Global Utility Drone Market generated revenue of around US$ 312.3 million in 2020 and is expected to grow at a CAGR of about 35.0% during the analysis period (2021-2027). Investment from key players in drone technology in the last few years increased at an influential rate owing to the multifaceted applicability of drones coupled with its the usage of drones has also grown. It is mainly due to the technological advancements that have kept pace and delivering advanced and sophisticated versions of drones to users. Similarly, establishment of long transmission lines and adoption of renewable energy sources are the primary factors likely to positively influence the utility drones market in the region Also, increasing power generation capacity from PV solar plant across the globe has escalated the application of utility drones for their surveillance and security functions. For instance, as per Statista, from global cumulative solar PV capacity has China has reached 252.2 gigawatts in 2020 and with continue investment in PV solar technology market is expected to escalate the demand for utility drones.
Utility drones market has seen significant surge during 2020 due to the impact of Coronavirus pandemic. Drones had proved to be versatile and effective tools in the Coronavirus epidemic. Various countries across the globe hesitated to fully exploit its potential of drones due to rules and regulations due to the concern for potential safety, security, privacy and environmental issues. However, drone deployment in the Covid-19 crisis has offered a learning opportunity for how airspace regulations could be updated to facilitate their use also beyond emergency response. In the pandemic, drones are being used for contact-free delivery, surveillance, enforcement, and hygiene applications. As need to reduce human contact as a health precaution in the time of Covid-19 has provided a boost to the use of drones.
Cyberhawk Innovations Limited, PrecisionHawk, Delair, SkyScape Industries, Measure, Sharper Shape Inc, Sky Futures, Terra Drone, ABJ Drones, ULC Robotics are some of the prominent players operating in the Global Utility Drone Market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst Services, End to End Solution segment holds the major share”
Based on service, the market is classified into end to end solution and point solution. The end-to-end solution segment generated highest revenue in 2020. 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 that helps in obtaining accurate data on utilities assets
“Amongst Type, Multi- Rotor Segment holds the major share”
Based on type, the market is segmented into multi-rotor and fixed wings. The multi-rotar segment grabbed major share of the global utility drones’ market in 2020. The segment is expected to grow at a reasonable CAGR owing to the easy availability and affordability in the market.
“Amongst End-Use, Conventional Power segment holds the major share”
Based on end-use, the market is segmented into conventional power and renewable power. Currently, conventional power captures dominant share in utility drones market and expected to increase in the forecasted period as well. It is mainly owing to the factors such as 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 are driving the market.
“North America represents one of the largest markets of Global Utility Drone Market”
For a better understanding of the market dynamics of the Global Utility Drone Market, a detailed analysis was conducted for different regions including Asia Pacific, North America, Europe, and Rest of the World. North America constitutes the largest market in 2020 predominantly due to the investments in power infrastructure monitoring and management.
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• Deep dive regional level analysis of the industry
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