UAV Battery Market to Surpass US$ 2,734.0 Million by 2026 | Coherent Market Insights

UAV Battery Market to Surpass US$ 2,734.0 Million by 2026 | Coherent Market Insights

“Coherent Market Insights”
The global UAV battery market is expected to witness significant growth during the forecast period (2018–2026). The market growth is attributed to increasing demand for high performance, long duration flight time UAVs for military applications.

The global UAV Battery market was valued at US$ 817.7 million in 2017 and is projected to reach US$ 2,734.0 million by 2026, exhibiting a CAGR of 14.5% over the forecast period, according to Global UAV Battery Market Report, by UAV Type (Medium Altitude Long Endurance, High Altitude Long Endurance, Tactical UAVs, and Small UAVs), by Battery Type (Fuel Cell, Lithium-Ion, Lithium Polymer, and Nickel Cadmium), by Region (North America, Europe, Asia Pacific, and LAMEA) published by Coherent Market Insights.

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Unmanned Aerial Vehicle (UAV) batteries are designed to support and power the UAV structure for a specific period of time which can be extended with the help of multiple batteries in UAVs. Increasing production of UAVs for deployment in the military across various regions is driving the UAV battery market growth. Moreover, increasing military expenditure by governments of different countries is creating a lucrative opportunity for market players in the UAV battery market. Increasing adoption of UAVs for strengthening defense and military capabilities of the country, is expected to aid growth of the market. Therefore, increasing budget for defense and military purposes has led to high expenditure on UAVs and related technologies, which is expected to drive growth of the UAV batteries market.

Some of the major players operating in the UAV battery market include Ballard Power Systems, Cella Energy Limited, Denchi Power Ltd., EaglePicher Technologies, H3 Dynamics, Kokam, OXIS Energy Ltd., Sion Power Corporation, and Tadiran Batteries GmbH.

Among UAV type, the tactical UAVs segment is expected to exhibit the highest growth rate during the forecast period. This is owing to increasing deployment of UAVs for intelligence, surveillance, and reconnaissance operations by defense forces around the world. Moreover, increasing demand of reducing terrorism by deploying specific monitoring, tactical UAVs is another factor driving demand for tactical UAVs in the market.

Among battery type, Lithium-Ion (Li-Ion) segment held the dominant share in the global UAV battery market in 2017. These batteries are widely used in commercial drones and are considered as the most cost-effective solution to power the drones. These batteries are also used along with hybrid fuel cell powered drones. Industrial grade lithium-ion batteries have military application, as they provide around 20 years of operating life and 5,000 full recharge cycles with an extended range of -40⁰C to 85⁰ However, fuel cell as a UAV battery is mainly considered as a replacement for lithium-ion batteries for small UAVs.

North America is the most dominant region in the global UAV battery market and it is expected to witness high growth over the forecast period. North America drones industry is expected to lead the market during the forecast period owing to increasing use of UAVs/drones for commercial and military applications. Based on estimations by Coherent Market Insights, the drones industry in North America is estimated to be valued at US$ 3.7 billion in 2018 and it is projected to increase at a CAGR of 14.15% during the forecast period of 2018-2026. This is owing to increasing production and deployment of UAVs for different military applications such as intelligence, surveillance, and reconnaissance (ISR), tactical warfare, and weather analysis in the region.

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According to Coherent Market Insights’ (CMI) research, China is one of the leading countries in terms of market share in the Asia Pacific UAV battery market, and accounted for 60% of the market share in the Asia Pacific UAV battery market. Moreover, according to the same source, Russia is expected to be the fastest growing market for UAV batteries in Europe. This is owing to increasing adoption and development of advanced UAV technologies such as shotgun firing drones, which is increasing the demand for UAV batteries in the region. For instance, according to CMI analysis in 2019, Russia deployed the new shotgun firing drone in its military forces, which was designed by students of Moscow Aviation Institute.

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