Uptake of drones in the power and utilities sector: report
Digital transformation, remote monitoring and the need to optimize operational costs to drive drone sector revenues to US$515 million by 2030
SANTA CLARA, Calif. – An analysis by Frost & Sullivan, Drones in the Global Power and Utilities Industry, Forecast to 2030, shows 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 US$515 million by 2030.
Ongoing digital transformation trends across the power and utilities sector and an increase in the adoption rates of drones to ensure the security of power supply are expected to sustain this growth.
“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, in a prepared statement. “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.”
According to the report’s findings, the current adoption rate of drones in the power & utilities industry is less than 10% globally, but it is 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.
The report also finds that North America is the most advanced regional drones services market with large utilities in the U.S. already investing in 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 Latin America experiences slow, steady growth over the forecast period.