Drone Battery Market Trends

Growth Drivers

• Growing Demand for Drones in Defense Sector - For instance, as of august 2020, 5 drones were approved by the unit of the U.S. Department of Defense Organization, Defense Innovation Unit for military and federal application. Defensive forces manage the defense system by continuously assessing and tracking the enemy's activity, which potentially results in military fatalities. To study enemy movement, drones (UAVs) are utilized as a key alternative. Drones are made so that they often quickly recognize regions that are vulnerable to terrorism-related problems. Therefore, such a higher requirement is anticipated to hike the growth of the drone battery market over the forecast period.
• Rising Prevalence of UAVs across the Globe - In 2020, the project commercial drone sector was anticipated to generate a revenue of around USD 2.5 billion while the total spending on commercial UAVs is estimated to reach around USD 3 billion.
• Ongoing Advancement in Smart Battery Technology - For instance, the total cost of the battery pack is projected to reach approximately 55 USD/kWh by the year 2030.
• Increasing Requirements for Surveillance - As of 2020, approximately 31,000 drones were projected to be flying solely in the United States skies.

Challenges

• Requirement for Higher Initial Investment - The requirement for higher initial investment is estimated to challenge the market growth. As per recent data, 1.1 billion dollars being invested in drone businesses in 2020. The market for commercial drones is anticipated to reach a value of $43.1 billion by 2024.
• Lack of Awareness of the Drones
• Constant Need for Expensive Maintenance