(MENAFN- America News Hour)Kenneth Research has recently added a report titled Multi-Rotor Drone market in its storehouse of market research reports. The report provides a detailed insight into the market scenario on the basis of the market size and volume for the forecast period, i.e., 2021-2024. Multi-Rotor Drone market is further anticipated to grow with a CAGR of XX during the forecast period. Factors such as the growing advancements in the development of novel drugs, coupled with the growing health infrastructure in several nations worldwide are anticipated to drive the growth of the market in the coming years. Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth. According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.
Multi-rotor Drones Market Overview
Multi-rotor or multicopter refers to the aerial vehicle mechanism. Multi-rotor drone is a type of rotorcraft consisting of more than two rotors/propellers. Apart from this, multi-rotor is a highly unstable rotorcraft and it requires aka flight controller device for stable flight. The flight motion of multi-rotor is controlled by speeding or slowing multiple downward thrust propellers. There are different types of multi-rotors are present in market such as tricopters, quadcopters, hexacopters and octocopters. Multi-rotor drones have a wide range of application such as aerial photography/videography, mapping & surveying, agriculture, crop spraying, asset inspection and payload.
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Market Size & Forecast
Global is anticipated to witness a robust growth over the forecast period 2017-2024. Global multi-rotor drone market stood at valuation around USD 12.6 Billion in 2016. Multi-rotor drone market is expected to behold this positive growth in near future owing to their increased application in end-use industries.
''Final Report will add the analysis of the impact of COVID-19 on this industry.''
In terms of regions, the global multi-rotor drones market is mainly segmented into North America, Europe, Asia Pacific, Middle East & Africa and Latin America region. Among all these regions, North America accounts for the highest market size followed by Europe. Due to economic decline and budget cuts, market of North America and Europe region is anticipated to witness a slow growth rate during the forecast period 2017-2024.
Asia Pacific multi-rotor drones market is expected to grow at highest CAGR during the forecast period. High investment in research and development sector in emerging economies such as China and India has given boost to the market of multi-cotor drones in Asia Pacific region. Further, Middle East & Africa and Latin America regions are also expected to witness a satisfactory growth in near future due to high investment in R & D sector in these regions.
Key Players
AeroVironment Inc.
DJI Innovations Inc.
MicroDrones GmBh
Lockheed Martin LMT
PrecisionHawk Inc.
3D Robotics
Aibotix GmBh
Dragonfly Innovations
Coptercam
Cyberhawk Innovation Ltd.
Scope & Context
Growth Drivers & Challenges
Multicopter provides revolutionary abilities to do difficult things or to go somewhere, where a person has never been before. Over the past few years, it has been observed that the unprecedented abilities of multi-rotor drones have attracted consumers towards it across the globe. Increasing demand for multi-rotors in non-military sector such as agriculture, environment inspection, sports coverage, entertainment & media industries, parcel delivery and others is a major growth driver of global multi-rotor drones market. Additionally, high adoption rate of non-military multi-rotor drones is expected to foster the growth of global multi-rotor drones market in near future. Low maintenance and affordable cost of drones are some of the key factors which are expected to propel the demand for multi-rotor drones in near future.
Increasing use of multi-rotors drones in law enhancement and other military activities is one of the major factors driving the growth of multi-rotors drone market. Moreover, increasing terrorism activities in countries such as India, Spain, Israel and others have made the government of these countries more concerned about the enhancement of defense and security sector. The adoption of multi-rotor in defense & security sector is expected to increase the demand for multi-rotor drones over the forecast period.
However, budget cuts of defense sector are a major factor dampening the growth of the global multi rotor drone market. Factors such as limited flight sufferance of multi-rotor drones and their payload capacity are some of major challenges which are restraining the growth of market. Apart from this, high price of multi-rotors is a major factor which is slowing down the growth of global multi-rotor drones market.
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Market Segmentation
Our-in depth analysis of the global multi-rotor drones market includes the following segments:
By Product Type
Tricopters
Quadcopters
Hexacopters
Octocopters
Others
By Application
Aerial Photography/Videography
Agriculture
Mapping & Surveying
Real State Photography
Payload Carrying
Bird Control
Product Delivery
Aviation
Search and Rescue
Marine Mission
Others (Live Streaming Events, Crop Spraying etc.)
By End User
Defense & Security
Shops
Entertainment & Media Companies
Industries
Commercial Places
Others
By Region
Global multi-rotor drones market is further classified on the basis of region as follows:
North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
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