Global Utility Drone Market is expected to foresee significant growth
- Himanshu Patni
- September 29, 2021
- ENERGY & POWER, NEWS
- Utility Drone Market, Utility Drone Market growth, Utility Drone Market share, Utility Drone Market size, Utility Drone Market trends
- 0 Comments
Global Utility Drone Market is expected to reach the market valuation of US$ XX million by 2027 expanding at a reasonable CAGR of XX % during the forecast period (2021-2027) from US$ XX million in 2020. Factors that are driving the market share of Utility Drone such as rising industrialization, rising power infrastructure assets, growing adoption of remote-controlled aerial devices and increasing use of digital communications & control systems are the latest utility drones market trends. Another factor which is leading the growth of this market as utility drones are highly efficient in terms of detection of damages in energy grids occurring due to various threats also ensures higher safety from natural disasters like earthquakes. In addition, utility drones help in assessment of damage to power lines in case of a storm and help in creating 2D/3D models of power infrastructure that helps in locating defects in power infrastructure. Additionally, utility drones also help in detection of intruder vehicles in a power infrastructure site. Moreover, factors that are driving the market demand for utility drones are surging technology advancement in drones that escalated its operation in various industries such as energy, power, agriculture, military and delivery expected to drive the market growth in the forecasted period as well.
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Utility drones are equipped with infra-red cameras of very high resolution that can capture minute details in power infrastructure. Through these cameras, drones take detailed images of power infrastructure. The infra-red cameras also have thermal imaging and LIDAR (Light Detection and Ranging) capabilities which help drones detect overheated power components such as overheating of cables, transformers, etc. Utility drone provider constantly monitor their delivery systems to ensure that consumers and businesses have access to utilities they need. Using an unmanned utility drone instead of a manned aircraft reduces the cost and improves the integrity of aerial utility inspections.
Factors that are driving the market share of Utility Drone such as technological advancements that have kept pace and delivering advanced and sophisticated versions of drones to users. Similarly, establishment of long transmission lines and adoption of renewable energy sources are the primary factors likely to positively influence the utility drones market in the region. Also, increasing power generation capacity from PV solar plant across the globe has escalated the application of utility drones for their surveillance and security functions. For instance, as per Statista, from global cumulative solar PV capacity has China has reached 252.2 gigawatts in 2020 and with continue investment in PV solar technology market is expected to escalate the demand for utility drones.
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Based on service, the market is classified into end to end solution and point solution. The end to end solution segment generated revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027. This solution includes the provision of the drone, drone pilots, engineers; software, data management, processing, and analytics; drone advisory services; and consulting, among several other services that helps in obtaining accurate data on utilities assets.
With COVID-19 sweeping the globe, the world’s economies were brought to their knees and for the first time in recent history exposed how easily the essential services have come to rely on every day had adversely disrupted. As the pandemic has exposed the inefficiencies and limitations of labor heavy systems, the spotlight has been firmly placed on autonomous systems and their ability to drastically improve the way of delivering goods, inspect critical infrastructure, and maintain public safety.
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Additionally, the report provides detailed initiatives that are being taken in the field of Utility Drone market. The market is classified into distinct regions including North America, Europe, Asia Pacific, and the Rest of World. Asia Pacific dominated the Global Utility Drone Market, accounting for nearly xx% share in 2020 as the region houses major Utility Drone companies, predominantly due to the surging technology advancement in drones that escalated its operation in various industries such as energy, power, agriculture, military and delivery expected to drive the market growth in the forecasted period as well.
Global Utility Drone Market Segmentation
Market Insight, by Services
- End-to-End Solution
- Point Solution
Market Insight, by Type
- · Multi-Rotor
Market Insight, by End-Use
- Conventional Power
- Transmission & Distribution
- Renewable Power
Market Insight, by Region
- North America
- Asia Pacific
- Rest of the world
Top Company Profiles
- Cyberhawk Innovations Limited
- SkyScape Industries
- Sharper Shape Inc.
- Sky Futures
- Terra Drone
- ABJ Drones