Utility Drone Market: Current Analysis and Forecast (2024-2032)

Report Description

Utility Drones Market Size & Forecast

The Utility Drones market was valued at approximately USD 152.5 Million in 2023 and is expected to grow at a robust CAGR of around 25.2% during the forecast period (2024-2032) owing to the increasing demand for cost-effective, safe, and efficient infrastructure inspection, advancements in drone technology, the global shift toward renewable energy, and the need for real-time monitoring and predictive maintenance in utility networks.

Utility Drones Market Analysis

Investment from key players in drone technology in the last few years increased at an influential rate owing to the multifaceted applicability of drones coupled with the usage of drones has also grown. It is mainly due to the technological advancements that have kept pace and delivered advanced and sophisticated versions of drones to users. Similarly, the establishment of long transmission lines and the adoption of renewable energy sources are the primary factors likely to positively influence the utility drone market in the region. Also, increasing power generation capacity from PV solar plants across the globe has escalated the application of utility drones for their surveillance and security functions.

Various countries across the globe hesitated to fully exploit the potential of drones due to rules and regulations due to the concern for potential safety, security, privacy, and environmental issues. However, drone deployment in the COVID-19 crisis has offered a learning opportunity for how airspace regulations could be updated to facilitate their use also beyond emergency response.

Utility Drones Market Trends

This section discusses the key market trends influencing the utility drone market segments as identified by our research experts.

End-to-End Solution Transforming Industry

The increased popularity of the end-to-end solution service segment in the utility drone market is explained by the need to integrate various services, including the use of drones, data collection, and analysis. It also consolidates efforts and practices most of its simplification and reduction strategies across the board with multi-vendor dependency underpinning the efficiency of utility companies. Further, the developments in the application of artificial intelligence and data analytics facilitate real-time performance tracking and maintenance to extend the life of the equipment; like the situation with the legal regulation increases the adoption of drone services through the provision of end-to-end solutions.

North America is expected to dominate the market in 2023

The growth of utility drones in the North American market is driven by the increasing demand for efficient infrastructure management, stringent safety regulations, and the expansion of renewable energy projects such as wind and solar farms. Additionally, aging utility infrastructure, such as power lines and pipelines, requires frequent inspections, and drones provide a cost-effective and safer alternative to traditional methods. The region’s technological advancements, along with supportive regulatory frameworks from bodies like the Federal Aviation Administration (FAA), have further propelled the adoption of utility drones, helping companies improve operational efficiency and reduce downtime.

Utility Drones Industry Overview

The utility drone market is competitive, with several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market are Cyberhawk Innovations Limited, DJI, Delair, Volatus Unmanned Services, Measur, Sharper Shape Inc, Glanville Geospatial Limited, Terra Drone Corp, ABJ RENEWABLES, and Skydio, Inc.

Utility Drones Market News

• For instance, in 2024, Rotor Technologies, a US startup that develops unmanned aerial vehicles (UAVs) out of New Hampshire, announced the launch of the world’s two largest commercial drones.
• In 2023, Marut Drones introduced its pioneering initiative, the Seedcopter 2.0 – India’s first reforestation drone. Marut Drones announced the availability of Seedcopter services to corporate entities, enabling them to actively engage in CSR activities and reforestation efforts.

Utility Drones Market Report Coverage

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 portfolios, 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.

Customization Options:

The global utility drone market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs; hence, feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Utility Drones Market Analysis (2022-2032)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global Utility Drones market were the three major steps undertaken to create and analyze the adoption of Utility Drones in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, numerous findings and assumptions were taken into consideration to validate these insights. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Utility 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 of the industry. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

A detailed secondary study was conducted to obtain the historical market size of the Utility Drones market through company internal sources such as annual reports & 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 utility drone market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report, such as service, type, end-use, and region. Further country-level analyses were conducted to evaluate the overall adoption of testing models 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 the Utility Drones market. Further, we conducted factor analysis using dependent and independent variables such as service, type, end-use, and utility drone market regions. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Utility Drones market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above three steps, we arrived at the current market size, key players in the global Utility 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., the top-down/bottom-up approach were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the utility drone market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global utility drone 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, 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

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global utility drone market. Data was split into several segments and sub-segments after studying various parameters and trends in the service, type, end-use, and regions of the global Utility Drones market.

The main objective of the Global Utility Drones Market Study

The current & future market trends of the global utility drone market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends 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 from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Utility Drones market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of service, type, end-use, and regions.
• Define and analyze the regulatory framework for the Utility Drones
• 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 Utility Drones market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the Utility 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

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