Solar Powered Drones Market size to grow at over 15% CAGR over the forecast 2016 - 2024

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Solar Powered Drones Market size to grow at over
15 CAGR till 2024 Global Market Insights Inc.
Fuel Cell Market size worth 25.5bn by 2024
Low Power Wide Area Network
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Regional Analysis of Solar Powered Drones Market

• North America solar powered drone market share
  was the largest in 2015 owing to high adoption
  rates due to the extensive applications of
  military drones.
• Combat and surveillance operations in the
  critical war zones are projected to enhance
  growth prospects in the region. Initiatives
  undertaken by aviation regulatory authorities and
  government, such as EASA in Europe and FAA in the
  U.S., will drive the growth till 2024.
• Asia Pacific region is expected to be the major
  regional segment due to high investments by
  countries such as Japan, India, and China for
  military and commercial purposes.

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Application Analysis of Solar Powered Drones
Market

• Technological advancements surfacing in hydrogen
  fuel cell, photovoltaic cell, and hybrid
  propulsion system used to generate energy may
  help in improving the endurance and flight range.
  
• Extensive applications for law enforcement
  activities to assist crime investigation are
  gaining prominence. It is used for accumulating
  evidence by capturing quality videos and images
  from over the crime scene without tampering the
  existing evidence.
• On the basis of applications, the global solar
  powered drones market can be segmented into
  agriculture, energy, government defense,
  telecommunication, and media entertainment.

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Competitive Market Share of Solar Powered Drones
Market

• Key participants holding major solar powered
  drone market share include Airbus (QinetiQ),
  Boeing Phantom Works, Google (Titan Aerospace),
  and Facebook (Ascenta). Other participants
  include AeroVironment/NASA, Lockheed Martin
  (Hale-D), Bye Engineering, and Atlantik Solar.
  Solar powered aviation has witnessed a steep rise
  in RD expenditure in the last two years prior to
  2015.
• Collaborations, mergers, and acquisitions are
  expected to remain the primary focus for the key
  players to claim significant market presence over
  the forecast timeframe. For instance, Airbus and
  its subsidiary acquired Zephyr assets from
  QinetiQ, a British defense technology company in
  2013. This strategy was significant for its
  futuristic scope as Zephyr had a track record of
  overcoming three world records in 2010.

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