According to a new market research report "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", published by MarketsandMarkets™, the global 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. This growth can be attributed to the rising demand for minimizing outages in transmission & distribution infrastructure and reachability in hazardous locations.
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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 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.
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.
Multi rotor is expected to hold the largest share of the Utility Drones Market, by type, during the forecast period.
The multi-rotor segment is expected to lead the Utility Drones Market in 2018 and is projected to have the largest market share during the forecast period. Multi-rotor drones have been increasingly utilized for aerial inspection and photography because of their high precision and stability. Multi-rotor drones are also comparatively cheaper and readily available in the market. These factors drive the growth of the multi-rotor segment of the Utility Drones Market.
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.
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). The leading players are trying to expand in developing economies and are adopting various strategies to increase their market shares.
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