Global Solar Powered UAV Market by Application (Defense and Commercial), Type (Fixed-Wing and Other Types), Component (Propulsion System, Airframe, Guidance Navigation & Control System, and Payload), and by Region – Forecast to 2023
Solar Powered UAV Market is estimated to reach USD 1,519.8 million by 2023 at a CAGR of 14.38% during the forecast period.
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Geographically, the solar-powered UAV market spans across four regions namely, Europe, North America, Asia Pacific, and Rest-of-the-World.
Among all the regions, North America held the largest market share with 34.90% in 2016. The market was valued at USD 207.2 million and is presumed to register 14.80% CAGR during the assessment period. The region leads the market in terms of technological advancements and expenditure and also has a large number of UAV deployments. The United States demand for solar-powered UAVs due to surveillance purposes and is also considered to be the largest manufacturer of unmanned systems. The U.S. dominates the market in this region due to high investment from NASA and Department of Defense.
The global solar-powered UAV market has been segmented on the basis of type, application, component, and region.
By mode of application, the global solar-powered UAV market has been segmented into commercial and defense. Among these, the defense segment accounted for the largest market share with 61.53% in 2016. The market was valued at USD 365.3 million and is estimated to register 13.96% CAGR during the review period. The growth is attributed to the employment of solar-powered UAVs in pollution observance, search and rescue operation, attack mission, disaster management, and communication applications. The commercial segment is also presumed to expand at a faster rate due to its use in surveillance and professional aerial photography, motion pictures filmmaking, data collection, anti-poaching activity, and several others.
By mode of type, the global solar-powered UAV market has been segmented into fixed-winged and other types. The fixed-winged segment accounts for the largest market share with 80.15% in 2016. The market touched USD 475.8 million and is presumed to register 14.60% CAGR during the review period.
By mode of component, the global solar-powered UAV market has been segmented into airframe, propulsion system, payload, and guidance navigation & control system.
The major players operating the global market are Sunlight Photonics Inc. (U.S.), Airbus SE (France), Sunbirds (France), Silent Falcon UAS Technologies (U.S.), Thales Group (France), Facebook Inc. (U.S.), and AeroVironment Inc. (U.S.)
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