The utility drones market is expected to grow from estimated at USD 110.2 million in 2018 to USD 538.6 million by 2023 at a CAGR of 37.34% from 2018 to 2023. This growth can be attributed to the rising demand for minimizing outages in transmission & distribution infrastructure and reachability in hazardous locations.
Browse 79 market data Tables and 37 Figures spread through 140 Pages and in-depth TOC on Utility Drones Market – Global Forecast to 2023
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Power segment is expected to hold the largest share of the drones market, by end-user, during the forecast period.
The power segment is expected to lead the drones market in 2018 and is projected to have the largest market share during the forecast period. The growth of the power segment is driven by increase in population and rising demand for electricity. The benefits of utility drones in the power industry include cutting down of operation and maintenance costs; increasing worker safety considering their ability to operate drones in potentially dangerous areas; use of little or no fuel; and a negligible environmental impact. These factors drive the growth of the power segment of utility drones market.
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North America: the leading market for utility drones
In this report, the utility drones has been analyzed with respect to 5 regions, namely, Asia Pacific, Europe, North America, South America, and the Middle East & Africa. The market in North America is about to enter the drones market in 2018. The EIA’s in 2018. The EIA’s Annual Energy Outlook 2016 has stated that the share of energy generation from renewable and nuclear energy sources in North America would grow by 45% by 2025. Rising investments in power infrastructure, increasing power consumption, and subsequently increasing power generation are major factors driving the growth of drones driveway in the region.
Drivers:
Growing global demand for minimizing outages related to transmission infrastructure
Power outages have a global impact on the reliability of transmission systems. Reliability is a critical factor, especially for countries where energy prices are regulated. Power utilities face backlashes from regulatory authorities in terms of penalties, every time there is a power outage. A major cause of power outages has been interfering with tree branches with power lines. Drones have helped in minimizing search problems by acting as an asset management tool. Millions of dollars on inspecting difficult-to-reach infrastructures, from power lines to pipelines. Unmanned Aircraft Systems (UAS), or drones, have been found to be more effective in minimizing the downtime.
Time and cost efficiency
Drones help in providing a real-time image of a problem/damage in the utility asset, which ultimately expedites the correcting measures. Deploying manned helicopters, vehicle patrols, and footpaths to inspect power lines and surrounding vegetation is extremely costly for utility companies. Use of drones for inspection has helped to significantly reduce costs helped while providing high-quality, detailed images of the damage to overhead utility lines.
Restraints:
Legal regulations, across the globe, have constrained advances in the utility drones market. Although utility drones are extremely useful to utility companies, they have limited freedom owing to the Federal Aviation Administration (FAA). These regulations, in particular, exclude drone operations in some circumstances such as Beyond Visual Line Of Sight (BVLOS), over long distances, or at night. Considering that FAA has maintained a pace with the fast-growing drone technologies, it has failed to exploit all the benefits of drones to improve the efficiency and effectiveness of infrastructure inspection and disaster recovery efforts.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the utility drones market. The key players in the market are Cyberhawk (Scotland), Delair (France), Measure (US), Precision Hawk (US), and HEMAV (Spain).
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