Solar Powered Drones Market 2024 - Top Manufactures, Growth Rate, Revenue And Forecast To 2033

Global solar powered drones market size is expected to reach $4.41 Bn by 2028 at a rate of 19.3%, segmented as by type, vertical take-off and landing (vtol), fixed wing, rotary wing, hybrid

Aug 20, 2024 - 12:15

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Solar Powered Drones Market 2024 - Top Manufactures, Growth Rate, Revenue And Forecast To 2033

Overview and Scope

Solar-powered drones are unmanned aerial vehicles (UAVs) equipped with photovoltaic panels to harness solar energy for propulsion and operation. These drones offer sustainable and long-endurance flight capabilities, making them ideal for various applications such as environmental monitoring, agriculture, surveillance, and telecommunications.

Sizing and Forecast

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 in the historic period can be attributed to increasing environmental concerns and emphasis on sustainability, military and defense applications, reduction in the cost of solar panels, government incentives and policies promoting renewable energy adoption, expansion of applications 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%. The growth in the forecast period can be attributed to rising demand for long-endurance drones for various commercial applications, the emergence of new regulatory frameworks supporting solar-powered drone deployment, increasing focus on precision agriculture and crop monitoring, growth in infrastructure inspection and maintenance applications, expansion of the telecommunications industry. Major trends in the forecast period include a shift towards hybrid solar-electric propulsion systems, the adoption of lightweight materials for improved performance and payload capacity, the integration of advanced sensors and imaging technologies for enhanced data collection, the evolution of solar-powered drone-as-a-service (DaaS) business models, the rise of solar-powered drones for emergency response and disaster recovery.

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Segmentation & Regional Insights

The solar powered drones market covered in this report is segmented –

1) By Type: Vertical Take-off And Landing (VTOL), Fixed Wing, Rotary Wing, Hybrid

2) By Component: Payload, Motors, Energy Systems, Frames, Controller And Navigation

3) By Services: Data Analysis, Data Collection, Drone Leasing

4) By Application: Agriculture, Energy, Military, Telecommunication, Research And Exploration, Surveillance, Disaster Management

5) By End-User: Commercial, Government, Non-Profit

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.

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Major Driver Impacting Market Growth

The rising military and defense investment is expected to propel the growth of the solar-powered drones market going forward. Military and defense spending refers to the financial resources dedicated by a state to raising and maintaining its armed forces, including the provision of weapons, equipment, and soldiers. Countries are increasing their military investments to discourage other countries from attacking, protect national security, and potentially prevent wars. The rising expenditure in military and defense enhances the development and deployment of solar-powered drones for reconnaissance, surveillance, and tactical operations, boosting their capabilities and innovation. For instance, in April 2023, according to the Stockholm International Peace Research Institute, a Sweden-based institute and independent resource on global security, world military expenditure increased by 3.7% in real terms in 2022 to reach a record high of $2,240 billion. Military expenditure in Europe rose by 13% during the year. US military spending also increased by 8.8% in nominal terms between 2021 and 2022, but real spending increased by 0.7% over that same time due to an 8.1% inflation rate. Therefore, rising military and defense spending is driving the growth of the solar powered drones market.

Key Industry Players

Major companies operating in the solar powered drones market 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

The solar powered drones market report table of contents includes:

1. Executive Summary

2. Solar Powered Drones Market Characteristics

3. Solar Powered Drones Market Trends And Strategies

4. Solar Powered Drones Market - Macro Economic Scenario

5. Global Solar Powered Drones Market Size and Growth

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32. Global Solar Powered Drones Market Competitive Benchmarking

33. Global Solar Powered Drones Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Solar Powered Drones Market

35. Solar Powered Drones Market Future Outlook and Potential Analysis

36. Appendix