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Solar Powered Drones Market Worth USD 1,576.0 Million By 2024 | CAGR: 13.1%, Worldwide

Press release   •   May 08, 2019 03:36 EDT

The Exhaustive Study for Global Solar Powered Drones Market is added on Ameco Research. The report covers the market aspect and its growth forecasts across the coming years. It also includes a review of the key merchants moving in this market.

The Global Solar Powered Drones Market was valued at USD 625.8 million in 2017 and is likely to generate a demand of USD 1,576.0 million by 2024, at a exponential CAGR of 13.1% over the next seven years.

The growth can be primarily attributed to the increasing awareness regarding the use of solar energy along with the various favorable initiatives towards the promotion of renewable energy. Also, the increasing application of solar powered drones for various security as well as surveillance activities across the globe has fueled the market demand over the years to come

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Furthermore, high-end research and development has fostered significant progression in the solar power technologies over the forecasted years. Moreover, with the emergence of photovoltaic cells as well as hybrid drones the market has further revolutionized. With an improvement in the autonomy and collision-avoidance technologies, there has been an escalation in the capability of drones to perform complex tasks. Such drones are recently gaining traction due to its partnership with Domino’s to deliver pizza, while transforming the way food service industry operates.

Defense segment is expected to account for major share of the market owing to wide use of solar powered drones for various rescue operations

Solar powered drones can be used across various applications such as defense, energy, telecommunication, agriculture, recreational activities, transportation and more. Out of these applications, defense application accounts the major share of the global market because of its use for security, attack missions, monitoring, spying, and search & rescue operations. Majority of the drones are being exclusively designed for surveillance along with others which are being used for offensive operations.

Solar Powered Drones Market – Regional insight

North America dominated the global market in 2017 due to widespread usage of drones across the U.S. for defense as well as military operations. However, significant growth is expected from Central & South American region on account of rising popularity of such drones in Brazil and other nations. Also, the increasing adoption of this technology in countries such as China, India, Australia, and Japan due to increasing traffic and security issues has considerably contributed to the market growth in Asia Pacific region.

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Key findings from the report:

The global solar powered drones market is likely to reach USD 1,576.0 million by 2024

Multi-rotor drones segment held a significant share of the market due to their ability to carry several motors on their bodies

Fixed-wing hybrid drones segment is projected to actuate at the fastest CAGR over the forecast period

Quadcopters segment is likely to hold a considerable share of the global market depicting considerable growth from 2018 to 2024

Some of the key companies operating in the industry include Titan Aerospace; QinetiQ; Ascenta, Inc.; Boeing; Lockheed Martin; Thales Group; Silent Falcon; AeroVironment, Inc.; DJI; Sunlight Photonics Inc.; and Barnard Microsystems Limited; among others.

As of January 2018, AeroVironment, Inc. entered into a joint venture with SoftBank Corp., a Japanese telecommunications firm so as to develop solar powered HALE unmanned aircraft for commercial operations. The technology is likely to offer remote sensing and next generation IoT connectivity.

The report segments solar powered drones market on the basis of size, range, ariel platform, equipment, number of propellers, application, and region.

By Size

Small drones

Medium drones

Large drones

By Range

Very close range (<5km)

Close range (<50km)

Short range (<150km)

Mid-range (<650km)

By Ariel Platform

Single-rotor drones

Fixed-wing drones

Multi-rotor drones

Fixed-wing hybrid drones

By Equipment

Camera

FPV

GPS

Stabilizer

By Number of Propellers

Tricopters

Quadcopters

Hexacopters

Octocopters

By Application

Defense

Energy

Telecommunication

Agriculture

Recreation

Media & Entertainment

Others

By Region

North America

Europe

Asia-Pacific

Central & South America (CSA)

Middle East & Africa (MEA)

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