Solar Powered Drones Global Market Report 2024

The solar powered drones market size has grown rapidly in recent years. It will grow from $1.82 billion in 2023 to $2.17 billion in 2024 at a compound annual growth rate (CAGR) of 19.5%. The growth observed in the historic period can be attributed to various factors, including a rising awareness of environmental concerns and a focus on sustainability, military and defense applications, decreasing costs of solar panels, government incentives and policies that promote the adoption of renewable energy, and the expanded applications of solar-powered drones in sectors such as agriculture, surveillance, and disaster management.

The solar powered drones market size is expected to see rapid growth in the next few years. It will grow to $4.41 billion in 2028 at a compound annual growth rate (CAGR) of 19.3%. In the forecast period, growth in the solar-powered drone industry can be attributed to the increasing demand for long-endurance drones across various commercial applications. Additionally, the emergence of new regulatory frameworks supporting the deployment of solar-powered drones, a growing focus on precision agriculture and crop monitoring, increased applications in infrastructure inspection and maintenance, and the expansion of the telecommunications industry contribute to this growth. Major trends expected in the forecast period include a shift towards hybrid solar-electric propulsion systems, the adoption of lightweight materials for improved performance and payload capacity, integration of advanced sensors and imaging technologies for enhanced data collection, the evolution of solar-powered drone-as-a-service (DaaS) business models, and the rise of solar-powered drones for emergency response and disaster recovery.

The projected increase in military and defense investment is set to drive the growth of the solar-powered drones market. Military and defense spending, representing financial allocations for armed forces, including weapons, equipment, and personnel, is on the rise globally. Countries are intensifying their military investments to deter potential threats, safeguard national security, and potentially prevent conflicts. The surge in military and defense expenditure is directly contributing to the advancement and deployment of solar-powered drones for purposes such as reconnaissance, surveillance, and tactical operations, enhancing their capabilities and fostering innovation. Illustratively, in April 2023, the Stockholm International Peace Research Institute reported a 3.7% real-term increase in world military expenditure in 2022, reaching a record high of $2.24 trillion. Notably, Europe experienced a 13% rise in military expenditure during the year, and the United States witnessed an 8.8% nominal increase, with real spending up by 0.7% due to an 8.1% inflation rate. This upward trend in military and defense spending is a key driver behind the growth of the solar-powered drones market.

Major companies in the solar-powered drones market are intensifying their efforts to develop advanced solutions, such as solar-powered stratospheric aircraft, to gain a competitive advantage. Solar-powered stratospheric aircraft are unmanned aerial vehicles (UAVs) designed for stratospheric flights using solar power as the primary energy source. These aircraft enable extended flights for high-altitude data collection and monitoring. In a noteworthy development, Kea Aerospace, a New Zealand-based tech company, launched the Kea Atmos Mk 1 in April 2023. As the first solar-powered drone or stratospheric aircraft in the Southern Hemisphere, it features a 12.5-meter wingspan, weighs under 40 kilograms, and can reach altitudes up to 50,000 feet. With long-endurance flight capabilities and high-altitude data collection capabilities, the Kea Atmos Mk 1 marks a significant advancement in the solar-powered drones market, particularly for applications requiring extended, high-altitude data collection.

In July 2021, Trentar Private Limited (TPL), an India-based full-stack UAV company, acquired a 75% stake in GarudaUAV for an undisclosed amount. This acquisition is a strategic initiative to strengthen India's UAV industry, fostering self-sufficiency and innovation. Additionally, it contributes to the growth of the solar-powered drones market by expanding services and expertise in this sector. GarudaUAV, the acquired entity, is an India-based company offering drone services and software, including solar-powered drones.

Major companies operating in the solar powered drones market report are Google LLC (Titan Aerospace LLC), Meta Platforms Inc. (Ascenta), DHL International GmbH (Deutsche Post DHL Group), FedEx Corporation, The Boeing Company, Lockheed Martin Corporation, Intel Corporation, Airbus SE, International Business Machines Corporation (IBM), Thales Group, Bechtel Group Inc. (Bechtel Corporation), Balfour Beatty plc, easyJet plc, QinetiQ Group plc (The Carlyle Group), SunPower Corporation, AeroVironment Inc., SZ DJI Technology Co. Ltd., SunCulture Solar Inc., Alta Devices Inc., Bye Aerospace Inc., Sunlight Photonics Inc., Silent Falcon UAS Technologies, Sunbirds SAS, Xsun, UAV Instruments, Barnard Microsystems Limited, Elektra Solar GmbH.

North America was the largest region in the solar powered drones market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the solar powered drones market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the solar powered drones market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Solar-powered drones are unmanned aerial vehicles (UAVs) equipped with photovoltaic panels designed to capture and utilize solar energy for propulsion and operational needs. These drones are characterized by their sustainable and long-endurance flight capabilities, making them well-suited for a range of applications including environmental monitoring, agriculture, surveillance, and telecommunications.

Solar-powered drones come in various types, including vertical take-off and landing (VTOL), fixed-wing, rotary-wing, and hybrid models. VTOL drones are capable of taking off and landing vertically, eliminating the need for runways. These drones consist of components such as payload, motors, energy systems, frames, and controllers and navigation systems. They serve various purposes, including data analysis, data collection, and drone leasing, and find applications in agriculture, energy, military, telecommunications, research and exploration, surveillance, and disaster management. End-users of solar-powered drones include commercial entities, government agencies, and non-profit organizations.

The solar powered drones market research report is one of a series of new reports that provides solar powered drones market statistics, including solar powered drones industry global market size, regional shares, competitors with a solar powered drones market share, detailed solar powered drones market segments, market trends and opportunities, and any further data you may need to thrive in the solar powered drones industry. This solar powered drones market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The solar powered drones market consists of revenues earned by entities by providing services such as mapping, aerial photography, inspection, monitoring services, and more. The market value includes the value of related goods sold by the service provider or included within the service offering. The solar powered drones market also includes sales of solar panels, propellers, sensors, and power management systems and monitoring systems. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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