- Opportunity and Forecast, 2016-2025
Ever-evolving technology and growing trend of innovation over the past decade give rise to drones or unmanned aerial vehicles (UAV) to be used in numerous end user industries. In addition, technological advancements in photovoltaic cell, hydrogen fuel cell, and hybrid propulsion system have enabled drones to operate on solar energy. With increase in environmental and energy concerns, it has become evident to make optimum use of renewable sources of energy. Autonomous power sources are used to supply energy in civil and commercial applications of drones to save energy generated from nonrenewable sources. Major applications of drones include disaster management, mapping, and surveillance.
Increase in adoption of UAVs in various end user industries and development of solar-powered propulsion systems are factors responsible for the growth of the global solar powered drones market. In addition, initiatives taken by network providers to increase connectivity in rural areas for use of drones supplement the market growth. However, stringent government regulations and lack of skilled professionals restrain the growth of the industry. Technological advancements and need for energy conservation provide new opportunities in the industry.
The global solar powered drones market is segmented on the basis of application and geography. Applications covered in the study include telecommunication, agriculture, government & defense, energy, and media & entertainment. Geographically, the market is analyzed across North America, Latin America, Europe, Asia-Pacific, and Middle East & Africa.
Key players that operate in the industry are Airbus (QinetiQ), Google (Titan Aerospace), Boeing Phantom Works, Bye Engineering, AeroVironment/NASA, Facebook (Ascenta), Lockheed Martin (Hale-D), and Atlantik Solar. These players have implemented strategies such as new product launches, collaborations, merger & acquisition, expansion, joint ventures, partnerships, and others to gain competitive edge and sustain their position in the industry.
The global railway traction motor market is expected to reach $41.63 billion in 2025, from $30.28 billion in 2016, growing at a CAGR of 3.8% from 2017 to 2025. Railway ... Read More >>