Solar Powered UAV Market

Increase in demand for drone servicesis driving the market growth.

The rise in economic intensification has increased demand for cost-cutting and the development of high-efficiency solutions across industries. This increase in demand boosts the need for affordable, easy-to-implement, and high-value on-demand customized systems for the distinct requirements of various industries. This factor increases the market CAGR.

The drone manufacturers have increased the development of customized drones for warehouse management, capturing, viewing, and analyzing aerial imagery for agriculture, mining, utility, power, media, telecommunication, logistics, oil & gas, and construction industries. For instance, in April 2021, Skyports and Kenya Airways signed a Memorandum of Understanding (MoU) to launch permanent unmanned aerial vehicle (UAV) operations in Kenya. The partnership aims to explore the commercial impact and viability of various logistical, inspection, and medical drone use cases. Drone service companies are adopting mergers, acquisitions, and expansion for developing drone applications according to the custom requirement of the target industry.

Additionally, increased political, economic, or social upheaval among countries or regions has increased domestic and intercontinental tensions worldwide. Governments around the world have increased defense expenditures to defend against the growing territorial and intercountry instability. The defense expenditure has increased by 2.6% from 2019 and reached $1,981 billion in 2020. The surge in hostile instances worldwide has fueled the Solar Powered UAV market revenue. The huge demand for autonomous security and surveillance systems has promoted defense organizations to adopt drones to enhance their defense capabilities.

For instance, in April 2021, Delta Drone International secured a contract for providing light detection and ranging (LIDAR) to a mining company in Ghana. Under the contract, Delta Drone International will help the company in the real-time examination of possible mine site expansions at various locations.

Government initiatives and funding play a pivotal role in the growth of the Global Solar Powered UAV Market Industry. Various governments worldwide are investing in renewable energy technologies and promoting the use of UAVs for surveillance, monitoring, and environmental management. These initiatives often include grants, subsidies, and research funding aimed at developing solar powered UAV technologies. Such support not only accelerates innovation but also encourages private sector investment. As a result, the market is poised for significant growth, with a projected compound annual growth rate of 10.25% from 2025 to 2035.

The Global Solar Powered UAV Market Industry finds substantial opportunities within the agricultural sector. Farmers are increasingly adopting UAVs for precision agriculture, crop monitoring, and resource management. Solar powered UAVs, with their extended flight times and reduced operational costs, are particularly appealing for agricultural applications. They enable farmers to gather critical data on crop health and soil conditions, facilitating informed decision-making. As the agricultural sector continues to embrace technological advancements, the demand for solar powered UAVs is likely to grow, contributing to the overall market expansion.

The Global Solar Powered UAV Market Industry experiences a notable surge in demand for sustainable solutions across various sectors. As environmental concerns escalate, industries are increasingly seeking alternatives to traditional fuel-powered UAVs. Solar powered UAVs offer a cleaner, more efficient option, aligning with global sustainability goals. In 2024, the market is projected to reach 1.0 USD Billion, reflecting a growing recognition of the need for eco-friendly technologies. This trend is likely to continue, as organizations prioritize reducing their carbon footprints and adhering to stricter environmental regulations.

Technological advancements in solar energy significantly bolster the Global Solar Powered UAV Market Industry. Innovations in solar panel efficiency and energy storage solutions enhance the performance and operational capabilities of UAVs. For instance, the development of lightweight, high-efficiency solar cells allows UAVs to operate for extended periods without the need for frequent recharging. This technological evolution is expected to contribute to the market's growth, with projections indicating a rise to 2.93 USD Billion by 2035. As these technologies continue to evolve, they may further enhance the appeal of solar powered UAVs across various applications.

The Global Solar Powered UAV Market Industry benefits from enhanced surveillance and monitoring capabilities offered by solar powered UAVs. These UAVs are increasingly utilized for various applications, including environmental monitoring, disaster response, and border security. Their ability to operate for extended periods without the need for refueling makes them particularly advantageous for long-duration missions. As organizations recognize the value of continuous monitoring and data collection, the demand for solar powered UAVs is expected to rise. This trend may contribute to the overall market growth, as more sectors adopt UAV technology for their operational needs.

By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American solar-powered UAV market area will dominate this market, owing to the high investment from NASA and the Department of Defense for numerous projects in the Region will boost the market growth in this Region.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: SOLAR POWERED UAV MARKET SHARE BY REGION 2022 (%)

Source Secondary Research, Primary Research, Market Research Future Database, and Analyst Review

Europe Solar Powered UAV market accounts for the second-largest market share due to the increasing demand for drone services for various commercial applications, including resource exploration, climate monitoring, and technological advancements. Further, the German Solar Powered UAV market held the largest market share, and the UK Solar Powered UAV market was the fastest-growing market in the European Region.

The Asia-Pacific Solar Powered UAV Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the use of UAVs in agricultural & industrial activities and the adoption of defense drones. Moreover, China’s Solar Powered UAV market held the largest market share, and the IndianSolar Powered UAV market was the fastest-growing market in the Asia-Pacific region.

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the solar-powered UAV market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The solar-powered UAV industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.

Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Solar Powered UAV industry to benefit clients and increase the market sector. In recent years, the Solar Powered UAV industry has offered some of the most significant advantages to the healthcare sector.

Major players in the Solar Powered UAV market, including Thales Group (France), AeroVironment Inc (US), Silent Falcon UAS Technologies (US), Facebook Inc (US), Sunlight Photonics Inc (US), Airbus SE (France), Sunbirds SAS (France), BAE Systems Plc (US), Bye Aerospace Inc (US), The Boeing Co (US), Barnard Microsystems Ltd (UK), Ocean Aero (US).and others, are attempting to increase market demand by investing in research and development operations.

Delta Drone International Limited provides drone-based data service and technology solutions for the mining, construction, security, renewable, agricultural, and engineering industries with high growth potential and fair value. Delta Drone International secured a contract for providing light detection and ranging (LIDAR) to a mining company in Ghana. Under the contract, Delta Drone International will help the company in the real-time examination of possible mine site expansions at various locations.

Hindustan Aeronautics Limited is an Indian public-sector aerospace and defense company headquartered in Bangalore. Established on 23 December 1940, HAL is one of the world's oldest and largest aerospace and defense manufacturers. Hindustan Aeronautics Limited, a state-run defense manufacturer in India in partnership with NewSpace, a Bengaluru-based start-up company, is developing the solar-powered drone, Infinity. This drone is being developed as a part of India's unmanned drone warfare program, the Combat Air Teaming System (CATS). The drone is expected to provide surveillance from an altitude of more than 65,000 feet for ninety days.