The energy storage market for unmanned aerial vehicle market will register a CAGR of almost 3% by 2023
NEW YORK, June 18, 2019 /PRNewswire/ -- About this market
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. Our analysts have predicted that the energy storage market for unmanned aerial vehicle market will register a CAGR of almost 3% by 2023.
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Market Overview
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.
For the detailed list of factors that will drive and challenge the growth of the energy storage market for unmanned aerial vehicle (UAVs) market during 2019-2023, view our report.
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. Intelligent Energy Ltd., Kokam Co. Ltd., and Tadiran Batteries Ltd. are some of the major companies covered in this report.
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