Renewable Drones Market: Current Analysis and Forecast (2021-2027)
$3500 – $6860
Emphasis on Type (Multirotor, Fixed Wing); Solution (End-to-End, Point); End-Use (Solar, Wind); Region and Country
Renewable Drones Market is expected to exceed the market valuation of more than US$ XX billion in 2027 and is expected to grow at a significant CAGR of XX% during the forecast period (2021-2027). Drones are one of the most developed robotics technologies, that is being used in the renewable energy sector. Drones can be used to inspect solar and wind farms, de-icing, and cleaning the turbine blades. Drones can carry high resolution, thermal and infrared cameras that can be used to collect images and videos of the solar and wind farms. Wind turbine inspections have been boosted with the use of drones. During the manual inspections, someone had to hang by a rope to inspect the turbines, which could be time consuming as well as unsafe. With the help of drones this process can be eliminated and turbines can be inspected and fixed very quickly and safely.
The key reasons for this are that data can be collected almost 50 times faster with the help of drones. Solar farms are large parks and so manual check takes a long amount of time, whereas with the help of drones equipped with an appropriate thermal camera the detection can be made much faster. For example, usually wind turbines are inspected manually either by climbing or hanging down by a rope, which apart from being unsafe is also time consuming. With the help of drones this can be changes and data can be collected much more efficiently and in much less time. With the help of a drone 1 wind turbine (with 3 blades) can be inspected in 40 minutes. With the help of drones, solar and wind farm inspections are more accurate, faster, and more economical. This is expected to boost the renewable drones market in the coming times.
Weight Capacities of Different Drone Types (Kg), 2020
DJI Enterprise, Terra Drone, AgEagle Aerial Systems, DroneDeploy, Parrot Group, ABJ Drones, DRONE VOLT Group, Airpix, Sitemark, Skylark Drones are some of the prominent players operating in the Renewable Drones market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst Type, Multirotor segment holds the major share”
Based on type, the renewable drones market is segmented into Multirotor and Fixed Wing. Amongst type, the multirotor segment of the renewable drones market was valued at US$ XX billion in 2020 and is likely to reach US$ XX billion by 2027 and is growing at a CAGR of XX% from 2021-2027. Multirotor drones have various advantaged over fixed rotor drones like performing vertical takeoffs and landings. They do not need much space to take flight, can maneuver around objects and can hover mid-flight, which allows for easy inspection, modeling, and mapping. Wind turbine inspection costs can minimize by 40% with the help of drones.
“Amongst Solution, End-to-End Solutions segment holds the major share”
Based on solution, the renewable drones market is segmented into End-to-end solution and Point solution. Amongst solution, XX accounted for a market valuation of US$ XX billion in 2020 and is expected to reach US$ XX billion by the year 2027, at a CAGR of XX% over the analyzed period. End-to-end solutions includes everything from data analysis, accessories, reports etc. for the client such that nothing must be supplied from the outside. These solutions include supplying customers with drone pilots, drones, engineers, data management, software, analytics, processing, consulting, and advisory services.
“Amongst End-User, Solar segment holds the major share”
Based on end-user, the renewable drones market is segmented into solar and wind. The solar segment is further sub segmented into Solar PV and Solar CSP. The solar segment generated revenue of US$ XX billion in 2020 and is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of US$ XX billion by 2027F. Solar farms are growing at a tremendous rate around the world as the solar cell technology is becoming more efficient and governments are realizing the potential of solar energy.
“Asia Pacific represents one of the largest markets of Renewable Drones market”
For a better understanding of the market dynamics of the Renewable Drones market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Italy, United Kingdom, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC) and Rest of the World. Asia Pacific dominated the market and grabbed around XX% market share owing to increasing adoption of renewable energy across the world.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
- The report presents a quick review of overall industry performance at one glance
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional level analysis of the industry
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|1.2.||Objective of the Study|
|1.5.||Currency Used in Report|
|1.6.||Scope of the Renewable Drones Market Study|
|2.1.||Research Methodology for the Renewable Drones Market|
|2.1.1.||Main Objective of the Renewable Drones Market|
|9.1.||NORTH AMERICA RENEWABLE DRONES MARKET|
|9.1.3.||Rest of North America|
|9.2.||EUROPE RENEWABLE DRONES MARKET|
|9.2.6.||Rest of Europe|
|9.3.||ASIA-PACIFIC RENEWABLE DRONES MARKET|
|9.3.5.||Rest of Asia-Pacific|
|9.4.||REST OF THE WORLD RENEWABLE DRONES MARKET|
|13.1.||Demand Side Analysis|
|13.2.||Supply Side Analysis|
|13.2.1.||Top Product Launches|
|13.2.2.||Top Business Partnerships|
|13.2.3.||Top Business Expansions, Investments and Divestitures|
|13.2.4.||Top Merger and Acquisitions|
|16.3.||AgEagle Aerial Systems|
|16.7.||DRONE VOLT Group|
Analyzing the historical market, estimation of the current market, and forecasting the future market of the Renewable Drones market were the three major steps undertaken to create and analyze the adoption of Renewable Drones in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Renewable Drones market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Renewable Drones through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Renewable Drones market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as type, solution, end-user. Further country-level analyses were conducted to evaluate the overall adoption of renewable energy in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Renewable Drones. Further, we conducted factor analysis using dependent and independent variables such as increasing global temperature and increasing adoption of renewable energy. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the Renewable Drones sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Renewable Drones market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (US$) and the adoption rate of Renewable Drones across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the Renewable Drones market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Renewable Drones market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type and their type of the Renewable Drones market.
The main objective of the Renewable Drones Market Study
The current & future market trends of Renewable Drones were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of Renewable Drones in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of type and their subtypes
- Define and analysis of the regulatory framework for the Renewable Drones industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the Renewable Drones market for the major region
- Major regions studied in the report include North America (the U.S, Canada, and Rest of North America), Europe (Germany, United Kingdom, France, Spain, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Others), and the Rest of the World
- Company profiles of the Renewable Drones market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry