The utility drones market is expected to grow at a CAGR of 37.34% from 2018 to 2023 to reach a market size of USD 538.6 million by 2023. Drones that are mainly used for utilities inspection, survey, and asset management are called utility drones. Growing demand for minimizing outages related to transmission and distribution infrastructure, cost efficiency, and reachability in hazardous locations are the major factors driving the market.
North America is estimated to be the fastest growing market for utility drones from 2018 to 2023. The market growth in the region can be attributed to the high demand for continuous investments in power infrastructure, increasing power consumption, and subsequently increasing focus on renewable power generation. Moreover, the region plans to increase renewable power generation by 45% by 2025, according to EIA’s Annual Energy Outlook 2016. In June 2016, the US, Canada, and Mexico entered into an agreement and established a goal of 50% electricity generation from clean energy sources by 2025. All these factors are expected to drive the utility drones market in North America during the forecast period. Thermal Aerial Surveillance Drone Utility has thermal and video cameras with 3-axis gimbals stream images in real time. This type of utility drones provides safe monitoring and inspecting temperature-related problems.
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The point solution segment is estimated to be the fastest growing utility drones market, by services, from 2018 to 2023. This segment is expected to witness growth due to the provision of the drones, software, or data analytics, among other singular solutions. A utility company might need data analytics services while having its drones, drone pilots, and engineers. In the future, utilities are expected to prefer the point solution rather than other solutions as the acceptance level increases.
The report segments the utility drones market, by type, into multi-rotor and fixed wing. The multi-rotor type segment is expected to grow at the highest CAGR during the forecast period owing to high precision and stability. Multi-rotor drones are also comparatively cheaper and readily available in the market. Thus, the multi-rotor type segment offers lucrative business opportunities for utility drones players.
Based on end-user, the renewable segment is estimated to grow at the fastest rate during the forecast period. Increasing investments in renewable energy sources to curb CO2 emissions across the world is the major factor driving the growth of the renewable segment of the utility drones market. The International Energy Agency’s (IEA) has predicted high growth of the renewable segment by 2022, with capacity estimated to expand by over 920 GW.
Utility drones offer several advantages such as reduced inspection and patrol costs, improved safety of utility workers, time and cost efficiency, and reachability in otherwise dangerous locations; these benefits have been driving the utility drones market. Advancements in drone technology and amendments in drone regulations, permitting BVLOS flights can offer lucrative opportunities for utility drones companies.
Utility Drones Market by Services (End-to-End Solution and Point Solution), Type (Multi-Rotor and Fixed Wing), End-user (Power (T&D and Generation), and Renewable (Solar and Wind)), and Region - Global Forecast to 2023
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