Solar Powered UAV Market Size, Share, Analysis, Trend, Analysis, Emerging Technology Growth with Top Key Players Like Sunbirds, Sunlight Photonics Inc., Thales Group, Airbus SE By Forecast-2023

MRFR Offers a Thorough Analysis of Solar Powered UAV Market provides the latest information on the present and the future industry trends, allowing the readers to identify latest market research, hence driving the revenue growth and profitability.

solar powered UAV market is forecasted to experience striking growth of 14.80% over the forecast period between 2017 and 2023 as per the report released by the team of Market Research Future (MRFR).

A vast number of aerial vehicles are being preferred for undertaking difficult and high-risk missions. It is reported that the various advantages of UAVs coupled with its ability to cater to a number of applications are most likely to cause a tremendous change in technology. UAVs hold a massive scope in the near future for different applications and the burgeoning growth of the market is a clear indication of its positive trajectory.

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Solar Powered UAV Market Competitive Landscape

The global solar powered UAV market comprises various key players AeroVironment Inc. (U.S.), Silent Falcon UAS Technologies (U.S.), Facebook Inc. (U.S.), and others.

Solar Powered UAV Market Segmentation

The global solar powered UAV market segmentation is based upon type, application and component.

By application, the market segments into defense and commercial mode of application. Among them both, the defense segment led the market category back in 2016 with a share total of 61.53%. The valuation of the defense segment stood back then at USD 365.3 million. In the coming years, the segment is forecasted to register a CAGR of 13.96%. The notable growth of the segment can be attributed to the employment of solar-powered UAVs in disaster management, search and rescue operation, pollution observance, attack mission, and communication applications. On the other hand, the commercial segment is projected to grow at a much faster rate than the previous assessment years due to its growing usage for surveillance, motion pictures filmmaking, professional aerial photography, anti-poaching activities, data collection, and others.

By type, the market segments into fixed winged and other types. The fixed winged segment was leading the global market landscape with 80.15% of share total under its name back in 2016. The segment is expected to surpass its previous valuation of USD 475.8 million by registering a compound growth rate of 14.60% annually over the forecast period.

By component, the market comprises payload, airframe, propulsion system, and guidance navigation & control system. The propulsion segment held the largest share percentage of 40.18% globally as per the 2016 study. The calculated growth of the market is expected to be at a rate of 14.21% during the forecast period.

Solar Powered UAV Market Regional Analysis

The global solar powered UAV market segmentation is based on the following regions: North America, Asia Pacific, Europe, and the Rest of the World (RoW).

The North American region held the largest share in the solar powered UAV global landscape. It had more than 34.90% of the market share under its name as per the 2016 study. The valuation of the region back then stood at USD 207.2 million. In the coming years, MRFR predicts massive growth for the regional market. It calculates a CAGR total of 14.80% to be attained by North America during the forecast period. North America leads the global landscape also leads the global landscape in terms of both technological advancements and expenditure.

Additionally, the region hosts a large number of deployments of UAVS across vulnerable regions. The US, in particular, generates massive demand for UAVs that are used for surveillance purposes. Although Canada too made striking investments in the deployment of UAVs, the market was spearheaded by the US. It is also worth mentioning that the US is also one of the biggest manufacturers of unmanned systems across the world. The need for continuous and superior ISR capabilities by the army has prompted the US defense to invest heavily in UAVS and various other related technologies.

May 1st, 2019, after already securing a contract of Defense Advanced Research Projects Agency (DARPA), Silent Falcon is now targeting for further Pentagon work for its solar electric Group 2 UAV.

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This release was published on openPR.