Unmanned Helicopter Market

Unmanned Helicopter Market Size, Share, Competitive Landscape, Segmentation and Forecast to 2027

The global unmanned helicopter market size is expected to hit USD 11,382.8 million by 2027 while exhibiting a CAGR of 12.52% between 2020 and 2027. This is attributable to the increasing demand for unmanned helicopter in commercial applications and the growing adoption of advanced technology such as internet of things (IoT) in the development of the product across the globe. This information is published by Fortune Business Insights in its latest report. The report further mentions that the market stood at USD 5092.3 million in 2019.

Defense Budget Cuts amid COVID-19 to Restrain Market Growth

The huge economic loss owing to the novel coronavirus that has severely strained the healthcare service globally has affected the overall growth of the regions. Owing to this, several countries are contemplating a reduction in their defense budgets to neutralize the loss to some extent. Additionally, remarkable reduction in investments and less business opportunities is expected to hamper the growth prospects in the near future.

An unmanned helicopter is a rotary wing drone specially designed for security and surveillance, search and rescue, and other activities. In addition to this, they find increasing application in transportation and logistics operations across the globe. They are developed using advanced features that enable them to establish communication even at higher altitudes and rough climatic conditions.

DRIVING FACTORS

Increasing Adoption of Unmanned Helicopter for Commercial Applications to Augment Growth

The growing technological advancement is propelling the manufacturers to develop sophisticated UAV products by adopting the internet of things (IoT) and artificial intelligence (AI). These advanced unmanned products are being widely adopted for industrial applications such as infrastructure inspection, forest monitoring, and photogrammetric survey. For instance, in April 2020, UAVOS Inc successfully commenced an automated flight test with its UVH-170 cargo delivery unmanned helicopter that involved a vendor and destination and back. Such initiatives by the companies are further expected to boost the growth of the global unmanned helicopter market in the forthcoming years.

SEGMENTATION

Small Segment Held 40.5% Market Share in 2019

The small segment held a market share of about 40.5% in 2019 and is expected to gain momentum owing to the growing air transport applications such as logistics, cargo, and others that drives the demand for advanced UAV products across the globe.

REGIONAL INSIGHTS

Presence of Established Air Transport Solution Companies in North America to Favor Growth

Among the regions, the market in North America is expected to remain dominant and hold the highest position in the global unmanned helicopter market in the forthcoming years. This dominance is attributable to the presence of large companies such as Uber, DHL, UPS, and Zipline that are focusing on providing efficient air transportation and logistics solutions in the region. The region stood at USD 1,737.7 million in 2019.

The market in Europe is expected to showcase a significant growth owing to the increasing demand for unmanned helicopters for defense services such as naval, border patrolling, and security in the region between 2020 and 2027.

COMPETITIVE LANDSCAPE

Major Companies Focus on Product Innovations to Boost Their Sales Revenue

The global unmanned helicopter market is experiencing fierce competition as the major companies are engaged in activities such as product innovations to gain a competitive edge over their rivals. The high investments in R&D activities to develop innovative unmanned helicopters by key players are further expected to bode well for the growth of the market.

Industrial Development:

• April 2020 – AeroVironment, Inc introduced QUANTIX RECON, a complete automated hybrid Vertical Take-off and Landing (VTOL) aircraft system specially designed for defense applications. The high-resolution imagery and total automated reconnaissance solutionns is expected to ampify its position in the global marketplace.

Source:https://www.fortunebusinessinsights.com/unmanned-helicopter-market-103990