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Solar Powered Drones Market is Expected to Progress at 14.1% CAGR to Cross US$ 3,803.4 Million by 2033
Solar Powered Drones Market
In 2023, the drone market is projected to rise at a CAGR of 17.6% and reach a global estimated value of $33.9 billion. Sales of solar-powered drones will rise to about 228,000 units globally with a 12.4% CAGR. A little under 3% of the drone market's overall revenue in 2022 came from solar-powered drones.
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Demand for Solar Powered Drone is Expected to Surge in Media & Entertainment Industry
The media and entertainment industry will dominate the market for solar-powered drones. The media and entertainment (M&E) sector in the US accounts for the greatest share of the $2 trillion global economy, with a market value of US$660 billion. The digitization of content and continued technical improvement will also boost market growth.
However, since the outbreak, the market has deteriorated. Live entertainment had to stop because of societal restrictions, but this increased demand for over-the-top video and data consumption led to a boom in internet video and television throughout the outbreak. In the upcoming years, it is anticipated that the media and entertainment sector would continue to grow quickly.
Competitive Landscape
There are many new competitors in the solar-powered drone market, but the established market players are expanding their business due to the extremely profitable market opportunity. Targeting high-profitable areas is the main strategy used to increase revenue opportunities.
The drone's durability is a crucial component, and its battery capacity must be enhanced in order to boost its effectiveness. UAVs are powered by photovoltaic and solar thermal power technologies, however solar thermal power technology is a suitable source of solar energy since it can store electricity for later use.
Key Companies Profiled
• Aerovironment
• Atlantiksolar
• Aurora Flight Sciences
• Xsun
• UAV Instruments
• Silent Falcon UAS Technologies
• Kea Aeeospace
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Why is the Demand for Solar Powered Drone is Expected to Surge in Media & Entertainment Industry?
The market for solar-powered drones will be dominated by the media and entertainment sector. With a market value of US$660 billion, the media and entertainment (M&E) industry in the US makes up the largest portion of the $2 trillion global economy. The digitization of content and ongoing technological advancement will both accelerate market expansion.
The market, on the other hand, has declined since the epidemic. Due to societal constraints, live entertainment had to end, although during the outbreak there was a boom in online video and television due to the increased demand for over-the-top video and data usage. It is projected that the media and entertainment industry will continue to expand fast in the years to come.
Therefore, the market share for solar-powered drones in the media and entertainment industry will be 25% by the end of 2023, with a market value of US$254.3 million.
Solar Powered Drones Market: Segmentation
By Product Type :
o Fixed Wing
o Rotary Wing
o Hybrid Wing
By Application :
o Filming & Photography
o Inspection & Maintenance
o Mapping & Surveying
o Precision Agriculture
o Surveillance & Monitoring
o Others
By End User :
o Agriculture & Forestry
o Delivery & Logistics
o Media & Entertainment
o Construction & Mining
o Oil & Gas
o Security & Law Enforcement
o Recreational Activity
o Others
By Region :
o North America
o Latin America
o Europe
o East Asia
o South Asia & Oceania
o Middle East & Africa
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The key business strategies discussed in this market research revolve around-
• How key players in the Solar Powered Drones market are maintaining their competitive advantage in the wake of globalization?
• What changing dynamics in the Solar Powered Drones industry specify about the future opportunities for manufacturers?
• How Covid-19 pandemic affected sales in the Solar Powered Drones market and what strategies are expected to recover from its impact?
• What business tactics are gaining attention and influencing Solar Powered Drones market rivalry?
• What is the current Solar Powered Drones market share?
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