ID: MRFR/A&D/4400-CR | October 2019 | Region: Global | 140 pages
It is evaluated that the solar powered UAV market will record a CAGR of around 7% during the forecast period 2018-2025. The market will have exponential growth in the future years according to the solar-powered UAV market forecast. Solar Powered UAVs are extensively used for defence purposes. In the past few years, the demand for solar-powered UAVs spiked rapidly for its diverse applications and purposes.
The unmanned aerial vehicle requires continuous high energy for various purposes. The solar-induced vehicles will be helpful in converting the solar energy into electrical energy that later turns into kinetic energy. Hence, it will become easier to operate these unmanned vehicles without any power wastage and hassle.
There are various restraints that can affect the solar powered UAV market growth during the forecast period. The major restraints are the restrictions and regulations by the government. Complex technicalities and limited funds are also restricting the market. However, rising uses of combined electric propulsions and hydrogen fuel photovoltaic cells will help the market of solar-powered drones.
Technological advancements are among the major factors for the rapid development and growth of the solar-powered UAV market size. Due to this reason, the UAVs can be easily operated through solar energy. Various key players are now focusing to implement this technology by improving the technology for better surveillance. UAVs are also used for improving internet connectivity around the world. COVID-19 Analysis
The solar drones faced a huge decline in their revenue due to the outbreak of COVID-19 disease. Several companies had to close their factories due to disruption in the supply chain. Major Key players also faced substantial losses. However, the solar drones were helpful to monitor the ongoing situation without any hassle and fear of contamination. A sudden spike has been observed in the demand for solar-equipped drones for better surveillance from far away. Many companies are now focusing to build energy-efficient solar drones that will revive the solar powered UAV market in the future.
Segmentation of the Global Solar Powered UAV Market
The rapid technological advancements are the major drivers of the global, solar-powered unmanned aerial vehicle market. There are various uses of UAVs that are evaluated to propel the solar powered UAV market growth. It is used for recreational, industrial, agricultural, and other scientific purposes. Several companies are now opting for these products as they are also helpful in monitoring crucial tasks or surveillance.
There are several restraints that can affect the solar powered UAV market. One of the major factors is the constricted capability among conventional drones. Along with that, the high prices and maintenance of these drones can hamper the global market of solar drones.
The photovoltaic cells in the solar-powered UAV help to enhance the capacity of the flight range. Also, they are used for commercial and non-commercial purposes have increased technological advancements. A sudden increase was observed in the last few years for hydroelectric propulsion engines, photovoltaic cells, and hydrogen fuels. The government in many countries is emphasising to connect the remote areas. Hence, the need for better internet connectivity will also improve simultaneously.
The stringent rules and regulations set by the government will be challenging for the solar powered UAV market. Additionally, the declination of the funds for the defence is also affecting the market. The usage of solar UAVs mostly depends upon the law and policies of the government of the country. Hence, abiding by the rules and regulations will be a challenging process.
The increasing demand for using solar energy for efficient power supply to drones will be helpful for the solar powered UAV market growth. It is projected that the global solar drones market will register a Compound Annual Growth Rate (CAGR) of 7%. It is anticipated that the market will witness a huge surge during the forecast period 2018-2025.
Value Chain Analysis
Due to the massive demand for solar-powered components, the value of solar-powered drones will increase exponentially. With the increasing technological advancements and cost-effective techniques, the solar powered UAV market will further expand in the forthcoming years.
The global solar-powered UAV market size is divided into three segments- Application, component, type. On the basis of type, the global solar-powered unmanned aerial vehicle market is further divided into commercial and defense. It is projected that the commercial category will hold a substantial share during the forecast period.
The solar-powered UAV industry overview on the basis of components is further bifurcated into control system ad guidance navigation, propulsion system, payload, and airframe. It is projected that the control system and navigation guidance will register the highest CAGR in the upcoming years.
On the basis of application, the global market of solar-powered drones is classified into fixed wings and others. There has seen a drastic spike in the demand for solar drones mainly for agriculture purposes.
The solar-powered drones on the basis of the region are divided into North America, Europe, South America, Asia-Pacific, and the Middle East and Africa. It is speculated that the global market of solar drones will dominate the global market of solar drones during the forecast period. It is because of the sudden increase in the demand for solar-powered drones for surveillance and better communication.
The North American region will also hold a substantial stake in the solar-powered UAV market share. One of the major uses of these drones is for handling military and defence operations. Along with that several countries like Canada, the US, Brazil, and Mexico both in the North and South American region are anticipated to expand the growth of the solar powered UAV market.
Europe is considered as one of the fastest-growing regions for the solar powered UAV market. Huge investments by the major key players and the supportive policies by the government will propel the growth. Solar drones are extensively used for various commercial and military purposes as well.
Alongside, the Middle East and the African region will also grow at a substantial rate in the forthcoming years. Various technological advancements and usage of conventional energy are some of the major factors in the market growth of solar-powered drones.
There are various companies in the solar-powered UAV market size use introduce several strategies to expand their business and revenue. They apply various tactics such as acquisitions, product launches, collaboration, mergers, new ventures, etc. to dominate the solar powered UAV market. Some of the major companies of the solar-powered unmanned aerial vehicle market are-
In the year 2013, Airbus announced the acquisition of the assets of Zephyr from a British company called QinetiQ. The company provides technology for improving the defence system for the country. It is expected that Zephyr will be helpful in expanding the business and generate increased revenue for Airbus.
The Thales group in 2019, acquired Gemalto to increase its portfolio around the world. It is expected that it will expand the decision chain such as data generation through the sensors and others.
The report overview is mentioned below-
The scope of the report is to provide insights into solar-powered drones. This report highlights the strength and growth factors during the forecast period. Also, the report provides substantial information about the key players in the global solar powered UAV market.
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.