Utility drones are used in applications to monitor leakage in water pipes, an inspection of hydroelectric dams, construction sites, and many others. Further, the rising use of utility drones in the power and utility sector in the upcoming years is likely to witness substantial growth of the utility drones market during the forecast period of 2021-2031. The new developments and innovations made by the drone manufacturers have helped in reducing the cost and enhancing the utility of drones coupled with automated operations are expected to drive the growth of the utility drones market.
Transparency Market Research presents the various aspects of the utility drones market such as competitive landscape, regional segmentation, latest trends, and others in a systematic manner to the stakeholders. Furthermore, the predictions are based on extensive primary and secondary research. The outcomes have been systematically included for the stakeholders to understand the present situation of the utility drones market.
The companies in the utility drones market are striving to increase their revenues through research and development activities, strategic collaborations, and investments. The growing influence of utility drones in numerous industries may serve as growth accelerators for the utility drones market. In addition, R&D activities help in developing new formulations and strategies.. For instance, HSE (Homeland Surveillance & Electronics) LLC has recently launched a new agricultural drone to enhance efficiency in the field. Furthermore, it spreads granules and is featured with a seeding sprayer combo.
Strategic collaborations are also crucial for the growth of the utility drones market. The players indulge in mergers, acquisitions, joint ventures, and partnerships. For instance, AgEagle Aerial Systems Inc., a leading drone solution provider has collaborated with ‘Parrot’, the leading drone group. Such initiatives may boost the market growth in the forthcoming years.
Some key market players operating in the utility drones market are Aerodyne, Precision Hawk, Shaper Shape, and many others.
The utility drone market is segmented into energy and power, utilities, and gas vertical segments. The energy and power segment is projected to show a substantial growth trajectory owing to the increase in demand for transmission infrastructure. The reliability of transmission systems has been largely affected due to power outages. The energy prices are regulated by authorities in several countries. Furthermore, the power utilities have to bear penalties whenever there is a power outage caused due to their operations. Drone acts as an asset management tool and helps to tackle the issues related to power transmission. In addition, the expenditure on inspection issues can be curbed due to the use of utility drones. Also, it has been helpful in providing detailed images of the damage caused to overhead utility lines. All these aspects may trigger the growth of the utility drones market. Based on utility the drone market can be segmented into fixed-wing and multi-rotor. However, the multi-rotor segment has shown rapid growth due to its cost-effectiveness and easy availability. These factors are likely to boost the growth of the utility drones market.
Federal Aviation Administration (FAA) has set regulations to exclude drone operations beyond visual line of sight over long distances. Further, FAA is not in sync with the advanced technologies. Thus, this aspect can be a major restraint for the growth of the utility drones market.
On the basis of regions, the utility drones market can be segmented into North America, Asia Pacific, Latin America, Europe, the Middle East, and South Africa. North America is anticipated to dominate the utility drones market in terms of revenue. The increasing focus on renewable power generation may increase the growth prospects for the utility drones market in North America. The rules and regulations imposed by the government have proved to be favorable for the growth of the utility drones market in countries such as Canada and the U.S. The technological advancements and innovations in the techniques used for operating utility drones are expected to be growth boosters for the utility drones market in the Asia Pacific region.
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Utility Drones Market
