The global Utility Drones Market is estimated to be USD 110.2 million in 2018 and is projected to reach 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. In 2017, North America was the largest market for utility drones, followed by Asia Pacific and Europe. Growing demand for minimizing outages related to transmission and distribution infrastructure, cost efficiency, and reachability in hazardous locations are the major factors driving the utility drones market.
The power industry is expected to lead the utility drones market in 2018 and is projected to have the largest market share during the forecast period. The growth of the power industry is primarily 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 industry of utility drones market.
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The renewable industry 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 industry 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.
North America is estimated to be the largest market for utility drones in 2018 and is projected to grow at the highest CAGR during the forecast period. Continuous investments in power infrastructure, increasing power consumption, and subsequently increasing focus on renewable power generation are the key factors driving the growth of utility drones in the region. The US accounted for the largest share of the utility drones market in North America in 2017 and has the highest CAGR during the forecast period. Almost all the countries in the region are augmenting their renewable generation capacities. The need of monitoring extra connections in linking solar and wind parks to grids, is forcing utility companies to adopt much more advanced technology for maintenance and inspection of assets.
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 key players operating in the 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).