Solar powered drones market to accumulate $3,803.4 million by 2033
According to Fact.MR, the global solar powered drones market will likely reach a valuation of $1,017 million in 2023 and is expected to grow at a CAGR of 14.1% during the forecast years of 2023-2033.
The solar drone market is emerging and also expected to witness greater peaks globally as they have the ability to provide access to different places where traffic cannot reach on time.
The market for solar-powered drones is expanding as a result of the increased focus on using renewable energy sources. Drones are used for data collection, aerial photography, solar farming, mining, agricultural farming, and other applications. Undoubtedly, solar-powered UAVs have shown some interesting high altitude and long endurance qualities, but the current crop of solar powered UAVs are quite light and delicate, and they only have limited payloads.
Solar trees are being developed by several manufacturers, due to the advancement in technology of drones. As a result, governments have also started taking initiatives for the infrastructure development of solar trees. The solar powered drones can be widely used in different sectors for instance healthcare, commercials places, airports etc. the solar powered drones also reduce the cost of the operations and need less labour force to perform the operation.
With the emerging technology in the drone industry and the increasing demand for green energy; there will be an increase in the demand for solar powered drones.
- The global solar powered drones market is projected to grow 14.1 % and reach $3,803.4 million by 2033.
- The market witnessed 8.3% CAGR between 2018 and 2022.
- The solar powered drones will dominate the market with $1,017 million valuations in 2023.
- North America will dominate the market with 32.1% market share in 2023.
- Based on application, market share for filming & photography solar powered drone is expected to reach 24.4% and a valuation of $248.6 million by 2023.
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