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Global Drones Market for Energy Industry Overview
Drones Market for Energy Industry Estimated at USD 69.4 Billion By 2030 at a CAGR Of 14.30%. Forecast By 2022-2030
In the past few years, remarkable growth has been evident in the Drones Market for Energy Industry Market. Further, the global market has expected to account for higher market growth in the upcoming years. Drones have drastically transformed inspection services and aerial surveys with the development of drone battery technology and sensors. With this flying device which carries cameras, it is now easy to access difficult areas.As per the Drones Market for Energy Industry Market Trends report, drones can inspect and monitor the PV modules installed at utility-scale, building, or integrated rooftop systems.
Also, it can inspect malfunction of PV modules, inspect for degradation, produce the solar power plant thermography, vegetation monitoring, and dust saturation over PV modules. Moreover, the drone can detect the blade defects and edge erosion over the turbine, inspecting and monitoring the turbine blade lightning receptor, nacelle, and tower. Additionally, the transmission lines for vegetation management have the high prior use of drones to prevent trees from transmission lines interfering through the monitoring process. Overall, these factors play an essential role in generating the higher Drones Market for Energy Industry Market Size in the upcoming years.
The energy industry highly requires drones due to their nature of cost-effectiveness, accuracy, reliability, and flexibility. These drones have easy operating methods suitable for the harsh environment, require less time for assessment, and can be operated at high altitudes. Moreover, the global market uses the advanced inspection technique rather than the manual inspection, increasing the demand of this global market. Apart from this, drones for energy demand are increasing due to their increasing demands to observe ocean-going ships, inspect or monitor power lines, solar panels, wind turbines, inspect offshore platforms and refineries, and line-of-sight applications.
COVID-19 Impact Analysis
In 2020, the arrival of COVID-19 had negatively impacted the Drones Market for Energy Industry Market Growth. At this time, the supply chain and manufacturing have been disrupted. Also, the global market has lost its biggest investors.
However, the present situation has changed, and it has been predicted to meet the higher Drones Market for Energy Industry Market Size for the forecast period. The global market players are increasing the market expansion by adopting different acquisitions and strategic mergers, increasing investments in research and development, product launch, cost-effective product portfolio, and innovation.
Major Drivers of the Market
In this global market, substantial growth has been observed due to advanced inspection techniques, making it less time-consuming and more cost-effective, and offering and processing accurate data from remote systems.
In the present scenario, the UK government announced a wider £33.5 million investment and the 28 potential drones to deliver COVID-19 supplies and fight fires. This shows the increasing demand for the global market as per the Drones Market for Energy Industry Market Outlook report.
Opportunities of the global market
According to the Drones Market for Energy Industry Market Outlook report, the global market has more opportunities for the key player and manufacturers due to the flexibility and reliability of the drones for the energy market.
Moreover, the continuous efforts of the market leaders on developing the Drones Market for Energy Industry Market are bringing lots of innovations and productive results to the industry.
Market Restraints
The global Drones Market for Energy Industry Market might experience market restraints due to the lack of technological advancements for raw data processing and federal regulations limiting the line-of-sight usages across the world.
The market players observe these market restraints to bring better outcomes to the Drones Market for Energy Industry Market.
Market Growth challenges
The global Drones Market for Energy Industry Market might face challenges as remote & discrete system's conventional assessment, inspection, and monitoring requires more high-tech equipment, skilled manpower, ropes, cranes, scaffolding, or ladders. Also, it can increase the risk associated with it and increases the overall maintenance cost.
In addition to this, the high labor cost for the discrete inspection can bring more challenges to this market Growth.
Cumulative growth Analysis
The increase in surveillance operations, inspection, and maintenance of power plants, pipelines, oil & gas platforms, wind turbines, and solar plants are bringing more scope to the global Drones Market for Energy Industry Market. This is increasing the market growth and investment in research and development.
Therefore, the key players of various regions are making more efforts to generate the Drones Market for Energy Industry Market Revenue for the research period.
Drones Market for Energy Industry Segment Overview
The global Drones Market for Energy Industry Market has more scope, and it is segmented into drone types, applications, and industry types.
- By Type:
Based on the drone type segment, the global Drones Market for Energy Industry Market has been classified into Rotary Blade Drone, Hybrid Drone, and Fixed Wing Drone.
Among these, the Rotary Blade Drone and Fixed Wing Drone have the higher demands in the global market, which is projected to account for the significant Drones Market for Energy Industry Market Share for the assessment timeframe.
- By Application:
The global Drones Market for Energy Industry Market has been segregated into inspection, security and surveillance, and leak and spillage response based on the application segment.
According to this market Forecast report, these many heavy drone applications can bring more growth opportunities in the upcoming years.
- By Industry Type:
This market has been segmented into power, oil & gas, and renewable based on industry type segment.
Drones can detect corrosion, leakages, and other issues associated with the oil & gas pipelines and rigs. This is the reason behind the growth of the Drones Market for Energy Industry Market in the oil & gas industry type.
Drones Market for Energy Industry Regional Analysis
Geographically, the global market has been segregated into various regions such as Asia Pacific, North America, Europe, and the rest of the world.
The Asia Pacific marketing region is considered the largest market for renewable energy generation and the largest power producer globally. Moreover, the countries like India, China, and Japan are developing drones for the energy market. Hence, this region is estimated to generate the higher Drones Market for Energy Industry Market Share for the review period. Along with that, the North American region is projected to witness higher market growth in this Market Forecast period due to the growing adoption of drones for leak and spillage detection, inspection, surveillance activities, especially in the industrial sector of power and oil & gas.
Competitive Landscape Analysis
According to this market analysis, the global market has high competition across the globe. These competitive key players are:
- Microdrones (Germany),
- DJI (China),
- Aibotix GmbH Limited (UK),
- Drone America (US),
- Draganfly Innovations Inc. (US),
- ING Robotic Aviation (Canada),
- Aeryon Labs Plc. (UK),
- AeroVironment, Inc. (US),
- Ascending Technologies Inc. (Canada),
- Univision. (Canada).
The global market has involved diversified international organizations and various dynamics. New entrants form a competitive landscape and domestic organizations to drive market growth and maintain the higher position of the global market.
Recent Development
- In October 2016, Intel Falcon 8+ UAS was announced by the Intel Company at the INTERGEO drone conference, held in Hamburg, Germany.
- In October 2016, the latest innovations in UAV technology were presented by the leading Unmanned Aerial Vehicle (UAV) solutions providers named Aibotix. It was presented on the fifth anniversary of the Aibot X6 UAV celebrations at INTERGEO 2016.
Drones Market for Energy Industry Segmental Table
By Drone Type:
- Rotary Blade Drone
- Hybrid Drone
- Fixed Wing Drone
By Application:
- Inspection
- Security and Surveillance
- Leak and Spillage Response
By Industry Type:
- Power
- Oil & Gas
- Renewable
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