Summary: Increasing awareness and adoption of drones across various industry verticals, with the progression of time, has been witnessed since the inception of the same.
Increasing awareness and adoption of drones across various industry verticals, with the progression of time, has been witnessed since the inception of the same. As a result, this increases the demand and adoption of drone batteries as well. Thus, the expansion of the drones market is expected to be the primary driving factor for the growth of the Global Drone Batteries Market. The declining prices of drones is further assisting the growth of both, the drones and drone batteries market, in terms of value.
Since the inception of drones, a high traction and demand for the same has been witnessed due to the advanced solutions offered by them. Drone batteries, functioning as a heart of the product, are thus expected to correspondingly witness an increased adoption.
With the increasing applications of drones, the demand for higher battery capacity has also been witnessed. With an intention of catering to this demand, lithium-based drone batteries were introduced. Owing to the enhanced features such as high energy density, long life, etc., of lithium-based drone batteries, a higher preference, for the same is being witnessed over conventional drone batteries, i.e. NiCad and NiMH drone batteries.
The drone batteries market has witnessed considerable traction in the past four years, in terms of value. In addition to this, the drone batteries is furthermore expected to exhibit a significant growth rate during the forecast period, owing to the increasing adoption of drones across commercial sectors, besides the military and defense industry vertical.
One of the recent trends being witnessed in the global drone batteries market is the increasing adoption of lithium-based drone batteries, such as LiPo, in place of conventional NiCad and NiMH drone batteries, due to their enhanced features.
However, the high costs associated with drone batteries is considered to be a major factor challenging the adoption of the same across some countries. As a result, this is expected to be the primary restraining factor for the global drone batteries market.
Some of the key players in the drone batteries market are GensAce, TATTU, DJI, ProFlight, Parrot, Yuneec, Ryze Tech, PowerVision, and a few others.
By geography, the drone batteries market can be segmented across North America, Latin America, Western Europe, Eastern Europe, China, Japan, SEA and Others in Asia Pacific, and Middle East & Africa. Among these regions, Asia Pacific (including Japan and China) drone batteries market is expected to dominate the global drone batteries market during the forecast period, owing to the strong semiconductor products and components market in the region. North America and Europe are expected to follow Asia Pacific in the global drone batteries market in terms of revenue, owing to the high adoption of drones in these regions. China is however expected to exhibit the highest growth rate during the forecast period in the global drone batteries market. Besides this, Latin America and MEA are also expected to witness a considerable growth rate during the forecast period in the global drone batteries market.
Contact: Ashlee Peng