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.
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.
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.
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.