Press release
Drone Lithium Battery Market Key Drivers, Opportunities, Leading Players And Forecast To 2033
Drone Lithium Battery Market Key Drivers
According to The Business Research Company's, The drone lithium battery market size has grown rapidly in recent years. It will grow from $4.82 billion in 2023 to $5.59 billion in 2024 at a compound annual growth rate (CAGR) of 16%. The growth in the historic period can be attributed to rising demand for drones across various industries increased consumer confidence and contributed to the acceptance of drone lithium batteries, growing adoption of drones for commercial applications, increasing awareness for electric-powered drones.
The drone lithium battery market size is expected to see rapid growth in the next few years. It will grow to $10.02 billion in 2028 at a compound annual growth rate (CAGR) of 15.7%. The growth in the forecast period can be attributed to emergence of urban air mobility, integration with 5G networks, demand for lightweight and compact batteries, demand for high-temperature performance, development of drone swarming technology. Major trends in the forecast period include technological advancements in drone batteries, growing number of drone start-ups, regulatory compliance.
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Market Drivers and Trends:
The increasing use of drones in commercial applications is expected to propel the growth of the drone lithium battery market going forward. Commercial usage of drones encompasses deploying unmanned aerial vehicles (UAVs) across diverse industries and sectors, leveraging their capabilities for efficient, safe, and cost-effective task execution compared to traditional methods. Lithium batteries are used in drones due to their high energy density, lightweight design, and ability to provide flight power. For instance, in May 2023, according to the UK drone survey consisting of 2,000 adults conducted by the Civil Aviation Authority (CAA), a UK-based government authority that oversees aviation activities to ensure safety and regulatory compliance, drone users across the UK increased to 5% in 2023 compared to 3% in 2021. Commercial drone deliveries are expected to grow 30% in 10 years, compared to 13% in 5 years. Moreover, filming and media drone users are expected to grow from 42% in 2022 to 46% in 2023. Therefore, the increasing use of drones in commercial applications is driving the growth of the drone lithium battery market.
Major companies operating in the drone lithium battery market are focused on developing innovative solutions, such as lithium battery packs for commercial drones, to improve performance and address industry challenges. These batteries offer high energy density, power output, fast recharge times, durability, and a low self-discharge rate, enhancing performance and reliability. For instance, in April 2021, KULR Technology Group Inc., a US-based developer of next-generation thermal management technologies, launched high-capacity lithium battery packs tailored for commercial drones. These energy-efficient battery packs incorporate safe and lightweight batteries with advanced chemistry and thermal management technology. With cutting-edge lithium battery packs with advanced features such as cell-level monitoring, visible warning indicators, charge control balancing, and thermal runaway mitigation, KULR addresses key drone industry challenges related to battery safety and technological constraints.
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Major Key Players of the Market:
Sony Corporation, Panasonic Corporation, LG Chem Ltd., China Aviation Lithium Battery Co. Ltd. (CNHL), Samsung SDI Co. Ltd., HES Energy Systems Pte Ltd., Team Orion, SZ DJI Technology Co. Ltd., Max Amps Inc., Plug Power Inc., RRC Power Solutions GmbH, Horizon Hobby LLC, CTECHi Technology Co Ltd., Kokam Co. Ltd., Grepow Battery Co. Ltd., EnerDel Inc., Thunder Tiger Corp, Solid State PLC, Dualsky Motors, Hextronik Limited, Venom Group International, Tattu and Gens Ace, Thunder Power RC Corporation
Drone Lithium Battery Market 2024 Key Insights:
• The Drone Lithium Battery Market is expected to grow to $10.02 billion in 2028 at a compound annual growth rate (CAGR) of 15.7%.
• Drone Lithium Batteries Fueling Surge In Delivery And Commercial Applications
• Revolutionizing Drone Power With High-Performance Drop-In Battery Packs Redefining Efficiency
• North America was the largest region in the drone lithium battery market in 2023. The regions covered in the drone lithium battery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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