The drone surveillance market for energy industry has evolved considerably on the back of rising business propositions of drone in inspection of assets, notes Transparency Market Research (TMR). Energy companies are increasingly realizing the potential of unmanned aircraft systems or drone to carry out rapid, error-free, and cost-effective inspections of assets. The compelling proposition has been the safety that drones offer in inspecting far-flung areas with hazardous conditions. This has bolstered the deployment of drones as a reliable automated technology for their operations, thus propelling the drone surveillance market.
Businesses notably in the wind, solar, and thermal power production have been witnessing incredible potential drones offer in surveillance. Resultantly, the trend has fueled uptake of drone surveillance by energy and utility companies.
The drone surveillance market for energy industry is expected to clock a strikingly high CAGR of at least 20% during 2018 – 2026. With more utility companies understanding the transformative potential of drone surveillance for data-based decision making, the business propositions are expected to rise in the coming years.
Leveraging Comprehensive Asset Monitoring Competency to Shape Competitive Dynamic
Providers of drone surveillance solutions to the energy industry are largely expending efforts to strengthen their portfolio of analytical software so as to help businesses carry out comprehensive asset monitoring and data collection. This is a notable trend shaping the competitive dynamic in the drone surveillance market for energy industry. Advancements in imaging technologies have further enabled top players to differentiate their offerings.
Growing demand for drone surveillance solutions for monitoring of pipelines in the oil and gas industry has been contributing sizable share of the global revenues in the drone surveillance market for energy industry. Further, the market is seeing new revenue streams to solution providers from growing prospect of drone inspections of power transmission and distribution infrastructure. This has gathered notable traction in inspection of wind turbines.
Growing Use in Energy Infrastructural Projects Underpins Growth
A large impetus has come from the growing adoption of drone surveillance for monitoring progress of various energy infrastructural projects, most notably solar energy. The trend is evident in developing regions. In particular, Asia Pacific, has emerged as rapidly rising market. The region will likely emerge out as a key generator of revenue to the global drone surveillance market for energy industry. Strides being made by energy infrastructure developments will be a key factor propelling growth.
On the other hand, North America will display a lackluster growth. However, it will still account for the leading region in the global drone surveillance market for energy industry. The vast prospect aside, lack of standard regulations on drone usage is likely to stilt growth both in emerging as well as developed markets for some time to come.
As players in the energy industry will understand the vast potential of this incipient technology especially for inspecting new renewable energy projects, business propositions for the uptake of drone surveillance technology and solution will surely grow. Moreover, the use of drone inspection for reducing outages is expected to sustain the lucrativeness of the market.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Drone Surveillance Market for Energy Industry (Type - Multirotor, Fixed Wing, Hybrid; Application - Pipeline Monitoring and Inspection, Offshore Platform Inspection, Power Plant Inspection, Inspection of Power Distribution Lines, Wind Turbine Inspection, Solar Panel Inspection) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026”.
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