Renewable Drones Market to high CAGR of 26.5% Forecasted till year 2030 | Fatpos Global

Renewable Drones Market to surpass USD 152 million by 2030 from USD 42 million in 2019 at a CAGR of 26.5% throughout the forecast period, i.e., 2020-30. The key factors driving the demand for sustainable drones are expected to increase the adoption of drones to reduce the cost of inspection operations based on asset optimization and increasing construction of solar and wind farms. Rising environmental issues and increasing the use of clean energy alternatives are likely to be key factors driving the global demand for green drones during the forecast era. Recent technical developments and international agreements have also enabled countries worldwide to shift to the renewable energy market and develop their energy infrastructure which is expected that this will expand the global demand for renewable drones over the coming years.

Renewable drones are planned to expand at a rapid pace as the industry focuses on UAV services, line-of-sight applications, ocean-going ship tracking, inspection or wind turbine inspection, an inspection of offshore platforms and refineries, monitoring of power lines, and solar panels in the energy sector. As one way to alleviate congestion and enhance the air quality in urban areas, passenger drones have been touted. Equipped with thermal cameras, drones make it possible to conduct inspections rapidly and on a scale. On wind farms around the world, drones are changing inspections. Wind turbines are left exposed to the elements as they run – both onshore and offshore. Also, minor damage and wasted energy can cause inefficiencies. By offering rapid and remote coverage of turbines, drones will reduce the time engineers need to spend in precarious positions. The technology is also much cheaper than a manned team, ensuring that wind farms can carry out drone inspections of wind turbines with greater regularity to keep operations running at 100%.

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Renewable Drones Market: Key Players

DJI Enterprise
Terra Drone
Cyberhawk Innovations Limited
PrecisionHawk
ULC Robotics
Sharper Shape Inc.
Sky-Futures
Asset Drone
YUNEEC
Renewable Drones Market: Segments

Multirotor segment to grow with the highest CAGR during 2020-30

Renewable Drones Market is segmented by type as multirotor and fixed-wing. The greater market share in 2018 was accounted for by the multirotor segment owing to various advantages over Fixed-wing drones. Vertical takeoffs and landings can be done by multi-rotor planes. For easy inspection, visualization, and modelling, they also need less space to take off can hover mid-flight, and manoeuvre around objects. In addition, multirotor drones use multiple propellers to manoeuvre, so compared to fixed-wing drones, they do not need a greater surface area or wingspan. In addition, multirotor drones are designed to be folded down and packed into smaller cases, making it simpler to transport them.

Solar segment to grow with the highest CAGR during 2020-30

Renewable Drones Market is segmented by end-user into solar and wind. The solar segment is further categorized as solar PV and solar CSP. The solar segment based on end-user was held the maximum market share in 2018 as to meet the growing demand for solar farm inspection and maintenance, asset owners, inspectors, and drone service providers (DSPs) must develop a deep understanding of thermography and flight operations to take full advantage of the benefits of drone-based solar inspection. These factors are driving the solar sector’s growth in the market for renewable drones. Increased emissions, high reliability and depletion of non-renewable energy sources are some of the main propellants in the organic construction of the market for renewable drones.

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Renewable Drones Market: Market Dynamics

Drivers

Growing construction of solar and wind farms

Sector of renewable energy is among the fastest-growing sectors worldwide. With advanced technology, renewable energy plants are being built at a rapid rate, with rising demand for clean and sustainable energy. Countries are moving their emphasis from traditional sources of energy toward rising renewable energy production. At a CAGR of more than 21% since 2000, wind power has increased. In addition, onshore wind power installations are expected to generate demand for new wind turbines as well as the replacement of old turbines. Wind power plant construction is capital-intensive, and asset owners aim to optimize returns and minimize investment. This is where the drones join the picture. Drones would help to minimize wind turbine inspection costs by at least 40%.

Rising Adoption of Drones to Reduce Cost of Inspection Operation

The growth of the Energy Industry Drone Market is mainly driven by the difficulty of remote and discrete systems inspection & monitoring. Renewable drone inspection helps to remove the need for inspection staff to operate at high altitudes. It also decreases maintenance time, when defining whether a repair needs to take place immediately or whether it can be safely postponed. Drones in the energy sector are likely to expand at a significant pace as the industry invests in UAV services, line-of-sight applications, ocean-going ship surveillance, offshore platform and refinery inspection, inspection or wind turbine inspection, power line monitoring and solar panel monitoring.

Restrain

Strict regulations for performing drone operations

Drones are extremely important to utilities for conducting inspection activities. Legal provisions, however, have limited development in the drone industry. In certain cases, such as Behind Visual Line of Sight, over a long distance, or at night, these regulations exclude drone operations in particular. Considering that the FAA has not kept pace with the rapid development of drone technology, utility companies have not been able to use drones to the fullest extent possible to increase the effectiveness and quality of inspection operations. However, these regulations do not allow users to operate outside the visual line of sight and do not specify if the governmental operation is the use of drones by public power utilities.

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Renewable Drones Market: Regions

Renewable Drones Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC and MENA.

Renewable Drones Market in Asia Pacific held the largest market share in the year 2018 and it is expected to continue its market dominance in the future as the region has a Strong electricity demand owing to an increase in urbanization, industrialization, and population growth. A rapid rise in economic growth will lead to an increase in electricity demand. The region’s market is likely to be driven by high investments in renewable energy generation, especially in developing countries such as China and India, and government subsidies for upgrading the renewable energy sector. Owing to the rapidly decreasing prices of solar panels, the area is expected to experience an increase in investment. Due to extensive agricultural land and attempts to minimize the usage of fossil fuel oil, the demand for renewable drones in the Middle East & Africa is expected to grow at a significant pace during the forecast period. Government pollution-free and clean energy policies are also expected to drive the region’s green drone market during the forecast period.

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