Drones for Global Energy Industry Market Trends Insights by Forecast to 2023

Drones for Global Energy Industry Market Trends Insights by Forecast to 2023

Drones for Energy Industry – Insights

Drones are proving to be far more effective in the Energy Industry increasingly replacing humans in a various tricky & crucial tasks therefore ensuring workplace safety. In energy sectors, Drones are majorly used to inspect and assess the condition of assets like power plant, energy distribution networks, power plants, pipelines, rigs & etc.

Key players operating in the energy industry are continually striving for new ways to utilise their expertise in the energy industry, exploring opportunities to enhance their productivity by driving innovation in O&G around the world. Simultaneously, O&G companies are trying to be the most carbon-efficient oil and gas producers, as well as explore the opportunities in offshore energy generation. Attributing to these factors, the market of Drones for Energy Industry is expanding rapidly on the global platform. Also, substantial investment transpired in the area of services provided by an unmanned aerial vehicle, for line-of-sight applications, to observe ocean-going ships, to inspect offshore platforms and refineries, to inspect or monitor power lines, wind turbine, solar panel etc. are defining the market landscape.

Acknowledging the accruals the market is garnering currently, demonstrating the growth prospects globally, Market Research Future, recently published a study report giving out the complete market insights up till 2023. In its analysis MRFR foretells that the global Drones for Energy Industry Market will upsurge to reach market size of 8,390.5 Million by 2023, registering a whooping double digit CAGR of 25.53 % during the anticipated period (2017 – 2023).

Other factors that contribute to the market growth include the rising uptake of drones in the energy industry for monitoring purposes & growing advancements in the Drones technology. The market growth is majorly influenced by the complexity in inspection & monitoring of remote and discrete systems.

Conversely, the federal regulations limiting the usage of drones coupled with the technological incompetency for processing the raw data are posing challenges to the market growth in a big way.

Prominent Players

AeroVironment, Inc. (US), DJI (China), Aeryon Labs Plc. (UK), Aibotix GmbH Limited (UK), Ascending Technologies Inc. (Canada), UAVision. (Canada), Drone America (US), Draganfly Innovations Inc. (US), ING Robotic Aviation (Canada), and Microdrones (Germany) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Drones for Energy Industry Market.

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Drones for Energy Industry Global Market - Competitive Analysis

Characterized by the presence of several well-established and small players, the global Market of Drones for Energy Industry appears to be highly competitive. Well established players incorporate acquisition, collaboration, partnership, expansion, and technology launch.

Industry/ Innovation/ Related News

January 10, 2018 – SkySpecs (US) a Drone start up announced that it has raised an $8 million Series B funding round to Expand Drone-Powered Turbine Inspection Service. The investment was co-led by Germany’s Statkraft Ventures, the Capital Midwest Fund, and UL Ventures, and also included contributions from returning investors such as Huron River Ventures and Venture Investors. The company is the fastest growing inspection service in the wind sector devoted in to inspecting huge wind turbines in 20 states, Canada, the United Kingdom, and Denmark.

September 7, 2017 – Honeywell, an industrial technology company in collaboration with Intel launched has launched its first commercial unmanned aerial vehicle (UAV) inspection service (Drone Inspection Service) suited for energy industry. The service by combining the Intel Falcon 8+ drone; Honeywell’s experience in the aerospace and industrial industries; and data-driven software customized to the needs of the utility; energy, including wind power; infrastructure; and O&G industries will help clients improve critical structure inspections and increase employee safety.

Drones for Energy Industry - Market Segmentation

Global Drones for Energy Industry Market is segmented in to 4 Key dynamics for an easy grasp and enhanced understanding.

By Drone Type : Comprises - Fixed Wing Drone, Rotary Blade Drone & Hybrid Drone.

By Industry Type : Oil & Gas, Power & Renewable.

By Application : Inspection, Leak and Spillage Response & Security and Surveillance.

By Regions : North America, Europe, APAC & Rest of the World.

On the basis of drone type, Fixed Wing Drone accounted for the largest market share of 49.7% in 2016, and is projected to grow at a CAGR of 25.08% during the forecast period.

based on industry type, oil & gas accounted for the largest market share of 67.2%, in 2016, and is projected to grow at a CAGR of 25.03% during the forecast period.

Drones for Energy Industry - Market Regional Analysis

Geographically, Asia-Pacific is the largest power producer globally, and is the largest market for renewable energy generation across the globe. The drones for energy industry market is emerging in countries such as China, India, and Japan, and is estimated to grow at a high rate in the forecast period. North America is expected to show a high rate of growth in drones for energy industry market over the coming years, owing to increase in adoption of drones for inspection, leak and spillage detection, and surveillance activities, majorly in oil & gas and power sectors. Factors such as increase in inspection, maintenance and surveillance operations of oil & gas platforms, power plants, pipelines, solar plants, and wind turbines in the region driving the market towards growth.

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