ID: MRFR/A&D/4400-CR | October 2019 | Region: Global | 140 pages
Typically developed for defense requirements, UAVs are rapidly expanding their reach to commercial, industrial, scientific, recreational, and agricultural applications, among others. Over the past few years, the market for UAVs has been influenced by rapid changes in technology. UAVs are now being propelled using solar energy. Many companies are beginning to use this technology to develop UAVs with enhanced range and endurance for surveillance and related purposes, while others are focusing on utilizing them to increase internet connectivity across the world. In either case, there is a huge scope for the solar-powered UAV market in the near future. Moreover, the end-users are exploring new and different possibilities, right from using them for delivering goods, monitoring glaciers in the Polar Regions, and tackling the refugee crisis, among others.
The report aims to provide an overview of the global solar-powered UAV market with detailed market segmentation by type, application, component, and region. The global solar-powered UAV market is expected to witness significant growth during the forecast period.
Segmentation of the Global Solar Powered UAV Market
The global solar-powered UAV market is segmented based on type, application, component, and regions. Based on the type, the global market has been divided into defense and commercial. The commercial segment is expected to hold a 65.5% share of the market during the forecast period. Based on application, the global market has been bifurcated into fixed-wing and other types. The fixed-wing segment is expected to grow with the highest CAGR during the forecast period. The rise in demand for fixed-wing solar-powered UAVs for agriculture is bolstering the solar-powered UAV market across the globe. Based on component, the global market has been segmented by the propulsion system, airframe, guidance navigation & control system, and payload. The guidance navigation & control system segment is expected to grow at the highest CAGR during the forecast period.
The Global Solar Powered UAV Market is estimated to grow at approximately 7% CAGR from 2018 to 2025.
The market is segmented into five regions, namely, North America, Asia-Pacific, Europe, the Middle East & Africa, and Latin America. Asia-Pacific is expected to dominate the market in the future due to the increasing adoption of solar-powered UAVs in the region. Europe is expected to be the fastest-growing region in the solar-powered UAV market due to the growing investments in various military and commercial UAV programs.
The key players operating in the Global Solar Powered UAV Market are Facebook, Inc. (US), Silent Falcon UAS Technologies (US), AeroVironment, Inc. (US), Airbus SE (France), Sunbirds (France), Sunlight Photonics Inc. (US), and Thales Group (France).
The market values and forecast are derived using the Market Research Future (MRFR) research methodology, which includes secondary research, primary interviews, data triangulation, and validation from an in-house data repository and statistical modeling tools.
In this process, data is collected from various secondary sources, including annual reports, SEC filings, journals, government associations, aerospace & defense magazines, white papers, corporate presentations, company websites, and paid databases.
In this process, both the demand- and supply-side parties are interviewed to extract facts and insights into the market forecast, production, trends, and projected market growth. Industry stakeholders such as CEOs, VPs, directors, and marketing executives across the value chain are approached to obtain key information.
MRFR offers report customization to valued customers. Below are the options available for customization:
In-depth profiling of additional market players (3 to 4 companies)
Detailed analysis of a country-level market and related segments as per the report scope (subject to data availability)
Frequently Asked Questions (FAQ) :
The market is estimated to gain traction in its income through the forecast period.
A 7% CAGR is foreseen to empower the global market in the forecast period.
The requirement for improved range and resolution for surveillance and connected purposes are promoting the global market.
AeroVironment, Inc. (U.S.), Facebook, Inc. (U.S.), Silent Falcon UAS Technologies (U.S.), Airbus S.E. (France), and Sunbirds (France) will fortify the market.
The Asia Pacific region is forecasted to stimulate global demand in the upcoming period.