The Global UAV Battery Market is estimated to witness a CAGR of 16% from 2018 till 2023.
Market Highlights:
A battery is an integral part of Unmanned Aerial Vehicles (UAV) that consists of stored energy used to provide power during flight. The evolution of battery bus architecture in UAVs has simultaneously evolved their propulsion system. The increased need for improved endurance and longer flight duration have led to increasing demand for the development of UAV battery. The emergence of fuel cell powered drones will boost the market. The increased focus on battery with high specific energy will enable the manufacturers to offer new growth opportunities for the market players. However, there are some shortcomings such as high discharge rate, high cost, low endurance which will restrain the growth of this market.
The market for UAV Battery market is estimated to witness a CAGR of 16% during the forecast period.
On the basis of region, the global market is segmented into North America, Asia Pacific, Europe, the Middle East, and South America. In the North American region, many companies have started investing in drones to utilize them in various applications, such as agriculture and military. Asia Pacific is witnessing high demand for UAV battery. Extensive use of civilian UAVs and increased defense spending by various countries in the region, such as Japan, South Korea, Malaysia, Singapore, and Indonesia have bolstered the demand for UAV battery. Furthermore, in year 2017, Ballard Power Systems signed a contract with Insitu, a Boeing subsidiary, to develop a next-generation high-performance fuel cell propulsion system to power unmanned aerial vehicles. In the year 2015, Cella Energy signed a contract with Israel Aerospace Industries (IAI) to develop and evaluate a fuel cell power system for IAI’s BirdEye Mini UAV.
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Key Players
The key players in global UAV battery market are Ballard Power Systems (Canada), Cella Energy Limited (U.K), Denchi Power Limited (U.K), Sion Power Corporation (U.S.), Tadiran Batteries (U.S.), OXIS Energy (U.K), H3 Dynamics (Singapore), Ultracharge (Australia), MicroMultiCopter Aero Technology Co. Ltd. (China), Hylium Industries INC (South Korea).
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