Utility drone market to hit $539M by 2023, driven by demand in hazardous work settings

New reporting from MarketsandMarkets revealed that the drone market is expected to grow exponentially by 2023.

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The utility drone market is expected to grow from $110.2 million in 2018 to $538.6 million by 2023, according to a new market research report from MarketsandMarkets. The reason for the spike, the report found, was an increasing demand for minimizing outages in transmission and distribution infrastructure, and the drones' ability to reach hazardous work locations.

The power segment is expected to lead the utility drone market in 2018 and generate the largest market share during the forecast period, according to a press release. This area is expected to grow primarily due to the increased population and rising demand for electricity, the report noted. The use of drones in the power segment could increase worker safety in potentially dangerous areas by scouting them out first, or allowing workers to perform needed work remotely.

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Despite this, the release noted that the end-to-end solution segments are also expected to hold a large market share during the forecast period. This group remains popular as end-to-end solutions help utility companies avoid problems such as updating drone technology and related data processing, the release noted.

North America is leading the market for utility drones, the report found. The report analyzed drone use in five regions including Asia Pacific, Europe, North America, South America, the Middle East, and Africa. North America is leading the pack because of its increased investments in power infrastructure, including increased power consumption and a push toward renewable power generation, the release noted.

Similarly, businesses are taking advantage of drone technology to aid with a number of tasks. Many IT departments are also taking steps to better incorporate drones into their business plans. You can read more about how this is happening here.

The big takeaways for tech leaders:

  • The market share for utility drones is expected to skyrocket due to increased demand in hazardous work conditions.
  • The North American region is leading the global market in drone sales based on an increased attention to power infrastructure.

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Image: iStock/Jevtic