The global VTOL UAV market is expected to rise with the CAGR of about 19.5% during forecast period 2016-2023
Increasing terrorist attacks as well as increasing military and defense spending across various regions of the globe contributes to the growth of global VTOL UAV market during forecast period.
However, strict airspace regulations and less velocities and altitude, limited set of applications with dedicated payloads are some of the major factors restraining the growth of global VTOL UAV market during forecast period.
Geographically, global VTOL UAV market report has been segmented in North America, Asia Pacific, Europe and Rest of World. North America held the largest market revenue share for VTOL UAV market in 2016 and is expected to dominate the market during forecast period.
Technological advancements in VTOL UAV coupled with high demand of VTOL drones from military and defense sector contributes to the largest market revenue share of North America VTOL UAV market during the forecast period. However, Asia Pacific is expected to be the fastest growing region in VTOL UAV market during forecast period due to its increasing demand from military and commercial applications.
The growth in global VTOL UAV market is also influenced by presence of major players such as DJI Innovations (China), Lockheed Martin Corporation (U.S.), Northrop Grumman Corporation (U.S.), The Boeing Company (U.S.), & Saab AB (Sweden).