According to Markntel Advisors Report, Utility Drone Market is expected to grow at a significant growth rate, and the analysis period is 2024-2029, considering the base year as 2023. Consistent monitoring and evaluating of market dynamics to stay informed and adapt your strategies accordingly. As a market research and consulting firm, we offer market research reports that focus on major parameters including Target Market Identification, Customer Needs and Preferences, Thorough Competitor Analysis, Market Size & Market Analysis, and other major factors. At the end, we do provide meaningful insights and actionable recommendations that inform decision-making and strategy development.
A utility drone is an aerial vehicle with an in-built camera used predominantly in the utility sector, such as power, water, sewage services, hydro-electricity power generation dams, oil & natural gas, and renewable energy. A utility drone provides better surveillance, inspection, and improved maintenance services to power generation & distribution facilities..
Global Utility Drone Market Research Report & Summary:
The Global Utility Drone Market is valued at around USD 318 million in 2023 and is estimated to grow at a CAGR of around 29.12% during the forecast period, i.e., 2024-29.
Time Period Captured in the Report:
- Historical Years: 2019-22
- Base Years: 2023
- Forecast Years: 2024-2029
Who are the Key Players Operating in the Utility Drone Market?
The top companies of the Utility Drone Market ruling the industry are:
Asset Drone, Cyberhawk, ABJ Drones, Terra Drone, Measure, Sharper Shape, SkyScape, ULC Robotics, Sky-Futures, PrecisionHawk and other.
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Utility Drone Industry Recent Development:
- 2023: Teera Drone raised USD 14 million in Series C funding from Wa’ed Ventures, the venture capital arm of Saudi Aramco.
What is Included in Utility Drone Market Segmentation?
The Utility Drone Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:
-By Type
-Multi Rotor
-Fixed Wing
-By Services
-End-to-End Solution
-Point Solution
-By End User
-Power Vertical
-Power Generation
-Power Transmission
-Renewable Vertical
-Wind
-Solar
-By Application
-Real-time Monitoring
-Risk Identification & Management
-Asset Management
-Predictive Maintenance
-Others
-By Region
-North America
-South America
-Europe
-Middle East & Africa
-Asia-Pacific
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Market Dynamics -Global Utility Drone Market:
Rising Infrastructure Inspection Driving the Demand for Utility Drone in the Market – The market for drone-based infrastructure inspection has experienced substantial growth during the historical years. This is primarily due to safety concerns, which prompted utility companies to increasingly rely on drones for inspecting critical infrastructure like power lines, pipelines, and bridges, as they eliminate the need for human workers to access hazardous or hard-to-reach areas.
This prioritization of safety, along with the ability of drones to capture high-quality data for thorough inspections has significantly improved maintenance efficiency & reduced downtime. Furthermore, the cost-effectiveness of drone-based inspections compared to traditional methods, such as helicopter flyovers, has driven adoption among various government authorities.
Rising Opportunities for Utility Drones in the Future of Food Delivery – Food delivery services represent a promising frontier within the Global Utility Drone Market. With the increasing adoption of smartphones & expanding internet access, the utility drone sector has witnessed a surge in applications. Various food delivery and e-commerce companies on a global scale have embarked on initiatives involving the testing & development of drones for delivery purposes.
This strategic move positions them to meet the rising demand for drone-based delivery services in the future. These advancements signify a forthcoming surge in demand for drones across various delivery applications, creating lucrative growth prospects for the Global Utility Drone Market.
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