Drivers and Trends Benefits Utility Drone Market to Grow at 29.12% CAGR, projected to Reach USD 318 million in 2023

According to MarkNtel Advisors who is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. Recently released a report on Utility Drone Market - Industry Trends and Forecast to 2029 and provides a comprehensive analysis of the current and future market conditions. The market research insights offered in this report enhance understanding of the market landscape, potential challenges, and strategies to establish a strong brand presence. With detailed market segmentation, in-depth analysis of key players, examination of consumer and supply chain trends, and exploration of new geographic markets, the insights presented in this report simplify the effective marketing of products and services.

Global Utility Drone Market Analysis and Size

The Global Utility Drone Market is valued at around USD 318 million in 2023 and is estimated to grow at a CAGR of around 29.12% during the forecast period, i.e., 2024-29.

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Some of the major players operating in the Utility Drone Market are Asset Drone, Cyberhawk, ABJ Drones, Terra Drone, Measure, Sharper Shape, SkyScape, ULC Robotics, Sky-Futures, PrecisionHawk and other.

Utility Drone Market Growth Driver:

Rising Infrastructure Inspection Driving the Demand for Utility Drone in the Market – The market for drone-based infrastructure inspection has experienced substantial growth during the historical years. This is primarily due to safety concerns, which prompted utility companies to increasingly rely on drones for inspecting critical infrastructure like power lines, pipelines, and bridges, as they eliminate the need for human workers to access hazardous or hard-to-reach areas.

This prioritization of safety, along with the ability of drones to capture high-quality data for thorough inspections has significantly improved maintenance efficiency & reduced downtime. Furthermore, the cost-effectiveness of drone-based inspections compared to traditional methods, such as helicopter flyovers, has driven adoption among various government authorities.

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Market Segment and Geographical Analysis

By Type

• Multi Rotor
• Fixed Wing

By Services

• End-to-End Solution
• Point Solution

By End User

• Power Vertical
  • Power Generation
  • Power Transmission
• Renewable Vertical
  • Wind
  • Solar

By Application

• Real-time Monitoring
• Risk Identification & Management
• Asset Management
• Predictive Maintenance
• Others

By Region

• North America
• South America
• Europe
• Middle East & Africa
• Asia-Pacific

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