State-of-the-art technology and planning in advanced designs of batteries for drones are set to launch the drone battery market to new heights over the coming years. Custom-built drone batteries are anticipated to witness a surge in demand by 20% for educational and institutional applications.
Also, rising demand for drones in the defense sector is set to push the threshold of the market over the long-term forecast period. Furthermore, erection of drone battery manufacturing plants in dedicated locations to lower spending on raw material purchases and transport will also aid the flourishing of manufacturers. Rise in demand from unconventional uses are expected to aid market expansion over the next ten years, at more than 8% CAGR through 2031.
Key Takeaways from Drone Battery Market Study
- The global market is anticipated to add 2.4X value in 2031 as compared to 2021.
- Commercial drone batteries to relish an absolute dollar opportunity of US$ 6,126 Mn over the forecast period.
- LiPo is the fastest growing battery chemistry at a CAGR of 9% in market, owing to rapid adoption over other battery chemistries all across the globe.
- North America is set to dominate market revenue in 2020, and is expected to gain 244 BPS in its market share by 2031 over 2021.
- Batteries with capacity of 3000 mAh and below are anticipated to lose around 273 BPS through 2031.
- The United States, China, and Russia are key countries with respective CAGRs of 9%, 7.8%, and 8%, governing the demand for drone batteries.
- As a result of the COVID-19 pandemic, demand for drone batteries increased only 3.7% in 2020. However, market growth is estimated at close to 7% for 2021.
“Market growth is set to twirl in accordance with regional regulations and commercial industry tunes,” says an analyst.
Fragmented High Potential Market: Competition Tuning Factor
Key manufacturers in the drone battery market are Amicell-Amit Industries Limited, Amperex Technology Limited, Genspow GmbH, Parrot, Skydio, SZ DJI Technology Co., Ltd., Uvify Inc., Venom Power, and Yuneec. The market is partially fragmented in nature, with a significant number of players positioned in East Asia and North America.
Growing demand for drone batteries in recreational and other unconventional applications has allowed the market valuation to surge in the last decade. Despite being partially fragmented; higher potential of the product will attract new players into this space.
These insights are based on a report on Drone Battery Market by Fact.MR.
