The drone battery market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2021-2029. Extensive production of UAVs in western countries and the increasing defense expenditure by governments are expected to fuel the progress of this market. The growth of the market can also be attributed to factors such as the growing need to enhance drone flight time and payload capacity. In August 2020, the Defense Innovation Unit, the U.S. Department of Defense organization, approved five drones for military and federal applications. The U.S. is one of the significant manufacturers of military drones, and it is also a leading exporter of drones to various countries across the globe.
The market is segmented based on drone type into medium altitude long endurance (MALE), high altitude long endurance (HALE), tactical, and small, out of which, medium altitude long endurance (male) is estimated to grab the most significant share by the end of 2021 on account of cost-effective technology. CLICK TO DOWNLOAD SAMPLE REPORT
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the increasing awareness about drones and the need to develop innovative defense technologies in the region. Furthermore, in 2021, the market in North America is evaluated to occupy the largest share in terms of revenue, owing to the growing investment of governmental and non-governmental agencies in defense research, accompanied by leading drone battery manufacturers in the region. Alternatively, the market in Europe is also anticipated to occupy a significant share in the drone battery market on account of its proven success in terms of battery development.
The global drone battery market is further classified on the basis of region as follows:
Our in-depth analysis of the global drone battery market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increasing defense expenditure by governments are the key factors driving market growth.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2021-2029
Costly installation of drones and lack of awareness about drone technologies in lower economic regions are estimated to hamper market growth.
The market in Asia Pacific region will provide ample growth opportunities owing to the increasing awareness about drones.
The major players dominating the drone battery market are Ballard Power Systems Inc., Cella Energy Limited, Parrot Drone SAS., and SKYDIO, INC. among others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by drone type, battery type, and region.
With respect to drone type, the medium altitude long endurance (MALE) segment is anticipated to hold the largest market share owing to the cost-effective solutions provided by these type of drones.
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