camera and imaging systems segment held the dominating market share in 2021, holding more than two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The tracking systems segment, on the other hand, is expected to cite the fastest CAGR of 14.8% during the forecast period.
Based on application, the surveillance, inspection and monitoring segment held the largest market share in 2021, garnering nearly two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The report also analyzes the segments including mapping and surveying, aerial photography, and others.
Based on end use, the military and government segment held the dominating market share in 2021, holding more than half of the global market, and is expected to maintain its leadership status during the forecast period. The commercial segment, on the other hand, is predicted to exhibit the fastest CAGR of 13.9% during the forecast period.
Based on region, the market across North America held the dominating market share in 2021, holding nearly two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR of 14.4% during the forecast period.
The key players analzyed in the global multirotor drone market report include Israel Aerospace Industries (IAI), Microdrones GmbH, Parrot Drone SAS, Aero Systems West Inc., Aerovironment, Inc., AUAV (Australian UAV Pty Ltd.), Autel Robotics, Tomahawk Robotics Inc., XAG Co. Ltd, Centeye, Inc., Cyberhawk Innovations Ltd., DJI Innovations, Draganfly Inc., Embention, and IdeaForge Technology Pvt. Ltd.
The report analyzes these key players of the global multirotor drone market. These market players have made use of various strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to increase their presence in the industry. The report helps in analyzing recent developments, product portfolio, business performance and operating segments by leading players of the market.
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