The global drone power sources market size was USD 2.45 billion in 2020. The market is projected to grow from USD 2.57 billion in 2021 to USD 5.33 billion in 2028 at a CAGR of 11.0% in the 2021-2028 period. This information is published by Fortune Business Insights™, in its report, titled, “Drone Power Sources Market Size, Share & COVID-19 Impact Analysis, By Drone Type (MALE, HALE, Special Mission Drone, Medium and Small Drone, Nano Drone, and Passenger Drone), By Power Source (Fuel Cells, Battery, Solar Cells) By Flight Time (Below 1 Hour, 1 Hour – 25 Hours, 25 Hours – 50 Hours, and More than 50 Hours), By Point of Sale (OEM and Aftermarket), By End User (Commercial and Military), and Regional Forecast, 2021 – 2028.”
As per our researchers, the growing adoption of drones in established and emerging economies has resulted in enlarged demand for modern Drone Power Sources. The increasing requirements of surveillance drones by military and army forces ensure augmented sales of their energy sources.
For instance, in April 2021, the United States Naval Research Laboratory examined solar sheets and hydrogen fuel-powered by cell fusion Tiger unmanned air vehicle (UAV). This strategic drone has documented a flight duration of 24 hours. This is expected to amplify the demand and promote the Drone Power Sources market growth during the forecast period.
Russia-Ukraine War Implication
The Russia-Ukraine war could change the Natural Fragrance Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Natural Fragrance Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity.
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Fortune Business Insights™ lists out a few of the renowned companies present in the drone power sources market. They are as follows:
- Skydio, Inc. (The U.S.)
- SZ DJI Technology Co., Ltd. (China)
- HES Energy Systems (Singapore)
- Sion Power Corporation (The U.S.)
- Honeywell International Inc. (The U.S.)
- Hylium Industries, Inc. (South Korea)
- Sky Power GmbH (Germany)
- MicroMultiCopter Aero Technology Co. Ltd. (China)
- Intelligent Energy Limited (The U.K.)
- Pegasus Aeronautics (Canada)
- UAV Engines LTD (The U.K.)
- PBS INDIA PRIVATE LIMITED (India)
- UAV Factory (The U.S.)
- Northwest UAV, Inc. (The U.S.)
- Denchi Power Limited (U.K)
- EaglePicher Technologies (The U.S.)
- Guangzhou EHang Intelligent Technology Co. Ltd (China)
The market report delivers a holistic evaluation of the overview and the segments of the market. A comprehensive study of the current trends and future opportunities in the market is presented in the report. It similarly provides exhaustive analysis of the regional insights and how these factors form the market in the respective regions. The impact of COVID-19 pandemic is added for further understanding of the possible threats in the market. The efficient strategies of the top players and how they drive the market growth are discussed in the following report.
Drivers and Restraints
Growing Implementation of Drone Technology for Commercial Use to Drive Market Growth
In current times, the implementation of drone technology is constantly mounting for an extensive variety of commercial uses. The varied collection of applications comprising aerial photography, meticulousness, farming, wildlife surveillance, picture making, law & enforcement, calamity management, entertainment, relief & rescue action, logistics & shipping, research & development, and building. These widespread choice drone applications are likely to navigate the expansion of progressive Drone Power Sources such as fuel cell or LiPo battery to provide improved flight period.
For example, as per a data report by Federal Aviation Administration, 504,878 recreational drones and 365,194 commercial drones were listed in the U.S. as of May 2021.
The chief technology colossal company such as Amazon Inc. and massive logistic enterprises such as Blue Dart Express Limited, DHL, UPS, and FedEx are profoundly capitalizing in crafting drone transport portals owing to the upsurge in demand for home provision services for foodstuff, drug and medications, organ transference, along with e-commerce sectors.
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On the basis of drone type, the market is segregated into MALE, HALE, special mission drone, medium and small drone, Nano drone, and passenger drone. By power source, the market is categorized into fuel cells, battery, solar cells, non-renewable, and hybrid. On the basis of flight time, the market is separated into below 1 hour, 1 hour – 25 hours, 25 hours – 50 hours, and more than 50 hours. On the basis of point of sale, the market is further divided into OEM and aftermarket. In terms of region, the market is classified into North America, Europe, and Asia Pacific.
By end-user, the market is classified into commercial and military. The commercial segment is predicted to be the fastest-growing segment during the forecast period. This growth is attributed to the surge in demand for drones by several industries such as consumer, logistic, agriculture, healthcare, construction, media & entertainment, weather forecast, search and rescue, and mining.
North America held the Drone Power Sources market share worth USD 1.16 billion in 2020 and is anticipated to dictate the market owing to the rapid implementation of progressive technologies and the existence of numerous drone producers and drone energy source suppliers in the region.
The market in Europe is predicted to rise at a sturdy CAGR during the mentioned timeframe. The escalating investment by crucial players in order to improve and implement progressive drone technologies is likely to bolster the market growth.
Asia Pacific is projected to display prompt growth in the upcoming years. This growth is credited to the amplified government funds in order to acquire army drones to augment border and homeland safety. Leading nations such as China, Japan, and India have fixated their attention on emerging and accepting contemporary unmanned aerial automobiles.
Innovative and Advanced Tactics Adopted by Key Players to Sustain their Position
Key company such as SZ DJI Technology Co., Ltd. provides an extensive variety of commercial drones infused with advanced rechargeable LiPo batteries comprising of varied cells such as two-cells, three cells, four cells, or six cells. The corporation utilizes cells as per the application requirements. Furthermore, the prominent fuel cell producer, H3 Dynamics Holdings Pte. Ltd., has shifted and raised its concentration level on enhancing liquid hydrogen energy bases to augment flight time for BVLOS drone set-up.
Key Industry Development
October 2020: Ballard Power Systems proclaimed that it has completed the sale of its drone occupation to Honeywell International Inc.
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