Authored By: Sarah
01 Jun 2021

Solar-powered UAV Market Size to Grow by $ 485.46 mn During 2020-2024

Technavio has been monitoring the solar-powered uav market and it is expected to grow by $ 485.46 mn, accelerating at a CAGR of almost 10% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking

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Solar-powered UAV Market: North America to lead market growth during the forecast period

  • 49% of the market growth will originate from North America during the forecast period.
  • Increasing use of drones in commercial and civil applications will be a key trend that will influence market growth significantly.
  • The Focus on greater use of renewable energy sources will be a significant factor in driving the growth of the solar-powered uav market.

Solar-powered UAV Market to Post Incremental Growth of $ 485.46 mn During 2020-2024 | Key Geographies that will Drive Growth

Solar-powered UAV Market: Key Competitors

The market is concentrated. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. AeroVironment Inc., Airbus SE, BAE Systems Plc, Barnard Microsystems Ltd., Bye Aerospace Inc., Ocean Aero, Sunbirds SAS, Sunlight Aerospace, Thales Group, and The Boeing Co. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.

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Solar-powered UAV Market: Key Highlights of the Report for 2020-2024

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive solar-powered uav market growth during the next five years
  • Precise estimation of the solar-powered uav market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the solar-powered uav market industry across North America, Europe, APAC, South America, and MEA
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of solar-powered uav market vendors
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