Pune, India -- (SBWIRE) -- 10/19/2018 -- Market Highlights:
The global solar-powered UAV market is presumed to expand at 14.80% CAGR during the forecast period (2017-2023) owing to the improved flight range, asserts Market Research Future (MRFR). Solar powered unnamed aerial vehicles (UAVs) or solar-powered drones are airborne vehicles that use solar energy for propulsion. They are remotely controlled through onboard computers or from the ground and are especially developed for defense requirements. UAVs are expanding their reach to scientific, commercial, agricultural, industrial, recreational, and other applications.
Unnamed aerial vehicles are preferred for dangerous missions and offer attack capability for high-risk mission. Advantages of UAVs along with their ability to cater to a wide range of applications are likely to generate tremendous demand in the coming years. The UAV industry has been highly influenced by the copious changes in technology. While a few companies are utilizing this technology to develop UAVs with enhanced endurance and range for surveillance, others are focusing on using them to bema internet connectivity across the globe. Thus, there is a huge scope for UAVs in the future. Also, end-users are exploring new possibilities from using them to monitor glaciers in the polar regions to deliver goods, tackling refugee crisis, and others, thereby triggering the demand for solar-powered UAV.
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Major Key Players
- AeroVironment, Inc. (U.S.),
- Airbus SE (France),
- Facebook, Inc. (U.S.),
- Silent Falcon UAS Technologies (U.S.),
- Sunbirds (France),
- Sunlight Photonics Inc. (U.S.),
- Thales Group (France).
According to MRFR, The global solar-powered UAV market is estimated to grow at a CAGR over 13% during the forecast period of 2017-2023.
Industry News
UAVOS Inc., a company which specializes in unmanned solutions, has completed its flight test of the unmanned SAT-i aircraft powered by the sun. The UAV has been designed to perform aerial photography and monitoring during daylight hours. The unmanned aircraft has demonstrated high performance by successfully completing a non-stop 10-hour mission for aerial photography of the surface relief.
For the study, the solar powered UAV market is segmented into application, type, component, and region.
In terms of application, defense segment accounted for the largest market share of 61.53% in 2016, with a market value of USD 365.3 million, which is projected to witness a CAGR of 13.96% during the forecast period.
On the basis of type, fixed-wing segment accounted for the largest market share of 80.15% in 2016, with a market value of USD 475.8 million, which is projected to witness a CAGR of 14.60% during the forecast period.
In terms of component, propulsion system segment accounted for the largest market share of 40.18% in 2016, with a market value of USD 238.5 million, which is projected to witness a CAGR of 14.21%.
UAV market for commercial applications is majorly influenced by the rise in adoption of UAVs in military application. Aerial vehicle manufacturers are already providing small UAVs for various applications to clients; these UAVs are used for aerial photography and information collection in agricultural farming, solar farming, and mining. It has been discovered that UAVs can presently replace planes and helicopters to map thousands of hectares of crop areas expeditiously. One of the solar-powered UAV makers, Sunbird Group, has already launched a solar-powered UAV, integrated with a primary sensor/camera and thermal imaging cameras, which have major applications within the agricultural industry.
One of the key factors driving the growth of the worldwide solar-powered UAV market is the different flight ranges with increase in capacity of each flight. The acceptance of solar-powered drones in civil & commercial applications has raised the scope to enhance their technology. The restricted capability of conventional drones remains to be a major issue in case of commercial drones. In order to diminish this restraint, government agencies together work with defense contractors to develop solar-powered UAVs, which may fly over jet stream. In addition, solar-powered UAVs are extraordinarily crucial in unsafe missions with manned aircraft. Another driver for this market is the increased security and surveillance activities.
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However, there are some restraining factors impeding the expansion of the solar-powered UAV market. The challenges include dissimilar restrictions and laws, technical constraints, and deferred or withdrawn funds. The utility of solar-powered drones depends, for the most part, on the restrictions and laws of the state where these UAVs are operated. Commercial segments, such as agriculture, entertainment, telecommunications, and journalism, among others, have focused on the commercial feasibility of solar-powered drones. Moreover, in many regions across the world, superior quality internet services coverage is restricted only to urban sections of the society, due to which only one-third of the total world population uses superior quality internet services, thus, restricting the growth of the solar powered UAV market.
Regional Analysis
Geographically, the solar-powered UAV market spans across four regions namely, Europe, North America, Asia Pacific, and Rest-of-the-World.
Among all the regions, North America held the largest market share with 34.90% in 2016. The market was valued at USD 207.2 million and is presumed to register 14.80% CAGR during the assessment period. The region leads the market in terms of technological advancements and expenditure and also has a large number of UAV deployments. The United States demand for solar-powered UAVs due to surveillance purposes and is also considered to be the largest manufacturer of unmanned systems. The U.S. dominates the market in this region due to high investment from NASA and Department of Defense.
List of Tables
Table 1 Market Synopsis
Table 2 List Of Assumptions
Table 3 Global Solar Powered UAV Market, By Application, 2015 – 2023 (USD Million)
Table 4 Defense: Solar Powered UAV Market, By Region, 2015 – 2023 (USD Million)
Table 5 Commercial: Solar Powered UAV Market, By Region, 2015 – 2023 (USD Million)
Table 6 Global Solar Powered UAV Market, By Type, 2015 – 2023 (USD Million)
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List of Figures
Figure 1 Global Solar Powered UAV Market: Market Structure
Figure 2 Key Takeaways From Solar Powered UAV Market
Figure 3 Key Buying Criteria Of Solar Powered UAV
Figure 4 Research Process Of MRFR
Figure 5 Top Down & Bottom Up Approach
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