Proliferating application of drone technology across several verticals ranging from surveillance research and surveillance, weather forecasting to risk and asset management in businesses and drone-based farming in the agriculture sector has significantly developed the drone market in the recent past. The computer-aided technology, information accuracy, task effectiveness and affordability of drone has been boosting the demand for utility drone in the power, oil and gas and renewable sector. The increasing demand for utility drones from the power and energy sector is anticipated to propagate the global market for the product during 2020-25.
According to MarkNtel Advisors’ research report “Global Utility Drone Market Analysis, 2020”, the global Utility Drone market is anticipated to grow at a CAGR of around 29% during 2020-25 due to increasing demand for outrage detection and monitoring from the transmission and distribution system. Technological advancements in drone features such as improved camera quality, better reachability to the riskier positions, superior analytics capabilities and time efficiency are growing its application in utility inspection.
The drone market has been witnessing increased penetration in hydropower plants, leak detection in the water sewage and transportation system, power substations, construction sites and oil and gas exploration sites, and others. The centralized monitoring of remote locations is among the most beneficial feature offered by drones resulting in the growth of the market.
According to MarkNtel Advisors’, the North America region contributed to the majority share in the overall Utility Drone market in 2019. The dominance by the region is attributed to continuing in the long run, attributing to the increasing government and private sector involvement in research and development activities especially in countries such as the US and Canada. Moreover, the government of the US, has allowed the use of drones for commercial purposes, which is further projected to increase the demand for the product from the commercial power and energy facilities.
During 2020-25, the Asia-Pacific region is anticipated to achieve the highest CAGR, on account of developing infrastructure, increasing government emphasis on renewable power generation, increasing private investments in the power and utility sectors, expanding transmission lines are some of the key factors, offering expansion opportunities for the operators in the drone market.
According to MarkNtel Advisors’, the Utility Drone market consists of a limited number of global players that are operating in the market and offering competitive products. However, the global drone market is evolving due to the introduction of new products with integrated innovative technologies launched by the companies. The key market players in the Utility Drone industry include Sky-Futures Ltd., Precision Hawk, Terra Drone, ABJ Drones, Aerodyne, Cyberhawk, Aerodyne, etc.
The players in the Utility Drone market are introducing smart features in their product to enhance the performance and overall value offering of their product. For instance, In Indonesia, Terra Drone Corporation, a Japan-based company successfully launched its fixed-wing, Terra Wing Drone, in 2019. The drone was able to cover the distance of 2km within just 10 minutes. Moreover, the Terra Drone's own monitoring software generates a 3D model of the analyzed data.
“Global Utility Drone Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Utility Drone providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
1. By Type (Multi-Rotor and Fixed Wing)
2. By Services (End-to-End Solution, Point Solution)
3. By End User (Power Vertical, and Renewable Vertical)
4. By Application (Real-time Monitoring, Risk Identification & Management, Asset Management, Predictive Maintenance, and Others)
5. By Region (North America, South America, Europe, Middle East, and Africa, Asia- Pacific)
6. By Country (US, Canada, Mexico, Brazil, Argentina, Germany, Italy, UK, France, Russia, Saudi-Arabia, UAE, South Africa, China, India, Australia, and Japan)
7. By Company (Asset Drone, Cyberhawk, ABJ Drones, Terra Drone, Measure, Sharper Shape, Precisionhawk, and Others)
Key questions answered in the study:
1. What are the current and future trends of the Global Utility Drone industry?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the Global Utility Drone industry?
5. What are the customer orientation, purchase behavior, and expectations from the Utility Drone suppliers across various regions?