Technavio has published a new market research report on the global energy storage market for drones from 2017-2021.
Market research report by Technavio on global energy storage market for drones predicts CAGR of around 12% by 2021.
The report segments the global energy storage market for drones by product (batteries and fuel cell) and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global energy storage market for drones, according to Technavio energy researchers:
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Growing commercial use: a major market driver
Growing commercial use is one of the major factors driving the global energy storage market for drones. Applications of drones have expanded beyond the initial use in the military sector to commercial use in segments such as agriculture, construction, power and water utility, real estate, journalism, cinematography, transportation, and the energy sector, which includes the mining, oil and gas, and clean energy sectors. Drones are being used in these segments for monitoring, mapping, surveying, and maintenance activities to increase productivity with greater efficiency than conventional methods. Specialty drones are developed for meeting specific end-use application. For instance, DJI has developed DJI Agras MG-1 for the agricultural industry.
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Americas: largest energy storage market
High disposable income of the population in the US and the interest in the early adoption of new technology by consumers and the commercial sector have made the Americas the leading region in the global energy storage market for drones. The energy storage market for drones in the Americas is expected to grow at a CAGR of close to 9% during the forecast period. China-based DJI and France-based Parrot are the major players in the drones market in the Americas. Drones have gained popularity as a recreational device among a large percentage of the population in the region.
According to Thanikachalam Chandrasekaran, a lead analyst at Technavio for research on energy storage, “The high spending capability of consumers, particularly in the US, has led to the region being an early adopter of drones. A high percentage of the population can easily afford consumer drones, and many vendors have a manufacturing base in this region. This can bring in a multi-fold increase in drone registrations. But, unregistered and untracked drones have become a major security concern for countries in the Americas. In the US, the Federal Aviation Administration is mandating the registration of drones to track them.”
Competitive vendor landscape
The global energy storage market for drones is one of the fastest-growing markets. It is highly competitive owing to the presence of several vendors. Intense competition and preference of consumers to have extended flight time are driving the development of high energy density batteries and fuel cells. To sustain in the competitive market, vendors must develop new ideas and technologies and stay up-to-date with emerging technologies. Batteries are specifically designed to be compatible with a drone model, and vendors offer a variety of products at varying capacity to meet the requirements of drone manufacturers.
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