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Utility Drones Market to Reach $538.6 Million by 2023
July 30, 2018 | PRNewswireEstimated reading time: 2 minutes
The global utility drones market market is expected to grow from an estimated $110.2 million in 2018 to $538.6 million by 2023, at a CAGR of 37.34% from 2018 to 2023. This growth can be attributed to the rising demand for minimizing outages in transmission & distribution infrastructure and reachability in hazardous locations.
Power segment is expected to hold the largest share of the Utility Drones Market, by end-user, during the forecast period.
The power segment is expected to lead the Utility Drones Market in 2018 and is projected to have the largest market share during the forecast period. The growth of the power segment is primarily driven by increase in population and rising demand for electricity. The benefits of utility drones in the power industry include cutting down of operation and maintenance costs; increasing worker safety considering their ability to operate drones in potentially dangerous areas; use of little or no fuel; and a negligible environmental impact. These factors drive the growth of the power segment of Utility Drones Market.
End-to-end solution is expected to hold the largest share of the Utility Drones Market, by services, during the forecast period.
The end-to-end solution segment is expected to dominate the Utility Drones Market in 2018 and is projected to hold the largest market share during the forecast period. The end-to-end solutions are more widely adopted by utility companies throughout the globe because of the availability of expertise required to obtain accurate data. Usage of end-to-end solution helps utility companies in avoiding problems such as updating drone technology and related data processing. All these are the major factors driving the end-to-end solution segment during the forecast period.
Multi rotor is expected to hold the largest share of the Utility Drones Market, by type, during the forecast period.
The multi-rotor segment is expected to lead the Utility Drones Market in 2018 and is projected to have the largest market share during the forecast period. Multi-rotor drones have been increasingly utilized for aerial inspection and photography because of their high precision and stability. Multi-rotor drones are also comparatively cheaper and readily available in the market. These factors drive the growth of the multi-rotor segment of the Utility Drones Market.
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