Utility Drones Market Insights
The global utility drones market is expected to grow at a significant rate over the forecast period. Utility drones are projected to have the huge impact in the power & utility sector over the next few years. Technological advancements made by the drone producers in order to minimize costs, enhance the potential of drones, and automate operations are projected to stimulate the market growth.
Utility drones have found increased penetration in substation equipment monitoring, leak detection in water pipes, remediation site monitoring, hydroelectric dam inspections, and construction site monitoring among others. While utility drones have a number of potential benefits, it is also exposed to risks of data theft & security.
The changing regulatory scenarios are also projected to pose a challenge for the overall market. However, favorable regulatory standards set by some countries have led to an increased number of drone-related operations. This, in turn, is expected to boost the overall market growth over the coming years.
Utility Drones Market: Application Insights
The utility drones market is segmented into risk identification & management, real-time monitoring, asset management, predictive maintenance, and vegetation management, among others. The demand for risk identification & management is projected to grow at a substantial CAGR over the coming years owing to wide applications of drones in pre-construction and investment monitoring activities. The growing energy & power sector has led to increase in demand for innovative technologies in order to optimize operational strategies.
Utility Drones Market: End-Use Insights
On the basis of end-use, the market is segmented into energy & power vertical, oil & gas vertical, and utilities vertical. The demand for utility drones is expected to witness huge demand due to dramatic growth observed in energy analytics industry. The major energy & power companies operating in the market have either deployed or have plans to deploy drones in the future, in order to achieve operational efficiency. The utility segment is expected to grow at a considerable CAGR over the coming years. The segment is further divided into electricity, water, and waste management & recycling among others.
Utility Drones Market: Regional Insights
North America accounted for the highest market share in terms of revenue in 2016 and is projected to continue its dominance over the coming years. The regional growth is attributed to an increased emphasis on research & development activities and presence of major vendors, particularly in countries such as the U.S. and Canada. Also, innovations in drone analytics along with favorable government regulations in the region are anticipated to fuel the regional market. The Asia-Pacific utility drone market is expected to grow at the highest CAGR driven by technological innovations in drone applications, the experimental attitude of the government, favorable regulations, and growing investment in drone producing companies.
Utility Drones Market: End-Use Landscape
The end-use landscape entails a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase utility drones over the coming years. Some leading consumers of this market are Exelon, Iberdrola, and Sinopec among others.
Utility Drones Market: Vendor Landscape
The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.
Utility Drones Market Share & Competitor Analysis
Some of the players operating in the global utility drones market include DroneNerds, ULC Robotics, Skyward, Asset Drones, DroneView Technologies, ABJ Drones, SPH Engineering, Droneflight, Unmanned Aerial Specialists, LLC, and Remote GeoSystems among others.
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