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Drones for Energy Industry To Reach Market Size of 8,390.5 Million By 2023 at CAGR of 25.53% | Rapid Boost in Economy due to High Emerging Demands

01-09-2019 08:10 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Market Research Future

Drones for Energy Industry

Drones for Energy Industry

Global Drones For Energy Industry Market, By Drone type (Fixed Wing Drone, Rotary Blade Drone and Hybrid Drone), By Industry Type (Oil & Gas, Power and Renewable), By Application (Inspection, Leak and Spillage Response and Security and Surveillance) and Region - Forecast 2017-2023.

The major players operating in the market of global drones for energy industry are 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) among others.

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Drones for Energy Industry Global Market – Overview

The global drones for energy industry market has witnessed a remarkable growth in the past few years and it has been anticipated that the market will grow at the rapid pace during the forecast period. Drones for energy are poised to grow at a substantial rate as the industry is investing in the 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. These drones provides and process accurate data from the remote systems, where human access is difficult and is also a cost effective & less time consuming inspection technique compared to manual inspection. As per the study conducted by Market Research Future, the global market for drones for energy industry is likely to grow at the CAGR of around 25.53%.

Drones for energy industry can be defined as, an unmanned aerial vehicle used to inspect or monitor power lines, wind turbine, solar panel, offshore rigs and flarestacks for preventive maintenance of the system. These drones provides and process accurate data from the remote systems, where human access is difficult and is also a cost effective & less time consuming inspection technique compared to manual inspection. The drones for energy industry is driven by various factors such as accurate assessment of operating condition of assets, and effective cost reduction compared to manned operations. However, federal regulations limiting the usage to line-of-sight, lack of technological advancements for processing the raw data will act as restrains for the drones for energy industry market, globally.

Conventional assessment, monitoring and inspection for remote & discrete system requires skilled manpower, high-tech equipment, cranes, ropes, ladders or scaffolding. These factors increases the overall maintenance cost as well as the risk associated with it. Also, the labour cost associated with discrete inspection is high as compared to regular assessment. Whereas, drones for energy industry are convenient, easy and accurate to assess such systems, where manual inspection is difficult or risky. Drones used for energy industry are accurate, flexible, reliable and cost effective. They are easy to operate in harsh environment and also at high altitudes, and require lesser time for assessment.

Drones for energy industry is driven by its benefits over conventional manual inspection. Drones can inspect the PV modules installed at utility scale, rooftop or building integrated systems. Drones can produce thermography of the solar power plant, inspect for degradation, & malfunction of PV modules also, dust saturation and vegetation monitoring over PV modules. Drones can detect the edge erosion and blade defects over the turbine also, they can inspect the turbine blade lightning receptor, tower and nacelle. Drones can detect leaks, corrosion and other problems related with oil & gas rigs & pipelines. Drones are used in transmission lines for vegetation management to monitor the trees to prevent them from interfering with transmission lines. These factors, majorly, are contributing to the growth of drones for energy industry in near future.

Drones for energy industry are cost effective as compared to manual inspection. Drones for energy industry are easy, flexible and convenient for use. Drones helps reduce the economic cost associated with inspection or monitoring of the large scale remote system. Drones provides aerial images, which helps the operator receive them in real-time and can assess the faults from his location itself, thus eliminate the manual error associated with site inspection and risk associated with the inspection in remote, high altitude and offshore operations.

Cost effectiveness is one of the major drivers for the growth of drones for energy industry market, forcing renewable & conventional power project and oil & gas developers, in locations where project is large scale or is discrete and located offshore, to utilize drones for inspection and monitoring. These drones prove economic feasibility for a discrete site assessment, for reliable and cost effective inspection, and, thus increase the demand of drones for energy industry market.

Industry News

In October, 2016 – Intel Announces Intel Falcon 8+ UAS., at the INTERGEO drone conference in Hamburg, Germany, Intel has built the AscTec Falcon 8 system and announcing the release of the Intel Falcon 8+ for North American markets.

In October, 2016 – Aibotix, the leading provider of Unmanned Aerial Vehicle (UAV) solutions, presented the latest innovations in UAV technology in celebration of the five-year anniversary of the Aibot X6 UAV at INTERGEO 2016 at Hall A3, Booth D3.033.

In October, 2016 – Delair-Tech and Microdrones has jointly became official UAS suppliers for Trimble’s worldwide distribution network, Microdrones is now showcasing four new mapping solutions (called mdMapper)

Drones for energy industry Global Market - Competitive Analysis

The global market for drones for energy industry seems to be highly competitive. To maintain the market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, product launch, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.

Drones for energy industry Global Market – Segmentation

The scope of global drones for energy industry market is segmented into three major segments which are explained below:

By Drone Type
• 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

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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.

Table of Contents

1 Executive Summary

2 Research Methodology
2.1 Scope of the Study
2.1.1 Definition
2.1.2 Research Objective
2.1.3 Assumptions
2.1.4 Limitations
2.2 Research Process
2.2.1 Primary Research
2.2.2 Secondary Research
2.3 Market Size Estimation
2.4 Forecast Model

3 Market Dynamics
3.1 Market Drivers
3.2 Market Inhibitors
3.3 Supply/value Chain Analysis
3.4 Porter’s Five Forces Analysis

Continued........

List of Tables

Table 1 Global Drones for Energy Industry Market, by Industry Type
Table 2 Global Drones for Energy Industry Market, by Application
Table 3 Global Drones for Energy Industry Market, by Drone Type
Table 4 Global Drones for Energy Industry Market, by Regions
Table 5 North America Drones for Energy Industry Market, by Industry Type
Table 6 North America Drones for Energy Industry Market, by Application
Table 7 North America Drones for Energy Industry Market, by Drone Type
Table 8 U.s. Drones for Energy Industry Market, by Industry Type
Table 9 U.s. Drones for Energy Industry Market, by Application

Continued........

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About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Edibles.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

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