Saturday, 27 July 2024
According to our latest study on "Drone Battery Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Drone Type, Battery Type, Battery Capacity, and Industry," the market was valued at US$ 994.97 million in 2022 and is expected to reach US$ 2,450.56 million by 2028; it is anticipated to register a CAGR of 16.2% from 2022 to 2028.
A drone battery is one of the most important components in any drone system. It provides multiple power sources to the propellers for the drone to take flight for a limited period (~25–30 mins). Lithium-ion batteries are one of the most widely used battery types across the small drone (mini and micro) industry.
Drone Battery Market — by Region, 2022
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Source: The Insight Partners Analysis
The growing number of drone start-up companies is another major factor boosting drone production, ultimately catalyzing the drone battery market growth across the globe. For instance, between August 2021 and February 2022, India witnessed a strong increase of ~34% in its total number of drone start-ups. Such factors have been providing new opportunities for the drone battery market players in India. Further, the demand for LiPo batteries is expected to continue increasing during the forecast period due to their technological advantages, such as higher endurance, temperature resistance, and air pressure resistance. Such products are widely used in mini and micro quadcopters. Vendors are also majorly focusing on the development of LiPo battery products for different drone manufacturers.
The rise in applications of drones across various industries is one of the major factors driving the drone battery market across the globe. Further, the demand for mini and micro drones is also propelled by the growth in demand from the end use industries. Several end users often face challenges in using the small sized drones with a limited operational time due to their battery operational limitations. To overcome this challenge the end users also keep additional charged batteries for immediate replacement at the time of battery discharge. This factor also acts as another factor that propels the drone battery market growth.
In addition, the introduction of large capacity batteries at a lower cost by local vendors across different regions is one of the major factors hindering the drone battery market growth. This restricts the customers to buy expensive battery solutions for their respective drone solutions. Low-cost batteries are also used as a substitute battery for drone operations. This is restraining the growth of drone battery market across different regions.
The drone battery market analysis is segmented on the basis of drone type, battery type, battery capacity, and industry. Based on drone type, the drone battery market is divided into mini quad and micro quad. The mini quad segment held a larger revenue share in 2021. Based on battery type, the market is segmented into NiCad, NiMH, and LiPo. The LiPo segment contributed the largest drone battery market share in 2021. Based on battery capacity, the market is segmented into below 3,000 mAh, 3,000-5,000 mAh, 5,000-10,000 mAh, and above 10,000 mAh. The below 3000 mAh segment contributed the largest revenue share in 2021. Based on industry, the market is segmented into agriculture & forestry, infrastructure inspection, utilities, construction, mining, and others. In 2021, the agriculture & forestry segment led the market with largest drone battery market share.
By geography, the drone battery market is segmented into five key regions—North America, Europe, Asia Pacific, the Middle East & Africa, and South America. Asia Pacific held the largest revenue share in 2022, followed by North America and Europe. Asia Pacific is projected to be the fastest-growing region, and is expected to register the highest CAGR of 17.1% from 2022 to 2028.
A few major drone battery market players are AMIT industries L.T.D, Amperex Technology Limited, Autel Robotics, MMC-UAV, SES AI, Parrot Drone SAS, Maxamps, Shenzhen Grepow Battery Co, DJI, and RRC Power Solutions.
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