The global renewable drones market is evaluated at US$75.194 million for the year 2020 growing at a CAGR of 28.51% reaching the market size of US$338.691 million by the year 2026. Renewable drones are the type of drones that are used in the renewable energy industry for various purposes. The advent of drones in the renewable energy industry is still evolving with different applications emerging with time. For instance, 4-5 acres of the solar farm is needed to produce about 1MW of power which implies there is a need to build larger solar farms to diminish the increasing demand for energy from renewable sources. A drone plays a vital role in developing a solar farm at such a large scale by helping in the initial planning of the site, in creating a proper layout of the plan, providing aerial data and information about the mapping of the area. A drone can also be used for regular inspections of such a huge farm which is more complex and difficult humanly. The increasing awareness about the roles a drone plays in the building up of solar and wind farms at such a large scale is expected to drive the market in the coming years.
The immense use of drones in wind farms is expected to drive the market during the forecast period. For instance, the Rampion offshore wind farm covers almost 30 square miles off the southern coast of England. England has about 35 such wind farms making it one of the biggest wind power generating countries. According to the future plans stated by the government, the country is expected to quadruple offshore wind power by 2030. With development at such a rapid pace, the demand for drones in the industry is expected to witness significant growth in the coming years for various applications. The usage of drones on the farms is an investment at first as they turn out to be more efficient in the long run reducing the cost incurred and the probability of human errors as well. The drones with thermal imaging cameras are used significantly owing to their ability to indicate the operator remotely if certain equipment isn’t working as effectively as others. This makes it easier for the operator to detect the fault and make amends accordingly. A key factor driving the renewable drone market is their increasing use for security purposes. Operating a large renewable energy farm makes it difficult for the operator to keep in check every activity taking place in the premises due to which a number of such farm operators are opting to use drones to keep the area in check.
The advent of COVID-19 had an adverse impact on the market since the pandemic brought the activities in various industries to a standstill including the development of such renewable energy plants across several countries and slowed the growth of the renewable drone market to a significant level in the year 2020. With the industries getting back on track and recovering after suffering losses due to the pandemic, the renewable energy projects that we're unable to continue the processes due to lockdown are expected to resume in the coming months. The growth of the renewable drone market is expected to show a gradual increase initially but is expected to witness rapid growth after the industries resume full-fledged activities during the forecast period owing to the increasing demand for renewable energy across the world.
The segmentation of the renewable drone market has been done into type, solution, end-user industry, and geography. By type, the classification of the market has been done into multi-rotor and fixed-wing. On the basis of solution, the segmentation of the market has been done into end-to-end solutions and point solutions. By the end-user industry, the market has been segmented as solar and wind energy plants. Furthermore, on the basis of geography, the global market has been distributed as North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
The rise in environmental concerns is expected to drive the market during the forecast period.
The drastic changes in the environmental conditions across the world are expected to drive the market. With the widespread awareness about the worsening environmental conditions, the demand for renewable energy sources has risen over the years. Given the demand, the generation of the resources is gradual. To overcome the demand of it, an ample number of solar and wind farms are under various stages of development in several countries. According to International Renewable Energy Agency, a lot of regions in the United States have solar power projects under development. For instance, in Texas, there are 45 projects scheduled, in Nevada, total expenditure on solar power is expected to reach US$ 9 Billion by 2030. Similarly, in California, the solar power capacity is expected to increase to 16,000 MW. With such rapid development in the solar as well as wind power sectors, the market for renewable drones is expected to witness significant growth in the coming years.
Government regulations on drones might restraint the growth
The growth of renewable drones will be inhibited by government regulations in different regions. For instance, in the United States, a drone is not allowed within a 5-mile radius of airports and national parks. A height restriction for the drone is also there which allows the operator to fly it up to 400 meters above and the drone should be in the sight of the operator. Similarly, there are restrictions on the flying of drones in Europe. There are some countries that allow within a 500-meter radius of the operator. Furthermore, there are countries like Germany and France which require the drone to be registered before being used for any of the applications.
The players in the global power rental market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. Major market players in the market have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the market.
|Market size value in 2020||US$75.194 million|
|Market size value in 2026||US$338.691 million|
|Growth Rate||CAGR of 28.51% from 2020 to 2026|
|Forecast Unit (Value)||USD Million|
|Segments covered||Type, Solution, End-user, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||SZ DJI Technology Co., Ltd., Drone Volt Group, Airpix, DroneDeploy, Inc, ABJ Renewables, Sitemark, Nano Net Technologies Inc., SPH Engineering, ideaForge Technology Pvt.Ltd., Terra Drone Corporation|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the renewable drone's market size by 2026?
A1. The global renewable drones market is projected to reach a market size of US$338.691 million by 2026.
Q2. What is the size of the global renewable drones market?
A2. Renewable Drones Market was valued at US$75.194 million in 2020.
Q3. What are the growth prospects for the renewable drones market?
A3. The renewable drones market is projected to grow at a CAGR of 28.51% during the forecast period.
Q4. What factors are anticipated to drive the renewable drones’ market growth?
A4. The immense use of drones in wind farms is expected to drive the market during the forecast period.
Q5. How is the global renewable drones market segmented?
A5. The renewable drones market has been segmented by type, solution, end-user, and geography.
SZ DJI Technology Co., Ltd.
Drone Volt Group
Nano Net Technologies Inc.
ideaForge Technology Pvt.Ltd.
Terra Drone Corporation
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