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. Rising demand for minimizing outages related to transmission & distribution infrastructure focus on time and cost efficiency, and reachability in hazardous locations are the major drivers of the utility drones market.
Browse 79 market data Tables and 37 Figures spread through 140 Pages and in-depth TOC on "Utility Drones Market"
Power segment is expected to hold the largest share of the utility drones market, by end-user, during the forecast period.
The power segment 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 segment is primarily driven by an 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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End-to-end solution is expected to hold the largest share of the utility drones market, by services, during the forecast period.
The end-to-end solution segment is expected to dominate the utility drones market in 2018 and is projected to hold the largest market share during the forecast period. The end-to-end solutions are more widely adopted by utility companies throughout the globe because of the availability of expertise required to obtain accurate data. Usage of end-to-end solution helps utility companies in avoiding problems such as updating drone technology and related data processing. All these are the major factors driving the end-to-end solution segment during the forecast period.
North America: the leading market for utility drones
In this report, the utility drones market 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 expected to lead the global utility drones market in 2018 and is projected to have the largest market share by 2023. The US is expected to hold the largest share of the utility drones market in North America 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 focus on renewable power generation are major factors driving the growth of utility drones market in the region.
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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 Cyberhawk (Scotland), Delair (France), Measure (US), PrecisionHawk (US), and HEMAV (Spain).
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Utility Drones Market Growing at a CAGR of 37.34% from 2018 to 2023
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