The global utility drones market is projected to reach $538.6 million by 2023, at a CAGR of 37.34% from 2018 to 2023.
Drones are mainly used for utility inspection, survey and asset management.
In 2017, North America was the largest market for utility drones, followed by the Asia Pacific and Europe. Growing demand for minimising outages related to transmission and distribution infrastructure, cost efficiency and reachability in hazardous locations are the major factors driving the utility drones market.
The renewable segment is estimated to grow at the fastest rate during the forecast period.
Increasing investments in renewable energy sources to curb CO2 emissions across the world is the major factor driving the growth of the renewable segment of the utility drones market.
The International Energy Agency has predicted high growth of the renewable segment by 2022, with capacity estimated to expand by over 920 GW.
Continuous investments in power infrastructure, increasing power consumption, and subsequently increasing focus on renewable power generation are the key factors driving the growth of utility drones in the region.
The need for monitoring extra connections in linking solar and wind parks to grids is forcing utility companies to adopt much more advanced technology for maintenance and inspection of assets.
In June 2016, the US, Canada, and Mexico entered into an agreement and established a goal of 50% electricity generation from clean energy sources by 2025. All these factors are expected to drive the utility drones market in North America during the forecast period.
Thermal Aerial Surveillance Drone Utility has thermal and video cameras with 3-axis gimbals stream images in real time. This type of utility drones provides safe monitoring and inspecting temperature-related problems.
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