ID: MRFR/E&P/6876-HCR | February 2021 | Region: Global | 111 pages
Utility drones market size is projected to reach USD 690.2 million by 2027, with 30.58% CAGR between 2020 and 2027.
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. These drones first capture images that are sent for analysis, and preventative actions are taken based on data analysis. 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.
The major factors driving the growth of the global utility drones market include advancements in drone technology and time & cost efficiency. For instance, according to the Forbes article, more aerial imaging and mapping software firms will likely announce artificial intelligence (AI) capabilities, and there are some drone-based AI solutions for image recognition, which shows that advancements in drone technology drive the growth of the market. However, amendments in drone regulations would act a growth opportunity for the utility drones market.
Many major players such as Cyberhawk Innovations Limited (Scotland), PrecisionHawk (US), and Delair are actively focusing on signing contracts and agreements with utilities and industries to supply utility drones solutions. For instance, in May 2018, Delair signed an agreement with Sphere Drones (Australia) to sell Delair UX11 product. This has helped the company provide surveying and mapping solutions to the Australian market. However, legal regulations set by Federal Aviation Administration (FAA) is expected to restrain the growth of the global utility drones market.
The global utility drones market has been segmented based on services, type, and end use. Based on services, the global market includes end-to-end solution and point solution. The end-to-end solution segment is expected to hold larger share during the forecast period. Based on type, the global market is segmented into multi-rotor and fixed-wing. The multi-rotor segment is expected to grow with the highest CAGR during the forecast period as multi-rotors are comparatively cheaper and readily available in the market. Based on end use, the global utility drones market has been segmented into conventional power and renewable. The conventional power is further segmented into transmission & distribution (T&D) and generation. The renewable is further segmented into solar and wind. The renewable segment is expected to hold the largest share within the global utility drones market as increasing investments in renewable energy sources to curb CO2 emissions and the growing need for access to electricity are the major factors driving the growth of the renewable segment of the global utility drones market.
The key players operating in the global utility drones market are Cyberhawk Innovations Limited (Scotland), PrecisionHawk (US), Delair (France), SkyScape Industries (US), Measure (US), Sharper Shape Inc. (US), Sky Futures (UK), Terra Drone (Japan), ABJ Drones (US), ULC Robotics (US), Aerodyne Group (Malaysia), Asset Drone (US), Hemav (Spain), YUNEEC (US), and DJI (China).
The global utility drones market is expected to witness high growth during the forecast period owing to the growing demand for minimizing outages related to transmission infrastructure.
Based on region, the global utility drones market is segmented into Asia-Pacific, North America, Europe, the Middle East & Africa, and South America. North America holds the largest utility drones market share due to increased investments in power infrastructure, rising power consumption, and increasing focus on renewable power generation in the energy mix in North America.
|CAGR||30.58% CAGR (2022-2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||USD 8.01 Billion|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Services, Type , End-Use and Renewable|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Cyberhawk Innovations Limited (Scotland), PrecisionHawk (US), Delair (France), SkyScape Industries (US), Measure (US), Sharper Shape Inc. (US), Sky Futures (UK), Terra Drone (Japan), ABJ Drones (US), ULC Robotics (US), Aerodyne Group (Malaysia), Asset Drone (US), Hemav (Spain), YUNEEC (US), and DJI (China).|
|Key Market Opportunities||Amendments in drone regulations|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The benefit of being able to map areas and overcome traffic aerially is estimated to create a positive scope for the growth of the market.
A 36.2% CAGR is expected to motivate the market in the upcoming period.
The income potential of USD 2.1 billion is forecasted for the market by 2027.
The regulations related to the airspace of various countries are estimated to restrict the market in the impending period.
Measure (US), Sharper Shape Inc. (US), and SkyScape Industries (US) are estimated to create a positive title for market expansion in the upcoming period.