The renewable drones market is projected to grow at a CAGR of 27.1% from 2020 to 2025. The renewable drones market is projected to reach USD 148 million by 2025 from an estimated USD 45 million in 2020, at a CAGR of 27.1% during the forecast period. Increasing adoption of drones for reducing cost of inspection operation, focus on asset optimization and growing construction of solar and wind farm are expected to be the key factors driving the renewable drones market. However, legal regulations for drone operations and scarcity of skilled personnel is likely to hamper the growth of the renewable drones market.
The solar, by end user, is expected to be the fastest-growing market from 2020 to 2025. The solar segment is categorized as solar PV and solar CSP.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.
Such factors drive the growth of solar segment in the renewable drones market.
The multirotor segment, by drone type, is expected to be the largest market from 2020 to 2025. The multirotor segment is expected to grow at the fastest rate during the forecast period.Multirotor drones have various advantages over Fixed wing drones; for instance, multi-rotor aircraft can perform vertical takeoffs and landings.
They also require less space to take flight, can hover mid-flight, and maneuver around objects for easy inspection, mapping, and modeling.Further, multirotor drones use multiple propellers to maneuver; hence, they do not require a larger surface area or wingspan as compared to Fixed wing drones.
Moreover, multirotor drones are designed to be folded down and packed up into smaller cases, which makes them easier to transport.
Asia Pacific: The largest and the fastest-growing region in the renewable drones market.
Asia Pacific is expected to be the largest renewable drones market during the forecast period.Asia Pacific comprises China, India, Japan, Australia, and Rest of Asia Pacific.
The region has a high demand for electricity due to a rise in urbanization, industrialization, and population growth.The rapid increment in economic growth would lead to an increase in the demand for power.
This would necessitate greater investments in the renewable power generation infrastructure. The region is expected to experience an increase in investments due to the rapidly declining prices of solar panels.
Breakdown of Primaries: In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows: • By Company Type: Tier 1- 7%, Tier 2- 38%, and Tier 3- 55% • By Designation: C-Level- 80%, Director Level- 15%, and Others- 5%
By Region: Asia Pacific- 40%, North America- 25%, Europe- 15%, Middle East & Africa – 12%, and South America- 8% *Others includes sales managers, engineers, and regional managers. Note: Tier 1 Company—Revenue > USD 5 billion, Tier 2 Company—Revenue between USD 50 million and USD 5 billion, and Tier 3 Company—Revenue < USD 50 million The renewable drones market is dominated by a few major players that have an extensive regional presence. The leading players in the renewable drones market are DJI Enterprise (China), Terra Drone (Japan), Aerodyne Measure (US), and DroneDeploy (US).
Study Coverage: The report defines, describes, and forecasts the renewable drones market, by drone type, solution, end user, and region.It also offers a detailed qualitative and quantitative analysis of the market.
The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market, which include the analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the renewable drones market.
Key Benefits of Buying the Report 1. The report identifies and addresses the key markets for renewable drones operations and services, which would help equipment manufacturers and service providers review the growth in demand. 2. The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges. 3. The report will help key players understand the strategies of their competitors better and help them in making better strategic decisions
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