Published: Aug, 2019
With more than two hundred players, the global drone surveillance market for energy industry is quite a competitive place to be. And not just that, a number of companies continue to foray into this market every day. Since the market is still in a nascent stage, none of the leading players have gained a strong foothold here. All these factors make the market’s business landscape extremely fragmented, which is reflected by volatile revenues of drone surveillance service providers. Aerodyne Group, Cyberhawk Innovations Ltd., Azure Drones SAS, Sharper Shape Inc., and Martek Aviation are some of leading players in the worldwide drone surveillance market for energy industry.
A new research report by Transparency Market Research (TMR), a leading market research and intelligence firm, predicts high growth of the global drone surveillance market for energy industry. According to report, the market will rise at a CAGR of a little over 20% during the period from 2018 to 2026. The market, which was valued at US$130 mn in 2017, is expected to register an incremental opportunity of U$520 mn and reach US$650 mn by the end of the forecast period.
Demand for Drone Surveillance for Asset Inspection to Boost Growth
“The increasing need for the monitoring and data collection and assessment of energy industry assets is driving the demand for drone surveillance substantially,” says a TMR analyst. There are a number of capital intensive assets in the energy industry, including wind turbines, associated distribution lines, solar panels, ports, pipelines for oil and gas distribution, mines, and offshore and onshore platforms. It is important to monitor and inspect these assets regularly so that they continue working properly without a fault.
Till now, asset monitoring has been done manually by specialists. However, manual inspection is a complicated process and takes months to complete. On the other hand, drones can multitask and, hence, can monitor assets, collect data, and assess it at the same time. This reduces the time significantly and decrease the cost required in performing these activities. Companies operational in the energy sector are increasingly deploying drones for motoring of their assets, and, consequently, adding to the growth of the global drone surveillance market for energy industry, states the research report.
On the flip side, regulations regarding the use of drone are still unclear in many countries, which may hinder the market’s growth rate in the near future. Also, a number of drones feature limited flying period, which is another obstacle in the otherwise upward moving trajectory of the global drone surveillance market for energy industry.
North America to Retain Leadership
The report also presents a comprehensive analysis of the geographical segmentation of the worldwide drone surveillance market for energy industry. Asia Pacific, North America, the Middle East and Africa, Europe, and Latin America have surfaced as the main regional markets for drone surveillance in the energy industry. North America has been leading the global market over the last few years, thanks to the presence of advance technological infrastructure. Various governments in North America continue to make amendments in rules and policies, regulating the use of drones. For instance, the government in Canada increased the weight limit of drones from 250 grams to 1 Kilogram. These changes are likely to support North America drone surveillance market for energy industry in the near future, maintaining its dominant position, notes the study.
The review is based on a report by Transparency Market Research, 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.”
The Drone Surveillance Market for Energy Industry has been segmented as follows:
- Fixed Wing
- Pipeline Monitoring and Inspection
- Offshore Platform Inspection
- Power Plant Inspection
- Inspection of Power Distribution Lines
- Wind Turbine Inspection
- Solar Panel Inspection
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- Rest of Middle East and Africa
- Latin America
- Rest of Latin America
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