Rockville, Nov. 23, 2022 (GLOBE NEWSWIRE) -- According to Fact.MR, the global solar powered drones market will likely at US$ 1,017 million in 2023 and expected to grow at a CAGR of 14.1% during the forecast years of 2023-2033. Solar drone market is emerging and also expected to witness greater peaks globally as they have the ability to provide access to different places where traffic cannot reach on time.
The market for solar-powered drones is expanding as a result of the increased focus on using renewable energy sources. Drones are used for data collection, aerial photography, solar farming, mining, agricultural farming, and other applications. Undoubtedly, solar-powered UAVs have shown some interesting high altitude and long endurance qualities, but the current crop of solar powered UAVs are quite light and delicate, and they only have limited payloads.
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Solar tree being developed by several manufacturers as due to the advancement in technology of drones. As a result, government have also started taking initiatives for the infrastructure development of solar trees. The solar powered drones can be widely used in different sectors for instance healthcare, commercials places, airports etc. the solar powered drones also reduce the cost of the operations and need less labour force to perform the operation.
With the emerging technology in the drone industry and the increasing demand for green energy electricity will increase the demand for solar powered drones and the drones operates on sunlight.
| Report Attributes | Details | |
| Market Size (2022A) | US$ 873.6 Million | |
| Estimated Market Value (2023E) | US$ 1,017 Million | |
| Forecasted Market Value (2033F) | US$ 3,803.4 Million | |
| Global Market Growth Rate (2023-2033) | 14.1% CAGR | |
| North America Market Share (2023) | 32.10% | |
| North America Market Value (2023) | US$ 326.6 Million | |
Key Takeaways from Market Study
- The global solar powered drones market is projected to grow 14.1 % and reach US$ 3,803.4 million by 2033.
- The market witnessed 8.3% CAGR between 2018 and 2022.
- The solar powered drones will dominate the market with US$ 1,017 million valuations in 2023.
- North America will dominate the market with 32.1% market share in 2023.
- Based on application, market share for filming & photography solar powered drone is expected to reach 24.4% and valuation of US$ 248.6 million by 2023.
“The Filming & Photography Will Derive the Market Growth of Solar Powered Drone” says a Fact.MR analyst.
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Market Development
The top market players have been spending in R&D to develop a superior technological architecture that allows for more flexibility and efficiency. Over the medium- to long-term projection period, these advances will fuel the growth of the solar-powered drone market.
For instance, on September 2022, China made an announcement to launch next generation solar powered drones for long endurance with larger wingspan that will allow to carry larger payloads for the mission like monitoring, communication etc.
Key Companies Profiled
- Aerovironment
- Atlantiksolar
- Aurora Flight Sciences
- Xsun
- UAV Instruments
- Silent Falcon UAS Technologies
- Kea Aeeospace
Segmentation of Solar Powered Drone Industry Research
- By Product Type :
- Fixed Wing
- Rotary Wing
- Hybrid Wing
- By Application :
- Filming & Photography
- Inspection & Maintenance
- Mapping & Surveying
- Precision Agriculture
- Surveillance & Monitoring
- Others
- By End User :
- Agriculture & Forestry
- Delivery & Logistics
- Media & Entertainment
- Construction & Mining
- Oil & Gas
- Security & Law Enforcement
- Recreational Activity
- Others
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global solar powered drones market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study divulges essential insights on the market on the basis of drone type (Fixed Wing, Rotary Wing, Hybrid), Application (Filming & Photography, Inspection & Maintenance, Mapping & Surveying, Precision Agriculture, Surveillance & Monitoring, Others), End User (Agriculture & Forestry, Delivery & Logistics, Media & Entertainment, Construction & Mining, Oil & Gas, Security & Law Enforcement, Recreational Activity, Others), across six major regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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