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What is the present valuation and projected CAGR of the solar powered drones market?
The solar powered drones market size has grown rapidly in recent years. It will grow from $2.17 billion in 2024 to $2.6 billion in 2025 at a compound annual growth rate (CAGR) of 19.4%. The growth in the historic period can be attributed to increasing environmental concerns and emphasis on sustainability, military and defense applications, reduction in the cost of solar panels, government incentives and policies promoting renewable energy adoption, expansion of applications such as agriculture, surveillance, and disaster management.
The solar powered drones market size is expected to see rapid growth in the next few years. It will grow to $5.26 billion in 2029 at a compound annual growth rate (CAGR) of 19.3%. The growth in the forecast period can be attributed to rising demand for long-endurance drones for various commercial applications, the emergence of new regulatory frameworks supporting solar-powered drone deployment, increasing focus on precision agriculture and crop monitoring, growth in infrastructure inspection and maintenance applications, expansion of the telecommunications industry. Major trends in the forecast period include a shift towards hybrid solar-electric propulsion systems, the adoption of lightweight materials for improved performance and payload capacity, the integration of advanced sensors and imaging technologies for enhanced data collection, the evolution of solar-powered drone-as-a-service (DaaS) business models, the rise of solar-powered drones for emergency response and disaster recovery.
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What key drivers have fueled the solar powered drones market’s development over the years?
The rising military and defense investment is expected to propel the growth of the solar-powered drones market going forward. Military and defense spending refers to the financial resources dedicated by a state to raising and maintaining its armed forces, including the provision of weapons, equipment, and soldiers. Countries are increasing their military investments to discourage other countries from attacking, protect national security, and potentially prevent wars. The rising expenditure in military and defense enhances the development and deployment of solar-powered drones for reconnaissance, surveillance, and tactical operations, boosting their capabilities and innovation. For instance, in April 2024, according to the Stockholm International Peace Research Institute (SIPRI), a Sweden-based independent international research organization, total global military expenditure reached $2443 billion in 2023, an increase of 6.8% from 2022. Therefore, rising military and defense spending is driving the growth of the solar powered drones market.
What is the segmentation for the solar powered drones market?
The solar powered drones market covered in this report is segmented –
1) By Type: Vertical Take-Off And Landing (VTOL), Fixed Wing, Rotary Wing, Hybrid
2) By Component: Payload, Motors, Energy Systems, Frames, Controller And Navigation
3) By Services: Data Analysis, Data Collection, Drone Leasing
4) By Application: Agriculture, Energy, Military, Telecommunication, Research And Exploration, Surveillance, Disaster Management
5) By End-User: Commercial, Government, Non-Profit
Subsegments:
1) By Vertical Take-Off And Landing (VTOL): Multirotor VTOL Drones, Single Rotor VTOL Drones
2) By Fixed Wing: Conventional Fixed Wing Drones, Solar-Powered Fixed Wing Drones
3) By Rotary Wing: Traditional Rotary Wing Drones, Solar-Enhanced Rotary Wing Drones
4) By Hybrid: VTOL-Fixed Wing Hybrids, VTOL-Rotary Wing Hybrids
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Who are the most influential companies in the solar powered drones market?
Major companies operating in the solar powered drones market are Google LLC (Titan Aerospace LLC), Meta Platforms Inc. (Ascenta), DHL International GmbH (Deutsche Post DHL Group), FedEx Corporation, The Boeing Company, Lockheed Martin Corporation, Intel Corporation, Airbus SE, International Business Machines Corporation (IBM), Thales Group, Bechtel Group Inc. (Bechtel Corporation), Balfour Beatty plc, easyJet plc, QinetiQ Group plc (The Carlyle Group), SunPower Corporation, AeroVironment Inc., SZ DJI Technology Co. Ltd., SunCulture Solar Inc., Alta Devices Inc., Bye Aerospace Inc., Sunlight Photonics Inc., Silent Falcon UAS Technologies, Sunbirds SAS, Xsun, UAV Instruments, Barnard Microsystems Limited, Elektra Solar GmbH
What are the top industry trends projected to impact the solar powered drones market?
Major companies operating in the solar-powered drones market are increasing their focus on developing advanced solutions, such as solar-powered stratospheric aircraft, to gain a competitive edge in the market. A solar-powered stratospheric aircraft is an unmanned aerial vehicle (UAV) that is designed to fly in the stratosphere using solar power as its primary energy source, enabling long-endurance flights for high-altitude data collection and monitoring purposes. For instance, in April 2023, Kea Aerospace, a New Zealand-based tech company, launched the Kea Atmos Mk 1, the first solar-powered drone or stratospheric aircraft designed and built in the Southern Hemisphere. This has a wingspan of 12.5 meters, a weight under 40 kilograms, and the capability to fly at altitudes up to 50,000 feet. It offers long-endurance flight capabilities for months and high-altitude data collection, making it a game-changer in the solar-powered drones market for applications requiring extended, high-altitude data collection.
What are the major regional insights for the solar powered drones market, and which region holds the top position?
North America was the largest region in the solar powered drones market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the solar powered drones market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Solar Powered Drones Market Report 2025 Offer?
The solar powered drones market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Solar-powered drones are unmanned aerial vehicles (UAVs) equipped with photovoltaic panels to harness solar energy for propulsion and operation. These drones offer sustainable and long-endurance flight capabilities, making them ideal for various applications such as environmental monitoring, agriculture, surveillance, and telecommunications.
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