PUBLISHER: Meticulous Research | PRODUCT CODE: 1576456
PUBLISHER: Meticulous Research | PRODUCT CODE: 1576456
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.
The 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', provides an in-depth analysis of the utility drones market across five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2031.
The Utility Drones market is projected to reach $645.8 billion by 2031, at a CAGR of 27.3% from 2024 to 2031.
The growth of this market is driven by the low operating costs of drones, advancements in utility drone technology, and their ability to collect verified data. However, technological concerns regarding drone safety and dependence on weather conditions for operation restrain the market's growth. Additionally, more favorable regulations, increasing demand for BVLOS drones, and the emergence of drone-as-a-service models are expected to create substantial opportunities for market stakeholders. However, privacy concerns about drone use, as well as stringent government rules for utility drones, are some challenges to this market's growth.
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}), and end user (power generation, transmission, & distribution, telecom, and water distribution). The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on type, the utility drones market is 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 market. This segment's large market share is driven by several factors, including the advantages of multi-rotor drones, such as enhanced agility, lower costs, improved flight control, the ability to fly close to buildings, and increased operational efficiency due to their capacity to carry multiple payloads per flight. Moreover, the rotor segment is poised to register the highest CAGR during the forecast period.
Based on application, the utility drones market is 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 market. However, the power plant inspection segment is poised to register the highest CAGR during the forecast period. The growth of this segment is driven by the availability of drones equipped with high-resolution cameras and thermal imaging sensors, which provide inspectors with a comprehensive view of plant conditions. These detailed images and videos facilitate the identification of issues such as cracks or damage in boilers and smokestacks, deterioration of electrical insulation, and leaks from pipes and tanks.
Based on end user, the utility drones market is 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 market. This segment's large market share is attributed to several factors, including lower operating and maintenance costs, improved worker safety by allowing drones to fly over hazardous areas, minimal fuel consumption, and reduced environmental impact. Moreover, 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 market. This region's large market share is attributed to the rising adoption of drones for utility purposes, supportive policies promoting the use of utility drones, and the growing utilization of drones by U.S. businesses to strengthen their global market position, enhance safety features, and reduce operational costs. However, the Asia-Pacific is poised to register the highest CAGR of over 29.0% during the forecast period.
The key players operating in the utility drones market are 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).
Utility Drones Market Assessment-by Type
Utility Drones Market Assessment-by Application
Utility Drones Market Assessment-by End User
Utility Drones Market Assessment-by Geography