Pune, India, Dec. 19, 2022 (GLOBE NEWSWIRE) -- The global drone power sources market size was USD 2.45 billion in 2020. The market is projected to grow from USD 2.57 billion in 2021 to USD 5.33 billion in 2028 at a CAGR of 11.0% in the 2021-2028 period. This information is published by Fortune Business Insights™, in its report, titled, "Drone Power Sources Market Size, Share & COVID-19 Impact Analysis, and Regional Forecast, 2021–2028."
COVID-19 Impact:
Reduced Production of Electronics Hampered Industry Growth During the Pandemic
This market was negatively affected during the COVID-19 pandemic due to reduced electronics production. The alarming spike in COVID-19 infections led to the closure of manufacturing facilities. This factor disrupted the supply chain and hindered the industry's growth prospects. Furthermore, travel and transport restrictions resulted in a lack of raw materials. However, the resumption of activities after the post-COVID-19 pandemic empowered manufacturers to boost their businesses and enhance their market growth during the pandemic.
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Fortune Business Insights™ lists a few of the renowned companies present in the drone power sources market. They are as follows:
- Skydio, Inc. (The U.S.)
- SZ DJI Technology Co., Ltd. (China)
- HES Energy Systems (Singapore)
- Sion Power Corporation (The U.S.)
- Honeywell International Inc. (The U.S.)
- Helium Industries, Inc. (South Korea)
- Sky Power GmbH (Germany)
- Micro Multi Copter Aero Technology Co. Ltd. (China)
- Intelligent Energy Limited (The U.K.)
- Pegasus Aeronautics (Canada)
- UAV Engines LTD (The U.K.)
- PBS INDIA PRIVATE LIMITED (India)
Report Scope and Segmentation-
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 11.0% |
| 2028 Value Projection | 5.33 billion |
| Base Year | 2020 |
| Market Size in 2021 | 2.57 billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 200 |
| Segments covered | By Drone Type, By Power Source, By Point Of sale |
| Growth Driver | Growing Implementation of Drone Technology for Commercial Use to Drive Market Growth |
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Segmentation
On the basis of drone type, the market is segregated into MALE, HALE, special mission drone, medium and small drone, Nano drone, and passenger drone. By power source, the market is categorized into fuel cells, battery, solar cells, non-renewable, and hybrid. On the basis of flight time, the market is separated into below 1 hour, 1 hour - 25 hours, 25 hours - 50 hours, and more than 50 hours. On the basis of point of sale, the market is further divided into OEM and aftermarket. In terms of region, the market is classified into North America, Europe, and Asia Pacific.
By end-user, the market is classified into commercial and military. The commercial segment is predicted to be the fastest-growing segment during the forecast period. This growth is attributed to the surge in demand for drones by several industries such as consumer, logistic, agriculture, healthcare, construction, media & entertainment, weather forecast, search and rescue, and mining.
Drivers and Restraints
Growing Implementation of Drone Technology for Commercial Use to Drive Market Growth
In current times, the implementation of drone technology is constantly mounting for an extensive variety of commercial uses. The varied collection of applications comprising aerial photography, meticulousness, farming, wildlife surveillance, picture making, law & enforcement, calamity management, entertainment, relief & rescue action, logistics & shipping, research & development, and building. These widespread choice drone applications are likely to navigate the expansion of progressive Drone Power Sources such as fuel cell or LiPo battery to provide improved flight period.
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Regional Insights
North America held the Drone Power Sources market share worth USD 1.16 billion in 2020 and is anticipated to dictate the market owing to the rapid implementation of progressive technologies and the existence of numerous drone producers and drone energy source suppliers in the region.
The market in Europe is predicted to rise at a sturdy CAGR during the mentioned timeframe. The escalating investment by crucial players in order to improve and implement progressive drone technologies is likely to bolster the market growth.
Asia Pacific is projected to display prompt growth in the upcoming years. This growth is credited to the amplified government funds in order to acquire army drones to augment border and homeland safety. Leading nations such as China, Japan, and India have fixated their attention on emerging and accepting contemporary unmanned aerial automobiles.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments –Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Qualitative Insights
- Impact of COVID-19 on the Drone Power Sources Market
- Steps Taken by the Industry/Government/Companies to Overcome the Impact
- Potential Opportunities due to COVID-19 Outbreak
TOC Continued…!
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Competitive Landscape
Innovative and Advanced Tactics Adopted by Key Players to Sustain their Position
Key company such as SZ DJI Technology Co., Ltd. provides an extensive variety of commercial drones infused with advanced rechargeable LiPo batteries comprising of varied cells such as two-cells, three cells, four cells, or six cells. The corporation utilizes cells as per the application requirements. Furthermore, the prominent fuel cell producer, H3 Dynamics Holdings Pte. Ltd., has shifted and raised its concentration level on enhancing liquid hydrogen energy bases to augment flight time for BVLOS drone set-up.
Key Industry Development
October 2020: Ballard Power Systems proclaimed that it has completed the sale of its drone occupation to Honeywell International Inc.
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