The market for drones in the power and utilities industry will continue to expand at a compound annual growth rate of 23.6%, reaching $515 million by 2030, says a new report by business consulting firm Frost & Sullivan.
The report suggests that digital transformation, remote monitoring and the need to optimise operational costs will drive the significant growth of drone use in the power and utilities industry.
It also notes the increasing reliance on drones to ensure the security of power supply facilities.
While the current adoption rate of drone technology in the power and utilities sector is less than 10%, the report forecasts a steady increase.
Meanwhile, North America is the most advanced regional drones services market with large utilities in the United States already investing in in-house programs to inspect and maintain their thousands of miles of assets.
“Drones minimise the need to send human employees onsite and can be deployed for monitoring, operations, and maintenance services,” said Swagath Manohar, senior research analyst at Frost & Sullivan.
“As the global power and utilities industry continues to tackle the impact of the ongoing COVID-19 pandemic, drones can be potential game-changers in combating the challenges it poses.”