Jun 17, 2019   SOURCE: BusinessWire

Global Energy Storage Market for Unmanned Aerial Vehicles (UAVs) 2019-2023 - High Costs Involved in R&D of UAV Components Remains a Significant Challenge - ResearchAndMarkets.com

The "Global Energy Storage Market for Unmanned Aerial Vehicles (UAVs) 2019-2023" report has been added to ResearchAndMarkets.com's offering.

The energy storage market for unmanned aerial vehicle market will register a CAGR of almost 3% by 2023.

The growing affordability and popularity of UAVs among hobbyists is one of the critical factors that will trigger the growth of the global energy storage market for unmanned aerial vehicle (UAVs) market. The tremendous popularity that drones have gained among hobbyists has led to the sales of millions of drones. This growth in popularity can be attributed to the rise in the number of manufacturers and start-ups offering drones at various price points and provide functionalities, which mainly focus on entertainment and capturing photos/videos.

The rapid advances in technology and the economies of scale resulting from higher production have led to a decline in drone prices, making them accessible to hobbyists and enthusiasts. This decline in drone prices is encouraging more consumers to buy UAVs. Consequently, the growing demand for UAVs will have a positive impact on the global energy storage market for UAVs, as it will increase the need for batteries/fuel cells that power the UAVs.

Development of alternative propulsion technologies for UAVs

UAV manufacturers have long been mulling over the adoption of alternative propulsion technologies for UAVs. With several vendors focusing on innovative technologies, the dependence of UAVs on batteries may decline significantly. Hydrogen fuel cells have emerged as a suitable replacement for Li-ion batteries in medium-sized to large-sized drones in recent years. The efficiency of fuel cells in terms of weight/power ratios is increasing rapidly. Hydrogen fuel cells offer compelling value for UAVs due to their improved reliability over small internal combustion engines, thus enhancing safety and ensuring low maintenance operations.

Fuel cell-powered UAVs have a longer operational period than their battery-powered counterparts and at the same time, offer the same noise and thermal signature. Therefore, if fuel cell manufacturers continue to develop this technology at the current rate, it may lead to a wave of small UAV products with an entirely new set of capabilities in the future. Thus, the development of alternative propulsion technologies for UAVs will drive market growth.

High costs involved in R&D of UAV components

R&D costs continue to remain a significant challenge for UAV propulsion systems. Most UAVs are designed for specific applications, and thus, involve substantial development costs for each new propulsion technology. Existing technology can produce only miniature, low-performance, high-cost (per unit thrust) propulsion systems, which cannot be used to power large UAVs. Hence, the cost of new technology, especially new concepts such as fuel cells, is expected to be as high as that of a conventional aircraft, unless new ways for developing propulsion systems are not perfected.

The high costs for R&D favor the adoption of existing traditional propulsion technologies in a budget-constrained, suboptimal manner, usually by sacrificing both performance and reliability. The high cost involved in the R&D of UAV components could potentially affect the technological advances in UAVs, thus hampering the growth of the global energy storage market for UAVs.

Competitive Landscape

The market appears to be moderately fragmented. The presence of several companies, including Amperex Technology Ltd. and Ballard Power Systems Inc. makes the competitive environment quite intense.

Factors such as the growing affordability and popularity of UAVs among hobbyists and the development of alternative propulsion technologies for UAVs will provide significant growth opportunities to the energy storage market for unmanned aerial vehicle (UAVs) manufacturers.

Key Players

  • Amperex Technology Ltd.
  • Ballard Power Systems Inc.
  • Intelligent Energy Ltd.
  • Kokam Co. Ltd.
  • Tadiran Batteries Ltd.

Topics Covered

PART 01: EXECUTIVE SUMMARY

PART 02: SCOPE OF THE REPORT

PART 03: MARKET LANDSCAPE

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

PART 04: MARKET SIZING

  • Market definition
  • Market sizing 2018
  • Market size and forecast 2018-2023

PART 05: FIVE FORCES ANALYSIS

  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

PART 06: MARKET SEGMENTATION BY PRODUCT

  • Comparison by product
  • Battery - Market size and forecast 2018-2023
  • Fuel cell - Market size and forecast 2018-2023
  • Market opportunity by product

PART 07: CUSTOMER LANDSCAPE

PART 08: GEOGRAPHIC LANDSCAPE

  • Geographic comparison
  • Americas - Market size and forecast 2018-2023
  • EMEA - Market size and forecast 2018-2023
  • APAC - Market size and forecast 2018-2023
  • Key leading countries
  • Market opportunity

PART 09: DECISION FRAMEWORK

PART 10: DRIVERS AND CHALLENGES

PART 11: MARKET TRENDS

  • Use of artificial intelligence in autonomous UAVs
  • Development of drone swarm technology
  • Increasing strategic partnerships

PART 12: VENDOR LANDSCAPE

  • Overview
  • Landscape disruption
  • Competitive scenario

PART 13: VENDOR ANALYSIS

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Amperex Technology Ltd.
  • Ballard Power Systems Inc.
  • Intelligent Energy Ltd.
  • Kokam Co. Ltd.
  • Tadiran Batteries Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/gkl1d8