PUBLISHER: The Business Research Company | PRODUCT CODE: 1599023
PUBLISHER: The Business Research Company | PRODUCT CODE: 1599023
Drone batteries are specialized power sources designed to provide energy for unmanned aerial vehicles (UAVs), commonly known as drones. These batteries are a critical component of drone technology, enabling the functionality and endurance of drones across various applications.
The drone battery market consists of sales, by entities (organizations, sole traders and partnerships), of drone batteries that are used to power a wide range of drones, from small commercial drones to large military-grade UAVs. The energy stored in these batteries is converted into electrical power to run the motors, sensors, cameras and other onboard systems, allowing the drone to perform tasks such as flying, hovering and carrying out specific operations. The batteries are typically rechargeable and designed to offer a balance between high energy density and weight, as drones rely on lightweight components to maximize flight time and operational efficiency.
The global drone battery market was valued at $2,553.74 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 14.00%.
Increased Investments And Number Of Drone Start-Up Businesses
The increased number of drone start-up businesses drove the growth of the drone battery market during the historic period. The entry of new companies into the drone industry, focusing on sectors like agriculture, logistics and media, boosted demand for drones and their components, particularly high-performance batteries. Start-ups prioritized developing drones with enhanced capabilities, driving competition and the advancement of battery technologies. Diversification into both commercial and recreational segments further expanded the market. Companies required longer-lasting batteries for commercial use and faster-charging ones for recreational drones, prompting investment in battery innovation. For instance, according to data from the research firm Tracxn Technologies, an India-based research and data platform, in fiscal year (FY) 2022-23, India's drone industry saw nearly $50 million in investments, making it the best year for the sector. Drone start-ups attracted $49.7 million across 20 rounds, compared to $25 million in FY2021-22 and $11.2 million in FY2020-21. This represents a 300% growth in investments over the last three fiscal years. Additionally, in October 2022, according to Drone Industry Insights (Droneii), a Germany-based drone market research and consulting firm, the 2022 edition of the drone market map featured 1,076 companies, including 379 new additions since the 2019 edition. The United States led with 337 companies, accounting for 31.3% of the total. The UK followed with 7.3%, while Germany had 6.6%. Both France and Switzerland each represented 4.7% of the market. Therefore, the increased number of drone start-up businesses drove the growth of the drone battery market.
Advancements In Nuclear Battery Technology Aim To Extend The Lifespan Of Drones
Major companies in the drone battery market are prioritizing advancements in nuclear battery technology to extend the operational lifespan of drones and unmanned aerial vehicles (UAVs). By leveraging the high energy density of nuclear batteries, these innovations can deliver sustained power, minimizing the need for frequent recharging. This development enhances flight duration and reliability for critical applications in logistics, surveillance and disaster response, positioning nuclear technology as a transformative solution in the evolving aerospace industry. For example, in January 2024, Betavolt, a China-based battery technology company, introduced a groundbreaking battery
designed to power smartphones for up to 50 years without recharging. This miniaturized atomic energy system is the world's first nuclear battery, utilizing 63 nuclear isotopes arranged in a module smaller than a coin. The technology converts energy from decaying isotopes into electricity. Betavolt has commenced pilot testing and aims to mass-produce the battery for diverse commercial applications, including smartphones and drones.
The global drone battery market is fragmented, with a large number of small players in the market. The top ten competitors in the market made up to 8.30% of the total market in 2023.
Drone Battery Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global drone battery market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for drone battery? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The drone battery market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider drone battery market; and compares it with other markets.