Global Multirotor Drones Market Forecast Report 2023-2028 - Market Set for Considerable Growth, Forecasted to Reach US$3.669 Billion by 2028 with a CAGR of 9.65%

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Dec 15, 2023, 14:30 ET

DUBLIN, Dec. 15, 2023 /PRNewswire/ -- The "Global Multirotor Drones Market Forecasts from 2023 to 2028" report has been added to ResearchAndMarkets.com's offering.

The global multirotor drone market is expected to grow at a CAGR of 9.65% to reach a market size of US$3.669 billion by 2028.

Market Drivers

Increasing use for inspection purposes

Drones gather data more than 50 times faster than traditional methods. Due to the scale of the majority of solar farms, a drone equipped with a sufficient thermal camera can scan the whole structure more quickly than someone on the ground using a hand-held thermal camera. Manual inspections of turbines are conducted, either by climbing or by capturing distant pictures. Dangers can be eliminated by using drone evaluations rather than manual inspections that require climbing. The procedure of gathering data on the ground lacks the precision that a drone offers which increases the global multirotor drone market size.

Rising advanced technologies

A wide range of professions are increasingly likely to use drones. Because of their speed and agility, these flying aircraft swiftly provide comprehensive and valuable results. Drones equipped with sensors and cameras are currently demonstrating how useful they are for capturing real-time video that can be preserved for later analysis. Unmanned aircraft systems may locate broken-down structures and machinery more quickly and economically than traditional methods. For instance, the Hybrid-Electric HAMR UAS was introduced in January 2022 by Advanced Aircraft Business, a US-based developer and producer of hybrid fuel-electric drones for defense applications. The system has a hybrid gas-electric propulsion system with a multi-rotor architecture. Fuel injection is electronically controlled, so the airplane always gets the right amount of fuel.

Rising demand in the defense sector

The defense sector is expected to hold the global multirotor drone market share in the upcoming years due to an increase in the usage of remotely operated machines as a substitute for saving human lives on the battlefield. A sharp increase has been seen in the demand for advanced and well-equipped Multirotor Drones by Governments worldwide as a result of an increase in the usage of cutting-edge technology for examining areas impacted by natural disasters and monitoring the implementation of policies.

Market Restraints

High installation cost

Multirotor drones are expensive to install in pre-existing vehicles. Additionally, newer technologies like advanced driving assistance systems (ADAS) call for pricey cameras for several uses including rear blind spot detection and others. Therefore, it is anticipated that the high cost of installing rear cameras will restrain the market's expansion for car backup cameras. Additionally, as with any new technology, drones are still relatively new and are subject to some consumer prejudice. Some people are uncomfortable with the idea of UAVS and have concerns about their safety or potential privacy implications, which may impede the global multirotor drone market size.

Military budget cuts

Reduced military spending, particularly in affluent nations, is an issue that could impede the expansion of the global multirotor drone market. The speed and durability of multirotor drones are constrained. They move more slowly than fixed-wing aircraft. These elements may have an impact on the target market's expansion. However, the development of a low-cost, low-energy multirotor drone can generate significant economic prospects for market participants.

Asia Pacific is projected to have a significant share of the global multirotor drones market

The Asia Pacific region is anticipated to witness a notable CAGR in the global multirotor drone market during the projected period. A considerable budget is set aside by places like China, India, and South Korea for defense and law enforcement training. Additionally, escalating instances of interpersonal conflict, asymmetric warfare, terrorist activity, and preparation for future battles, together with increased economic growth and advancement in the manufacturing sector and semiconductor products, actively support market enforcement.

Market Developments

In June 2022, Draganfly Inc. an award-winning, market-leading drone products and systems provider, announced the release of its new Heavy Lift and Commander 3 XL multirotor drones built in North America. The Heavy Lift Drone from Draganfly is a multirotor unmanned aerial vehicle ("UAV") that can lift heavier objects and travel farther. The Company's heavy-duty, sturdy UAV has a load lift capacity of 67 pounds and a flight time of up to 55 minutes. It is capable of automatic missions and manual flight operations. The Commander 3 XL Drone from Draganfly is a multirotor UAV with great endurance, weather resistance, and quick deployment capabilities.
In May 2022, DJI Mini 3 Pro, its most effective portable camera drone, was released in May 2022. To comply with regulations in many regions and nations, the DJI Mini 3 Pro measures less than 249 grams. This drone also offers cutting-edge features like 4K/60fps video, tri-directional obstacle sensing, ActiveTrack, and 90 gimbal rotation for recording high-quality vertical imagery for social media.
In February 2022, a new firmware update was released by Autel for their EVO Nano and EVO Lite Series Drones. The new update offers higher photo resolution options in select models, manual focus adjustment for different models, and multiple video frame rate choices up to 50 fps.Additionally, by adjusting the frame rate, users can have more control over the video quality and even develop better shooting techniques

Companies Profiled

SZ DJI Technology
Parrot
Yuneec International
Kespry
Autel Robotics
Skydio
Insitu
Delair
Aerialtronics
AeroVironment

Market Segmentation:

By Type

Tricopters
Quadcopters
Hexacopters
Octocopters

By Payload

Camera
Wireless HD Transmission Video System
Electro-optical Sensors
Wi-Fi
GPS
Laser Designators
CBRN Sensors
Others

By Application

Aerial Shooting
Law Enforcement
Surveillance & Reconnaissance
Geographical Inspection
Commercial Inspection
Others

By End-User

Defense Sector
Government
Commercial Sector

By Geography

For more information about this report visit https://www.researchandmarkets.com/r/iqjh2

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SOURCE Research and Markets