The global UAV Battery market was valued at US$ 1,165.8 Million in 2020 and is expected to surpass US$ 3,490.7 Million by 2028, registering a CAGR of 14.8 % during the forecast period (2021-2028), according to the Global UAV Battery Market Report, By UAV Type (Medium Altitude Long Endurance (MALE), High Altitude Long Endurance (HALE), Tactical UAVs and Small UAVs (Micro & Mini)), By Battery Type (Fuel Cell, Lithium-Ion, Lithium-Polymer and Nickel Cadmium) and by Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa), published by Coherent Market Insights.
The increasing military expenditure by governments of different countries is creating a lucrative opportunity for market players in the UAV battery market. The increasing adoption of UAVs for strengthening defense and military capabilities of a country, is a major factor expected to aid in growth of the market. Most of the countries have invested huge amount of money in drones and developed their version of drones for warfare scenarios and anti-terrorism activities. For instance, in budget 2018, the U.S. Department of Defense allocated US$ 6,970 million for drones and associated technologies. Furthermore, the increasing border disputes in many countries is leading to high defense expenditure by the governments.
The increasing need to enhance flight time and payload capacity to carry mission ammunitions and other accessories is driving demand for high quality UAV batteries in the global market. Major players in the market are focused on investments to develop effective drones with higher flight time and payload capacity. For instance, in May 2020, Sion Power Corporation tested its Licerion High Energy (HE) lithium-metal rechargeable batteries, designed for unmanned aerial vehicles (UAVs) such as high-altitude pseudo satellites (HAPS) and high-altitude long-endurance (HALE) platforms. Providing an energy density of 500 Wh/kg (1000 Wh/L), Licerion-HE batteries have been engineered to enable longer mission times and higher payload capacities for extended-endurance UAVs. Moreover, there are various companies which offer UAVs with high payload capacity such as Drone Volt, Skyfront, M2K Technologies Private Limited, HSE - Unmanned Aerial Vehicles (UAV), and others. For instance, Drone Volt, an international manufacturer in the field of professional civilian drones and embedded artificial intelligence, offers HERCULES 20 heavy lift drone, which can lift any type of payload up to 15kg. The flight time of this drone is up to 40 minutes.
Global UAV Battery Market - Impact of Coronavirus (Covid-19) Pandemic
UAV has applications in various sectors such as agriculture, food, e-commerce, and other. Owing to the disturbance in supply chain, various industries such as manufacturing, food, retail, e-commerce, and others witnessed declined growth due to COVID- 19 pandemic. Furthermore, uncertainty in buying behaviour of consumer, limitations for non-essential services during the COVID-19, shortage in labor availability, liquidity shortfall, and cash crunch are factors restraining the growth of UAV battery market in the period of COVID-19 pandemic. For instance, owing to the increasing spread of corona virus and lockdown, frequency of purchasing non- essential goods from e-commerce sites is decreasing. Moreover, people prefer home cooked food to avoid corona infection. Therefore, on account of disturbance in demand and supply chain operations, food, e-commerce and other industries faced losses in revenue generation. Hence, the pandemic hampered the growth of UAV battery during the lockdown period.
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