The market growth is credited to growing demand for long duration flight time, high performance, UAVs for military applications.
The global UAV battery market accounted for US$ 1137.4 Million in 2020 and is estimated to be 3244.9 Million by 2029 and is anticipated to register a CAGR of 12.4%. The report. "Global UAV Battery Market, By Type (Medium Altitude Long Endurance, High Altitude Long Endurance, Tactical UAVs, and Small UAVs), By Battery Type (Fuel Cell, Lithium-Ion, Lithium Polymer, and Nickel Cadmium), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Trends, Analysis and Forecast till 2029”.
In February 2018, Sion Power, a global developer of lithium battery technology, declared the appointment of Dr. Jeff Britt as Vice President of operations. Britt’s duties will include overseeing the company’s and production easiness.
In June 2019, OXIS Energy is setting up the first-ever manufacturing plant specifically for the mass production of lithium-suffer cells for the production of electrolyte and cathode active material. At the Kenfig Industrial Estate Port Talbot in Wales, the plant will be constructed.
Rising production of UAVS for deployment in the militaries across the globe
Growing UAV production across the world is forecasting to demand high for different types of batteries. In the UAV market, the U.S. estimated for the highest share of 41.9% by value, and 37.8% by volume in 2017. Additionally, Asia Pacific estimated for the second highest market for UAV batteries and second biggest share in the UAV market in 2017, followed by Europe and the rest of the world. Hence, growing production of UAVs across various regions is projected boost the growth of the global UAV battery market.
Growth in defense expenditure by governments
Rising military expenditure by governments worldwide is gaining a lucrative opportunities for market players in the global UAV battery market. Growing adop