Global Fixed Wing VTOL Aircraft Market is Expected to Grow With 19.11% CAGR by 2019-2027
KEY FINDINGS
Fixed-wing VTOL
aircraft are considered to be more beneficial than the traditional aircraft.
They can depart vertically and can land in the same manner, without relying on the
regular runway infrastructure. After vertical takeoff, these aircraft transit
into the horizontal flight to attain the desired speed and altitude.The global fixed wing VTOL aircraft market is estimated to grow with 19.11% CAGR during the
forecasting years of 2019-2027. The market is anticipated to grow to $10,647 million
in 2027.
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MARKET INSIGHTS
The most important
driver is demand from defense applications. Fixed-wing VTOL aircraft are able
to hover in the air along with vertical takeoff and landing capabilities which
makes them ideal for the defense industry. Some of the defense applications
where fixed-wing VTOL aircraft have been deployed are Intelligence,
Surveillance, and Reconnaissance (ISR) operations, nuclear facility management,
and armed & ammunitions monitoring, among others.Despite being
advantageous for various type of surveillance work, there exist many
disadvantages too. The growing use of drones has made it difficult for agencies
to protect privacy. Small fixed-wing hybrid VTOL UAVs can be operated anywhere
from a distance and raise the concerns about personal privacy, data privacy,
and private property rights. This also makes it difficult for the manufacturers
to gain the confidence of the consumers to use such aircraft.
REGIONAL INSIGHTS
Geographically, the
global fixed wing VTOL aircraft market has been segmented into four major
regions, which are North America, Europe, Asia Pacific and the remaining
countries constitutively forming the Rest of World regional segment.North America is the
largest market for fixed-wing VTOL. This region consists of countries such as the
United States and Canada. The United States contributes the majority of market
share. The market for fixed-wing VTOL manned aircraft in Europe had grown
significantly in 2018. Presently, various European countries are interested in
procuring fixed-wing VTOL manned aircraft for military operations.
COMPETITIVE INSIGHTS
Bae Systems PLC,
Lockheed Martin Corporation, Arcturus UAV, Lilium Aviation, Airbus Group SE,
Boeing, XTI Aircraft Company, Autel Robotics, Aerovironment, Textron Inc.,
Leonardo Group, Aurora Flight Science (acquired by Boeing), Israel Aerospace
Industries (IAI), Kitty Hawk, and Alti UAS are the major companies operating in
the global fixed wing VTOL
aircraft market. The company profiles cover the analysis of important players
of the market, who are using organic and inorganic strategies for growth.
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