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