SEATTLE, July 19, 2019 /PRNewswire/ -- According to the Coherent Market Insights, the global UAV battery market was valued at US$ 817.7 million in 2017, and is projected to exhibit a CAGR of 14.5% over the forecast period (2018 – 2026).
Key Trends and Analysis of the global UAV battery market:
Introduction of fuel cells for UAV applications and increasing use of solar cells to power the UAVs are some of the key trends impacting the UAV battery market. At the same time solar cells are being used to power UAVs in the air and other batteries such as lithium-ion or lithium polymer batteries are used as a secondary power source to switch on the UAV at the time of take-off. UAVs which use solar cells as a power source also use the secondary power source, such as multiple sets of lithium-ion batteries, in the absence of sunlight or during night missions. Moreover secondary power sources provides the advantages of increased in-flight time and range of the UAVs.
According to Coherent Market Insights, the global UAV battery market is segmented on the basis of UAV type, battery type, and region. Among UAV type, the tactical UAVs segment is expected to exhibit the highest growth rate during the forecast period. This is owing to increasing deployment of UAVs for intelligence, surveillance, and reconnaissance operations by defense forces around the world. Moreover, increasing demand of reducing terrorism by deploying specific monitoring and tactical UAVs is another factor driving growth of the tactical UAVs segment.
Among battery type, Lithium-Ion (Li-Ion) segment held the dominant share in the global UAV battery market in 2017. These batteries are widely used in commercial drones and are considered as the most cost-effective solution to power drones. These batteries are also used along with hybrid fuel cell powered drones. Industrial grade lithium-ion batteries have military application, as they provide around 20 years of operating life and 5,000 full recharge cycles with an extended range of -40⁰C to 85⁰C. However, fuel cell UAV batteries are mainly used as a replacement for lithium-ion batteries in small UAVs.
North America is the most dominant region in the global UAV battery market, and it is expected to witness high growth over the forecast period. The North America drones industry is expected to lead the market during the forecast period owing to increasing use of UAVs/drones for commercial and military applications. Based on estimations by Coherent Market Insights, the drones industry in North America is estimated to be valued at US$ 3.7 billion in 2018, and it is projected to increase at a CAGR of 14.15% during the forecast period of 2018-2026. This is owing to increasing production and deployment of UAVs for military applications such as intelligence, surveillance, and reconnaissance (ISR), tactical warfare, and weather analysis in North America. For instance, in 2017, according to Coherent Market Insights' analysis, the total number of UAVs produced in the U.S. was 1,755, which is projected to reach around 4,400 units in 2026.
The market is expected to witness a CAGR of 14.5% during the forecast period (2018–2026), and this is attributed to increasing adoption of drones for military operations such as intelligence, surveillance, & reconnaissance (ISR), and tactical warfare.
Increasing production of UAVs for deployment for military application across the globe, growing defense expenditure by governments, increasing use of UAVs to perform patrolling operations at borders, and rising demand for enhancing the UAV flight time and payload capacity are some of the major factors driving the growth for UAV battery market.
Some of the major players operating the global racing drones market include Ballard Power Systems, Cella Energy Limited, Denchi Power Ltd., EaglePicher Technologies, H3 Dynamics, Kokam, OXIS Energy Ltd., Sion Power Corporation, and Tadiran Batteries GmbH.
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