The global fixed-wing VTOL is bracing for a boom that will see its market value grow six-fold over the next ten years, according to a new industry report.
A new market intelligence report by BIS Research, Fixed-Wing VTOL Aircraft Market, Analysis and Forecast, 2018 – 2028, identified that the global fixed-wing VTOL aircraft market was estimated to be approximately $2 (£1.5) billion in 2017 and is expected to reach $13.6 (£10.4) billion by 2028.
The global fixed-wing VTOL manned aircraft market is estimated to grow at a compound annual growth rate of 19.5% during the forecast period 2018-2028.
The report also identified that China is expected to see acquire the largest share.
Currently, the primary demand for fixed-wing VTOL manned aircraft is from the military application, however, it is expected that ongoing technical advancements will also drive commercial as well as law-enforcement end-users to use fixed-wing VTOL manned aircraft across various other applications.
The demand for the global fixed-wing hybrid VTOL UAV market is mainly generated from commercial end-users. The other industries such as law enforcement and military have also impacted the demand. The market for fixed-wing hybrid VTOL UAVs is estimated to grow at a CAGR of 27.8% by 2028.
Sneha Rawal, an analyst at BIS Research, said: “North America is one of the most prominent regions for the growth of the global fixed-wing VTOL aircraft market. In 2017, North America dominated the global fixed-wing VTOL aircraft market with the US acquiring the maximum market share, globally.
“However, the geographical analysis of this market unveils an immense potential for its growth in the Asia-Pacific region. China is estimated to acquire the largest market share and is expected to witness the highest growth rate in this region during the period 2018-2028. The need for urban mobility is likely to propel the growth of the global fixed-wing VTOL aircraft market in the future.”
The report has profiles of around 15 companies, including AeroVironment, Airbus, Arcturus UAV, Aurora Flight Sciences, BAE Systems, Boeing, Leonardo, Lockheed Martin, Israel Aerospace Industries, Textron Inc., ALTI UAS, Autel Robotics, Lilium, XTI Aircraft, and Kitty Hawk, among others.