Redding, California - August 1, 2024
Utility Drones Market to be Worth $645.8 Billion by 2031
Utility Drones Market Size, Share, Forecast, & Trends Analysis by Type (Rotor, Fixed-wing, Fixed-wing Hybrid VTOL), Application (Tower Inspection, Transmission Line Inspection, Power Plant Inspection), End User (Power Generation, Transmission, & Distribution, Telecom) - Global Forecast to 2031
Meticulous Research®— a leading global market research company, published a research report titled, ‘Utility Drones Market by Type (Rotor, Fixed-wing, Fixed-wing Hybrid VTOL), Application (Tower Inspection, Transmission Line Inspection, Power Plant Inspection), End User (Power Generation, Transmission, & Distribution, Telecom), and Geography - Global Forecast to 2031.’
According to this latest publication from Meticulous Research®, the utility drones market is expected to reach $645.8 billion by 2031, at a CAGR of 27.3% from 2024 to 2031. The low operating costs of drones, technological improvements in utility drones, and the capacity to collect authenticated data are all driving the growth of the utility drones market. However, technological concerns related to drone safety and dependence on weather conditions for operation restrain the market’s growth.
Furthermore, more favorable regulations, rising demand for BVLOS drones, and the emergence of drone-as-a-service are estimated to provide considerable potential opportunities for players operating in this market. However, privacy concerns about drone use, as well as stringent government rules for utility drones, could hinder industry expansion.
The utility drones market is segmented by type (rotor {multi-rotor and single-rotor}, fixed-wing, and fixed-wing hybrid VTOL), application (tower inspection, transmission line inspection, substation monitoring, pipeline inspection, power plant inspection {wind power plants, nuclear power plant, solar power plant, hydropower plant, and fossil fuel power plant}), end user (power generation, transmission, & distribution, telecom, and water distribution), and geography. This study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on type, the utility drones market is broadly segmented into rotor, fixed-wing, and fixed-wing hybrid VTOL. The rotor segment is sub-segmented into multi-rotor and single-rotor. In 2024, the rotor segment is expected to account for the largest share of over 57.0% of the utility drones market. This segment’s large market share is attributed to factors such as multi-rotor drones’ higher maneuverability, affordability, better control during flight, ability to fly extremely close to structures & buildings, and increased operational efficiency due to the ability to carry multiple payloads per flight.
Moreover, the rotor segment is anticipated to register the highest CAGR during the forecast period.
Based on application, the utility drones market is broadly segmented into tower inspection, transmission line inspection, substation monitoring, pipeline inspection, and power plant inspection. The power plant inspection segment is sub-segmented into wind power plants, nuclear power plants, solar power plants, hydropower plants, and fossil fuel power plants. In 2024, the transmission line inspection segment is expected to account for the largest share of over 28.0% of the utility drones market. This segment’s large market share is attributed to factors such as safety for workers, increased efficiency of inspections, reduced costs, more comprehensive data collection, and improved ability to detect & address potential problems. Additionally, drones equipped with high-resolution cameras and other sensors can perform inspections quickly and safely. They can capture detailed images and videos of transmission lines, towers, and surrounding vegetation.
However, the power plant inspection segment is estimated to register the highest CAGR during the forecast period. This segment's growth is attributed to factors such as being equipped with high-resolution cameras and even thermal imaging sensors; drones can provide inspectors with a comprehensive view of the plant's condition. These detailed images and videos allow for better detection of issues like cracks or damage in boilers and smokestacks, deterioration of insulation on electrical components, and leakage from pipes and tanks.
Based on end user, the utility drones market is broadly segmented into power generation, transmission, & distribution, telecom, and water distribution. In 2024, the power generation, transmission, & distribution segment is expected to account for the largest share of over 54.0% of the utility drones market. The significant market share of this segment is due to its many benefits, which include reduced operating and maintenance costs, increased worker safety because of its capacity to fly over potentially hazardous regions, little to no fuel use, and minimal environmental impact.
Furthermore, the power generation, transmission, & distribution segment is poised to register the highest CAGR during the forecast period.
Based on geography, the utility drones market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of over 42.0% of the global utility drones market. North America's large market share is due to the widespread use of drones for utility applications, policy support for the use of utility drones, and the growing use of drones by businesses in the U.S. to improve their competitiveness in the global market, reduce operational costs, and increase safety.
However, Asia-Pacific is expected to register the highest CAGR of 29.0% during the forecast period. The region's substantial share is ascribed to a variety of potential elements that lessen the environmental impact of specific operations, such as animal monitoring, environmental damage assessment, and surveying without the use of ground-based vehicles or aircraft. In addition, advances in drone technology, such as longer battery life, increased cargo capacity, autonomous navigation, and sensor capabilities, have made utility drones more feasible and cost-effective for a variety of applications in the Asia-Pacific. Furthermore, some state and regional governments in the region are aggressively pushing the use of utility drones in a variety of industrial settings. This involves money for research and development, and it also involves developing laws to make utility drone operations more efficient.
Key Players
The key players operating in the utility drones market include SZ DJI Technology Co Ltd (China), Terra Drone Corp. (Japan), PrecisionHawk Inc (U.S.), Delair SAS (U.S.), AeroVironment Inc. (U.S.), Australian UAV Pty Ltd (Australia), Sharper Shape Ltd. (U.S.), Aerodyne Group (Malaysia), SkyScape Industries (U.S.), Cyberhawk Innovations Limited (U.K.), Skydio, Inc. (U.S.), Sky-Futures (U.K.), ABJ Drones (U.S.), ULC Robotics (U.S.), and Asset Drone (Switzerland).
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Key Questions Answered in the Report:
- Which are the high-growth market segments in terms of type, application, and end user?
- What is the historical market size for utility drones?
- What are the market forecasts and estimates for 2024–2031?
- What are the major drivers, restraints, opportunities, challenges, and trends in the utility drones market?
- Who are the major players in the utility drones market, and what are their market shares?
- What is the competitive landscape like?
- What are the recent developments in the utility drones market?
- What are the growth strategies adopted by major market players?
- What are the key market trends, and which are the high-growth countries?
- Who are the local emerging players in the utility drones market, and how do they compete with the other players?
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