LONDON--(BUSINESS WIRE)--The global energy storage market for unmanned aerial vehicles (UAVs) is expected to post a CAGR of more than 19% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the global energy storage market for unmanned aerial vehicles (UAVs) is the augmented application profile of UAVs. UAVs are gaining acceptance in various applications such as providing Internet in remote places, aerial photography and video recording, surveying and documenting wildlife, and public service missions. This is encouraging UAV manufacturers to offer UAVs that can be used in numerous commercial applications. Besides the commercial segment, UAVs are also gaining adoption in the industrial sector. Mining is one of the new industrial segments, where UAVs perform several tasks. Thus, the ongoing developments in the use of UAVs are driving their adoption, resulting in higher demand for advanced UAV batteries.
As per Technavio, the use of artificial intelligence in autonomous UAVs will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global energy storage market for unmanned aerial vehicles (UAVs) 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global energy storage market for unmanned aerial vehicles (UAVs): Use of artificial intelligence in autonomous UAVs
Drones have become an integral part of numerous industries within a short period. They are being deployed for security monitoring, safety inspections, border surveillance, and storm tracking. Moreover, the next-generation of drones are expected to be equipped with artificial intelligence (AI). The use of aerial AI will allow the generation of huge volumes of real-time data, which will open new avenues for analyzing captured data and studying complex physical structures and terrains. Such benefits of integrating AI with UAV are encouraging several companies to offer the installation of AI software in drones. This will increase the adoption of UAVs, which will eventually increase the demand for advanced batteries for UAV.
“Apart from the growing use of artificial intelligence (AI) in autonomous UAVs, other factors such as the development of drone swarm technology, and increasing strategic partnerships among vendors will have a positive impact on the growth of the energy storage market for unmanned aerial vehicles (UAVs) during the forecast period,” says a senior research analyst at Technavio.
Global energy storage market for unmanned aerial vehicles (UAVs): Segmentation analysis
This market research report segments the global energy storage market for unmanned aerial vehicles (UAVs) by product (battery, and fuel cell), and geographic regions (the Americas, EMEA, and APAC).
The Americas region led the energy storage market for unmanned aerial vehicles (UAVs) in 2018, followed by EMEA, and APAC, respectively. The expansion of the application portfolio of UAVs and the development of alternative propulsion technologies to increase the performance of UAVs will lead to an increase in the demand for ESS for UAVs, which will drive the growth of the market in the Americas during the forecast period.
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Five Forces Analysis
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