$500+ Million Utility Drones Market - Global Forecast to 2023
DUBLIN, Aug. 7, 2018 /PRNewswire/ --
The "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" report has been added to ResearchAndMarkets.com's offering.
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.
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.
The report segments the utility drones market, by services, into end-to-end solution and point solutions. The end-to-end solution segment is expected to dominate the market in 2018 because of the availability of expertise required to obtain accurate data on utilities assets. This solution includes the provision of the drone; drone pilots; engineers; software; data management, processing, and analytics; drone advisory services; and consulting, among several other services.
Based on end-user, the utility drones market has been segmented into power and renewable. The power segment is expected to hold the largest market share in 2018. The advantages of using utility drones for the power industry include cutting down of operation and maintenance costs; boosting of worker safety considering their ability to fly in potentially dangerous areas; use of little or no fuel; and negligible environmental impact. All these are the key factors driving the power end-user segment of the utility drones market during the forecast period.
Based on type, the utility drones market has been segmented into multi-rotor and fixed wing. The multi-rotor segment is estimated to lead the market in 2018 and is expected to grow at the fastest rate during the forecast period, as multi-rotors are comparatively cheaper and readily available in the market.
In this report, the utility drones market has been analyzed with respect to 5 regions, namely, Asia Pacific, Europe, North America, South America, and Middle East & Africa. The North American region is expected to hold the largest market share in 2018 and is the fastest growing market from 2018 to 2023. Factors such as increased investments in power infrastructure, rising power consumption, and increasing focus on renewable power generation in the energy mix are driving the utility drones market in the North American region.
Advancements in drone technology and amendments in drone regulations, permitting BVLOS flights can create opportunities in the utility drones market. However, legal regulations could restrain the growth of the utility drones market, leading to declining profits.
Some of the leading players in the utility drones market are Cyberhawk (Scotland), Delair (France), Measure (US), PrecisionHawk (US), and HEMAV (Spain). Contracts & agreements and partnerships were the most widely adopted strategies by players to ensure their dominance in the market.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Utility Drone Market During the Forecast Period
4.2 Utility Drone Market, By Type
4.3 End-To-End Solution, Drone Market, By Service
4.4 Utility Drone Market, By End-User
4.5 Utility Drone Market, By Region
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.3 Drivers
5.3.1 Growing Global Demand for Minimizing Outages Related to Transmission and Distribution Infrastructure
5.3.2 Time and Cost Efficiency
5.3.3 Reachability in Hazardous Locations
5.4 Restraints
5.4.1 Legal Regulations
5.5 Opportunities
5.5.1 Amendments in Drone Regulations, Permitting Bvlos Flights
5.5.2 Advancements in Drone Technology
5.6 Challenges
5.6.1 Working Safety
5.6.2 Data Protection and Security
6 Utility Drones Market, By Type
6.1 Introduction
6.2 Multi-Rotor
6.3 Fixed Wing
7 Utility Drones Market, By Services
7.1 Introduction
7.2 End-To-End Solution
7.3 Point Solution
9 Utility Drones Market, By End-User
9.1 Introduction
9.2 Power
9.2.1 Generation
9.2.2 Transmission & Distribution
9.3 Renewable
9.3.1 Solar
9.3.2 Wind
10 Utility Drones Market, By Region
11 Competitive Landscape
11.1 Introduction
11.2 Ranking of Players and Market Structure
11.3 Competitive Scenario
11.3.1 Contracts & Agreements
11.3.2 Partnerships
11.3.3 New Product Launches
11.3.4 Investments & Expansions
11.3.5 Mergers & Acquisitions
11.3.6 Collaborations & Alliances
11.4 Competitive Benchmarking
12 Company Profiles
- Aerodyne
- Asset Drone
- ABJ Drones
- Cyberhawk
- Delair
- Hemav
- Measure
- Terra Drone
- Sky-Futures
- Precisionhawk
- Sharper Shape
- Sky Scape
- ULC Robotics
For more information about this report visit https://www.researchandmarkets.com/research/9ftsgp/utility_drones?w=5
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