Drone Battery Market worth $9.6 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, May 7, 2021 /PRNewswire/ -- According to a research report "Drone Battery Market by Technology (Lithium-based, Nickel-based, Fuel Cell), Component (Cell, BMS, Enclosure, Connector), Drone Type (Fixed-wing, Fixed-wing VTOL, Rotary-wing), Platform, Function, Point of Sale, Region - Global Forecast to 2026", published by MarketsandMarkets™, the report on the Drone Battery Market provides an analysis of the market from 2021 to 2026. It discusses industry and technology trends currently prevailing in the market, along with drivers, restraints, challenges, and opportunities that influence the growth of the market. The drone battery market is projected to grow from USD 4.0 billion in 2021 to USD 9.6 billion by 2026, at a CAGR of 19.0% from 2021 to 2026. The drone battery market in the North America and Asia Pacific regions are expected to witness the highest growth during the forecast period due to the increasing demand for drones and a rise in investments in drone technologies.
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Based on technology, the lithium-based segment is projected to lead the drone battery market during the forecast period.
Based on technology, the drone battery market has been segmented into lithium based, nickel based, and fuel cell based. The lithium-based segment is projected to lead the market during the forecast period. Advancements in the field of lithium-metal and lithium-sulfur technology will boost the growth of the lithium-based technology segment. Increased demand for alternate modes of transportation is fueling the demand for autonomous urban air mobility and, in turn, driving the demand for fuel cell batteries in drones.
Based on component, the battery management system (BMS) segment is projected to grow at the highest CAGR during the forecast period.
Based on component, the drone battery market is segmented into cell, battery management system enclosures and connectors. The battery management system segment is projected to grow at the highest CAGR owing to the rising focus on monitoring important parameters of batteries such as current, voltage, temperature, state of health, and state of charge.
Based on point of sale, the aftermarket segment is projected to grow at the highest CAGR during the forecast period.
Based on point of sale, the drone battery market is segmented into two categories, original equipment manufacturers (OEM), and aftermarket. The aftermarket segment is projected to grow at the highest CAGR during the forecast period owing to increasing demand for the modification and upgradation of commercial and military drones is driving the growth of the aftermarket segment across the globe. Each drone usually comes with 1–2 batteries at the time of purchase. However, it is recommended to buy additional batteries to meet the flight demands of the industry. Thus, increasing demand for longer flight time will fuel the demand for the spare battery management segment of aftermarket services
Based on platform, the military segment is projected to lead the drone battery market from 2021 to 2026.
Based on platform, the drone battery market is segmented into consumer, commercial, government & law enforcement, and military. The military segment is projected to lead the drone battery market owing to an increase in the investments in unmanned aerial systems by the defense sector and the growing significance of intelligence, surveillance & reconnaissance, combat operations, and battle management applications. The military segment consists of drone batteries of varied sizes and capacities. Some companies catering to this segment are HES Energy Systems, Plug Power, EaglePicher, Inventus Power, and Oxis Energy Ltd.
Based on drone type, the fixed-wing segment is projected to lead the drone battery market from 2021 to 2026.
Based on drone type, the drone battery market is segmented into fixed wing, fixed wing VTOL and rotary wing. The fixed-wing segment is projected to lead the drone battery market owing to the high stability and endurance of fixed-wing drones in commercial and civil applications. Battery-powered fixed-wing drones generally use lithium-polymer batteries that have high a voltage capacity and enable long-range flight.
Based on function, the passenger drone segment is projected to grow at the highest CAGR during the forecast period.
Based on function the drone battery market is segmented into special purpose drones, passenger drones, inspection and monitoring drones, surveying and mapping drones, agriculture drones, cargo air vehicles and others. The passenger drones segment is projected to grow at the highest CAGR, due to the increasing application of drones in urban air mobility in the form of drone taxis, air ambulance, air shuttles, among others. Hydrogen-based fuel cells and lithium-ion batteries are used in these modes of transportation.
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The North American region is projected to lead the drone battery market and Asia Pacific is expected to register the highest CAGR in the drone battery market during the forecast period.
The drone battery market in the North American region is projected to lead the market during the forecast period. The region's growth is attributed to the increasing adoption of drones for commercial and defense applications. In recent years, drone manufacturers have been focusing on the development of drone batteries that are cost-effective, energy-efficient, lightweight, and capable of carrying larger payloads over longer distances. Such drones are ideal for commercial applications such as last mile delivery, which includes product, medicine, and postal delivery, among others. In 2015, the Federal Aviation Administration (FAA) permitted the flying of military, private, and commercial drones in US airspace. This move led to an increase in the number of drones deployed in the defense sector of the country and simultaneously widened the market for drone batteries.
The growth of the Asia Pacific drone battery market can be attributed to the rise in military spending of the countries of the region to enhance their unmanned aerial system defense capabilities. Moreover, political tensions in countries of the Asia Pacific region have led to the deployment of drones to ensure the security of their borders. This serves to be one of the most significant factors driving the growth of the drone battery market in the region. Countries such as China, Australia, India, Japan, and South Korea contribute to the growth of the drone battery market in Asia Pacific. The trends of automation and globalization in India, Australia, and China are also fueling the growth of the Asia Pacific drone battery market.
Key Market Players:
The major players in the drone battery market are Eaglepicher Technologies (US), Oxis Energy Ltd (US), Plug Power Inc (US), HES Energy Systems (Singapore) Intelligent Energy (UK), RRC Power Solutions (Germany), Micromulticopter Aero Technology Co., Ltd. (China), SolidEnergy Systems (US), Sion Power (US), Doosan Mobility Innovation (South Korea), Shenzhen Grepow Battery Co. Ltd. (China), and Epsilor (Israel), among others.
Related Reports:
Unmanned Aerial Vehicle (UAV) Market by Vertical, Class, System, Industry (Defense & Security, Agriculture, Construction & Mining, Media & Entertainment), Type, Mode of Operation, Range, Point of Sale, MTOW and Region - Global Forecast to 2025
Drone Service Market Application (Aerial Photography, Data Acquisition and Analytics), Industry (Infrastructure, Media & Entertainment, Agriculture), Type (Drone Platform Service, Drone MRO, Drone Training, Solution, and Region - Global Forecast to 2025
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