Solar Powered UAV Market Growing with Size USD 1,022.4 Million expanding at a CAGR of 9.8% at the End of 2033

Global Solar Powered UAV Market Analysis by Component, Application, Type, Region and segments forecast till 2033

The Global Solar Powered UAV Market is valued at USD 635.6 million in 2022 and is projected to reach a value of USD 1,022.4 million in 2033 expanding at a CAGR of 9.8% over the forecast period of 2023-2033. An UAV is defined as an unmanned aerial vehicle that can fly autonomously or remotely, that is with the use of controller. An automated UAV has increased the efficiency by eliminating the use of a drone operator. But, the limited endurance limit of such conventional drones has remained to be major issue. Also, in order to increase the endurance limit of unmanned aerial vehicles, solar-powered UAVs have been developed. These, solar-powered UAVs use photovoltaic panels to absorb sun's energy and convert it to electrical energy. Also, such Solar-powered UAVs are extensively used in militaries, paramilitary forces, and other national security agencies and also includes a number of market applications.

The Solar-Powered UAV market has a lot of applications that includes surveillance, search & rescue operations, pollution monitoring, security, disaster management, attack missions, and intelligence gathering, among others. Also, several companies are working on possibility to use such UAVs for delivering goods that can reduce the cost of using drivers for door to door service. One of the example is of Amazon that is working on service "Prime Air," intended to send deliveries to customers within 30 minutes. Thus, this has increased the market growth over the forecast period.

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Component Insights

Propulsion system segment is anticipated to hold a significant share of more than 40% over the forecast period. The propulsion system segment is a key component of the solar powered UAV market, as it determines the efficiency, endurance, and performance of the UAV. The propulsion system segment can be further segmented into electric motor and fuel cell systems. The electric motor system segment dominated the market in 2020, owing to its lower cost and higher efficiency compared to fuel cell systems. However, the fuel cell system segment is expected to witness higher growth during the forecast period, owing to its ability to provide longer endurance and improved performance.

Application Insights

The commercial segment has dominated the market growth over the forecast period. The solar powered UAV market has various commercial applications, including agriculture, environmental monitoring, and telecommunications. In agriculture, solar powered UAVs can be used for crop monitoring, soil analysis, and irrigation management. The use of solar powered UAVs in agriculture can help increase crop yields, reduce water consumption, and improve overall farm efficiency. In environmental monitoring, solar powered UAVs can be used for monitoring air and water quality, as well as for detecting oil spills and other environmental hazards. The telecommunications industry can also benefit from the use of solar powered UAVs, which can be used to provide wireless coverage in remote areas, as well as for surveillance and security purposes. Overall, the commercial applications of solar powered UAVs are expected to continue to expand in the coming years, driven by the need for more efficient and cost-effective solutions for various industries.

Type Insights

The fixed- wing UAV has dominated the market growth over the forecast period. The solar powered UAV market is segmented by type into fixed-wing and rotary-wing UAVs. Fixed-wing UAVs are expected to dominate the market in terms of revenue share during the forecast period. This can be attributed to the fact that fixed-wing UAVs offer higher endurance and longer flight times compared to rotary-wing UAVs. Solar powered fixed-wing UAVs are particularly attractive for applications such as surveillance and mapping, where long endurance and extended range are critical. As a result, there is growing demand for solar powered fixed-wing UAVs in both commercial and military applications.

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Regional Insights

The Global Solar Powered UAV Market is segmented into 5 main regions namely, North America, Europe, Asia Pacific, Latin America, and Middle east and Africa. Among these, North America has dominated the market growth over the forecast period. this is because of the rising use of solar powered UAVs in the region.

Market Segmentation:

Based On Type:

Fixed- Wing UAV
Multi Rotor UAV
Others
Based On Application:

Commercial
Defence and Military
Other
Based On Component:

Propulsion system
Airframe
Guidance navigation and control system
Payload

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