An analysis by Frost & Sullivan, Drones in the Global Power and Utilities Industry, Forecast to 2030, reveals that the market for drones in the power and utilities industry will continue to expand at a compound annual growth rate of 23.6%, reaching $515 million by 2030.
“Drones minimize the need to send human employees onsite and can be deployed for monitoring, operations, and maintenance services,” said Swagath Manohar, Senior Research Analyst at Frost & Sullivan. “As the global power and utilities industry continues to tackle the impact of the ongoing COVID-19 pandemic, drones can be potential game-changers in combating the challenges it poses.”
Frost & Sullivan’s latest analysis examines the current and future market potential of drones across the power and utilities sector and identifies growth opportunities based on key market factors and trends. The current adoption rate of drones in the power & utilities industry is less than 10% globally, but it is steadily increasing as companies acknowledge the role of drones in providing reliable, safe and efficient inspections of power generation and transmission and distribution (T&D) assets. North America is the most advanced regional drones services market with large utilities in the United States already investing in in-house programs to inspect and maintain their thousands of miles of T&D assets. In Asia-Pacific and South Asia, the market is set to take off after 2020 regulatory frameworks are completed. Europe will see initial adoption of inspections of solar and wind assets, while LATAM experiences slow, steady growth over the forecast period.