Utility Drones Market Size & Global Industry Forecast Report, 2021-2028
Utility Drones Market
The Utility Drones Market is poised to grow at a growth rate of more than 18% over the forecast period of 2020-2025. Utility drones reduce the cost and time in asset management and thus decrease instrument failure, which has elevated the market growth.
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Utility Drones Market Dynamics
Growth Opportunities in the utility drones market look promising over the coming years. The increasing incorporation of machine learning, edge computing, and artificial intelligence with drones to scan images quickly, evade collision via onboard collision restraint, and enhance upfront data accumulation, is projected to steer the growth of the global utility drones market. According to the International Renewable Energy Agency (IREA), the vast proportion of renewable energy in the power industry is likely to expand from 25% in 2017 to 85% by 2050, mainly via the expansion in solar and wind power generation, latest methods to power system planning, and regulation and public policy. This is projected to proffer lucrative opportunities to the market in the utility sector during the coming years.
Besides this, as per the Utility Drones Market report, other factors, such as rising demand for inexhaustible sources of energy and proliferation in the power industry, will supplement the market growth. The surging awareness towards the safety of power supply facilities has bolstered the market growth. Furthermore, the growing utilization of unmanned utility drones rather than manned aircraft utility drones because of the decreased examination cost, improved aerial utility inspections, reduced survey costs, negligible service disturbance, better quality data collection, and enhanced safety is further accelerating the Utility Drones Market size.
However, stringent legal norms related to airspace in different nations may restrain the market growth. For instance, the US Drone Laws enforced by the Federal Aviation Administration (FAA) in the U.S. comprises drone registration if it weighs more than 250g; to fly drones at the peak height of 400 feet without any specified validation, and not to fly in restricted airspace, is likely to restrain the Utility Drones Market share.
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