Technological advancements coupled with favorable government regulations to drive global utility drones market through 2024
According to TechSci Research report, “Global Utility Drones Market By Type, By Services, By End-User, By Region, Competition, Forecast & Opportunities, 2024”, global utility drones market is projected to grow at a CAGR of over 30% during 2019-2024, on the back of growing need to reduce outage within energy transmission and distribution sector. Utility drones market is gaining impetus due to rising adoption of drone technology to increase business operations and impart better safety. By end-user, global utility drones market has been categorized into power and renewable segments. In 2018, power segment dominated the market and is expected to account for majority share in global utility drones market during the forecast period as well, owing to rising demand for electricity.
In terms of services, end-to-end solution category accounted for the largest share in 2018 and is likely to maintain its market dominance in coming years. The leading position of end-to-end solution category can be majorly attributed to its wide adoption by utility, owing to the availability of expertise required to obtain accurate data. North America is the largest demand generating region for utility drones across the globe, backed by increasing investments in power infrastructure, growing power consumption and rising focus on renewable power generation. The US utility drones market dominated the North American region in 2018, owing to wide acceptance of technological advancements and various government initiatives to promote renewable power generation.
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“Global utility drones market is anticipated to register robust growth over the course of next five years, on account of technological advancements in the field of UAVs, in addition to time and cost efficiency offered by these UAVs. Utility drones have a healthy growth landscape, as they are widely used in the power and renewable sector, where they help in cutting down operational and maintenance costs, along with increasing worker safety considering the drones’ ability to operate in potentially dangerous areas.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
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“Global Utility Drones Market By Type, By Services, By End-User, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global utility drones market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global utility drones market.
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