The Utility Drones Market is expected to grow from an estimated USD 110.2 million in 2018 to USD 538.6 million by 2023, at a CAGR of 37.34% from 2018 to 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.
Market Dynamics:
- Drivers
- Growing Global Demand for Minimizing Outages Related to Transmission Infrastructure
- Time and Cost Efficiency
- Reachability in Hazardous Locations
- Restraints
- Legal Regulations
- Opportunities
- Amendments in Drone Regulations, Permitting Bvlos Flights
- Advancements in Drone Technology
- Challenges
- Working Safety
- Data Protection and Security
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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.
End-user Industry:
- Power
- Generation
- Transmission & distribution
- Renewable
- Solar
- Wind
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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A few global players dominate the utility drones market. The key players operating in utility drones market are Cyberhawk (Scotland), Delair (France), Measure (US), PrecisionHawk (US), and HEMAV (Spain). The other players in the market are Aerodyne (England), Asset Drone (US), ABJ Drones (US), Terra Drone (Japan), Sky-Futures (England), Sharper Shape (US), Sky Scape (US), and ULC Robotics (US).
