Worldwide Drones For Energy Industry Market Projected to Grow at CAGR of 25.53% by Forecast to 2023

Worldwide Drones For Energy Industry Market
Drones For Energy Industry Market, By Drone type (Fixed Wing Drone, Rotary Blade Drone and Hybrid Drone), Industry Type (Oil & Gas, Power and Renewable), Application (Inspection, Leak and Spillage Response and Security and Surveillance) and Region – Forecast 2018-2023

Market Overview:

Drones have increased their market share at a relatively consistent pace since their introduction. Their application in the energy sector is also found to be gaining traction. Market focused reports related to the energy and power sector among others recently have been made available by Market Research Future which publishes reports on this industry. The market is predicted to attain 8,390.5 million in earnings while expanding at a CAGR 25.53 percent between 2017 and 2023.

Usage of drones in the energy and power sector includes applications such as power plants, energy distribution networks, pipelines and rigs to assess and evaluate their condition. As drones offer far superior ability of inspection with minimum effort and also allow recording which can be maintained as an official record their market share has grown further. The lower costs associated with inspections by drones are boosting the potential and scope for growth. The factors of better operational efficiency and reduction in cost will be among the main drivers for the expansion of the market through the forecast period.

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Competitive Analysis:

The prospects for growth in the market appear to be promising through the forecast period mainly due to competitor strategies and campaigns that are being deployed to maintain a foothold in the market. The market contenders are formulating their blueprints for corporate strategy in a way can bring about the best consequences for growth in the existing situation, while also simultaneously improving their product’s value.  The companies in this market are adjusting to the state of events by employing portfolio upgrades and maintaining financial fluidity. The constant delivery of customer value has enhanced the market value of the industry. The contenders are handling the competitive environment by driving the market growth factors to their advantage. The capability to fuel competitive capabilities is one of the chief causes powering their efforts in this period. The escalating levels of diversification in the industry, have allowed the companies to utilize many opportunities available in the industry.

A few of the noteworthy competitors operating in the market are Ascending Technologies Inc. (Canada), Aeryon Labs Plc. (UK), ING Robotic Aviation (Canada), Aibotix GmbH Limited (UK), AeroVironment, Inc. (US), DJI (China), Draganfly Innovations Inc. (US), UAVision. (Canada), Drone America (US), and Microdrones (Germany) among others.

Industry Updates:

April 2018 Xcel Energy has recently announced that it will be the first utility in the country to regularly fly unmanned aircraft away from the operator’s line of sight when it initiates the surveying of transmission lines near Colorado, US. Authorization has been granted by the Federal Aviation Administration for the flights. The FAA’s conclusion to allow these flights is a first time occurrence in the utility industry. Licensed pilots will remotely control a small, unmanned helicopter weighing less than 55 pounds. Xcel Energy will use advanced command-and-control technology to guarantee safe operations while it reviews transmission lines.

Industry Segments:

The segmentation of the drones for energy industry market is carried out on the basis of Drone type, industry type, application, and region. On the basis of drone type, the market is segmented into Rotary Blade Drone, Fixed Wing Drone, and Hybrid Drone. The Industry Type segmentation of the market comprises of Oil & Gas, Power, and Renewable. By Application, the drone for energy industry market includes segments such as Spillage Response, Inspection, Leak, Security, and Surveillance. Finally, on the basis of regions the market is segmented into Europe, Asia Pacific, North America and rest of the world.

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Regional Analysis:

While considering the regional analysis of the drones for energy industry market, the Asia Pacific market is the main power producer globally and is the biggest market for renewable energy creation across the globe. The market is developing in nations such as India, China, and Japan, and is likely to develop at a high rate in the forecast period. The North American region is estimated to demonstrate a high rate of development in drones for energy industry market over the coming years, due to rise in approval of drones for leak and spillage detection, inspection and surveillance activities, primarily in oil & gas and power sectors. Causes such as rise in maintenance, inspection and surveillance operations of oil & gas platforms, pipelines, power plants, solar plants, and wind turbines in the region fuelling the market towards growth.

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