Pune, India, June 13, 2019 (GLOBE NEWSWIRE) --

Market Overview

Solar powered unmanned aerial vehicles (UAVs) or drones are vehicles which function by solar energy. They are operated via remote control or via autonomous means. Companies are developing new drones with additional features on a daily basis with a multitude of features and ability to cater to the needs of various industrial sectors. The global solar powered UAV market is expected to expand at 14.38% CAGR from 2017 to 2023 (forecast period), as per a report on Wise Guy Reports (WGR).

Market Outlook

The global solar powered UAV market is driven by favorable environmental conditions in various countries. Falling production costs, improvements in features of UAVs, and technological breakthroughs in solar cell technology are other factors driving global market growth. The wide bandwidth offered by the Internet and high demand in commercial and utility applications can bolster the market demand exponentially.

Geospatial data is vital for attaining accurate information on locations and assisting in the growth of satellite mapping systems. The High Altitude Pseudo Satellite (HAPS) project by the U.K. government contains a solar powered UAV capable of capturing images from 67,000 feet above the planet. The data can be vital in the proactive planning of smart cities, development of smart vehicles, and upgradation of government infrastructure.

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Segmentation

By application, the global solar-powered UAV market has been segmented into commercial and defense. Out of the two, the commercial segment is projected to register 15.04% CAGR over the assessment period. This is exemplified by the use of these drones for extending the range of 5G networks, which are at a nascent stage.

By type, the global solar-powered UAV market has been segmented into fixed-winged and other types. The fixed-winged segment can register 14.60 % CAGR during the review period. This can be credited to its extensive use in military operations. Its aerodynamics allow this type of drone for mapping urban and remote areas.

By component, the global solar-powered UAV market has been quadfurcated into payload, airframe, propulsion system, and guidance navigation & control system. Among, the payload segment is projected to experience 15.56% CAGR over the forecast period.

Regional Outlook

Regions primarily focused in the market report include Europe, Asia Pacific (APAC), North America, and Rest-of-the-World (RoW).

North America is the dominant region with close to 34.90% market share in 2016. This can be credited to its wide gamut of applications in homeland security and other defense operations. Huge technological developments, large expenditure, and rising number of deployments of solar UAVs can drive the regional growth. The U.S. and Canada are nations with the highest potential within the region owing to huge influx of capital for evolving UAVs. The North America solar powered UAV market is predicted to attain revenues at 14.80% CAGR during the assessment period.

Europe accounted for close to 29.24% share in 2016. The region can thrive due to application in precision agriculture and environmental conservation. Drones are being used to scan vast expanses of land to ensure the longevity of crops. Furthermore, support from government schemes and other private funded programs can boost the solar powered UAV market sales. For instance, Solar3 is a collaborative project by Swiss and Ukrainian nations which assists large-scale farmers with intelligent data. It uses a solar powered UAV by Autonomous Systems Lab capable of completing continuous flights with durations lasting close to 8 hours.

On the other hand, the APAC region held close to 25.59% share in the same year. Tests by developers in China and India to expedite the development of drones in various applications can propel the regional market growth. This is exemplified by China’s Morning Star drone reportedly capable of maintaining its flight for months.

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Competition Landscape

Prominent players discussed in the solar powered UAV market include Silent Falcon UAS Technologies, Thales Group, Sunbirds, Airbus SE, Sunlight Photonics Inc., AeroVironment, Inc., and others. Collaborations, mergers, and acquisitions are strategies incorporated by players to sustain their position in the market. This is evident by the acquisition of Ascenta by Facebook in 2014.

About Us:

Wise Guy Reports is part of the Wise Guy Research Consultants Pvt. Ltd. and offers premium progressive statistical surveying, market research reports, analysis & forecast data for industries and governments around the globe.

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