Global Solar Powered UAV Market Research Report Forecast To 2023
Solar powered unmanned aerial vehicles, also termed as solar powered UAVs or solar powered drones, are airborne vehicles that utilize solar energy for propulsion. These vehicles are piloted by operators using remote control or autonomously by onboard computers. Companies developing solar powered UAVs mainly target the connectivity, agriculture, infrastructure & landscape monitoring, and utility sectors. Currently, only a handful of countries are developing solar powered UAVs and a limited number of end-users are procuring it. However, aspects such as beneficial features of these UAVs coupled with its capability to cater a wide range of applications are expected to generate tremendous demand during the forecast period. Factors such as advancement in battery and solar cell technology, economies of scale, improved endurance with enhanced flight range, falling costs, and focus on environmental conservation have made solar UAVs suitable for commercial applications. Meanwhile, weather dependency of solar powered UAVs, rising UAV incidents, and absence of tighter regulations related to drone operations are hindering the market growth. However, the growing recognition of the significance of solar powered UAVs usage in the renewable energy sector and focus on enhancing connectivity solutions offers a huge opportunity for the market.
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The global solar powered UAV market is estimated to witness 14.38% CAGR during the forecast period, 2017-2023. In 2016, the market was led by North America with 34.90% share, followed by Europe and Asia Pacific with shares of 29.24% and 25.59%, respectively. The Asia Pacific region is becoming a lucrative region for the firms that provide solar powered UAVs, due to the significant demand from both defense and commercial sectors in countries such as China and South Korea. Meanwhile, North America dominated the solar powered UAV market in 2016, due to the increasing applications of UAVs in the military, homeland security, as well as commercial areas. The region also leads the global market in terms of expenditure and technological advancements and has a large number of deployments of UAVs in vulnerable regions. The U.S. generates very high demand for UAVs used for surveillance purposes. Though Canada made some considerable investments in the development of UAVs, the market is primarily dominated by the U.S. The U.S. is also the largest manufacturer of unmanned systems globally. The necessity for continual and superior ISR capability by the armed forces has stimulated the U.S. to invest substantially in the UAVs and related technologies. Moreover, companies in this region are focusing on developing High Altitude Pseudo-Satellite (HAPS) for enhancing connectivity. Therefore, it is expected that the market in North America would witness a CAGR of 14.80%, during the forecast period.
AeroVironment, Inc., Airbus SE, Silent Falcon UAS Technologies, Sunbirds, Sunlight Photonics Inc., and Thales Group are the major companies that focus on the development and provision of solar powered UAVs services to both, commercial and defense applications. Airbus and Facebook accounted for more than 45% market share of the global market in 2016.
Objective of the Global Solar Powered UAV Research Report – Forecast to 2023
• To provide insights into factors influencing the market growth
• To provide historical and forecast revenue of the market segments and sub-segments with respect to regional markets and their key countries
• To provide historical and forecast revenue of the market segments based on application, type, component, and region
• To provide strategic profiling of key players in the market, comprehensively analyzing their market share, core competencies, and drawing a competitive landscape for the market
• Manufacturers of avionics system
• Original Equipment Manufacturers (UAV OEMs)
• Camera and other payload device providers
• Solar cell and related component providers
• Providers of raw materials and equipment for airframe
• Commercial end-users
• Military end-users
• The solar powered UAV market in this report has been segmented on the basis of application into two types, namely, defense, and commercial. The commercial segment market is projected to register the highest CAGR of 15.04% during the forecast period.
• The global solar powered UAV market has been segmented, by type, into fixed-wing and other types. The fixed-wing segment market is projected to register the highest CAGR of 14.60% during the forecast period.
The global solar powered UAV market, in this report, has been segmented on the basis of component into four types, namely, propulsion system, airframe, Guidance Navigation & Control system, and payload. The payload segment market is projected to register the highest CAGR of 15.56% during the forecast period.
• North America dominated the global solar powered UAV market in 2016. It is expected to register a CAGR of 14.80% during the forecast period. It is expected to reach a market size of USD 544.1 million by 2023.
The regional analysis also includes –
• North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
• Rest of the World
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This post was originally published on Aerospace Industry