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Drone Surveillance Market for Energy & Power Industry Size, Share & Industry Analysis, By Type (Multirotor, Fixed Wing, and Hybrid), By Application (Pipeline Monitoring and Inspection, Offshore Platform Inspection, Wind Turbine Inspection, Power Plant Inspection, Solar Panel Inspection, and Others), and Regional Forecast, 2024-2032

Last Updated: July 08, 2024 | Format: PDF | Report ID: FBI100511

 

KEY MARKET INSIGHTS

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The global drone surveillance market for energy & power industry size was valued at USD 212.3 million in 2023. The market is projected to grow from USD 251.2 million in 2024 to USD 685.2 million by 2032, exhibiting a CAGR of 13.4% during the forecast period. North America dominated the drone surveillance market with a market share of 37.54% in 2023.

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The global impact of COVID-19 has been unprecedented and staggering, with witnessing a positive demand shock across all regions amid the pandemic. The sudden fall in the market is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.


The use of drones for asset management and infrastructure inspection has recently increased at an exponential rate due to the cost-effectiveness of drone services, easy maneuverability at remote locations, accurate image capturing through infrared cameras, and data analysis and prediction through machine learning (ML) technology. The market data collected through drones can be used to identify and predict defects such as corrosion in structures, coating failures, and any other structural damages. The oil and gas industry is largely focusing on the inspection and monitoring of rigs as they require regular checks for better performance and safety. According to our study, the global oil and gas industry invests around USD 50.76 billion yearly to monitor onshore and offshore pipelines.


Moreover, the numerous advantages associated with drone inspection over conventional helicopter inspection methods have facilitated its adoption for several applications such as pipeline monitoring and inspection, offshore platform inspection, wind turbine inspection, inspection of power distribution lines, power plant inspection, solar panel inspection, and others.


Drone Surveillance Market for Energy & Power Industry Trends


Rising Adoption of LiDAR Drones for Surveillance to Propel the Growth of the Market


Light detection and ranging (LiDAR) unmanned aerial systems (UAS) are highly preferred for oil and gas rig inspection purposes as they are combined with advanced laser and sensor technology-based systems and components. The drones comprise of a global navigation system, an inertial navigation system unit, a laser scanner unit, and an inertial measurement unit, allows the customers to gain accurate, consistent, and fast inspection results.


In addition, the integration of advanced sensor technologies such as crash avoidance systems and warning systems enables drones ideal for use in several end-use applications. Moreover, an increase in the R&D investments and offshore oil and gas maintenance have increased the adoption of LiDAR technology in the oil & gas industry. On the other hand, the rising demand for drones powered by artificial intelligence (AI) to detect and analyze the intensity of rig structure coating breakdown and corrosion on ships is also driving the market growth.


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Drone Surveillance Market for Energy & Power Industry Growth Factors


Growing Number of Wind Turbines to Drive Market


The rising number of new wind turbine installations in North America and Europe is expected to propel market growth during the forecast period. The growing focus of various industries on the implementation of renewable sources of energy is likely to drive market demand since the government and various key energy suppliers in the market are shifting their focus toward clean energy production and distribution. These factors are expected to propel the market at a higher CAGR during the forecast period.


Moreover, the rising use of AI-driven drones for wind turbine inspection will further facilitate market growth during 2024-2032.


Increasing Preference for Drone Inspection Methods over Conventional Methods to Boost Growth


Conventional inspection methods such as helicopter inspection, scaffolding, and rope access are time-consuming,  whereas the drone inspection method is time- and cost-saving. The leading market players are actively recruiting drone and aerial surveillance technology for applications such as monitoring infrastructure, inspecting pipelines, and assessing the conditions of power lines and suveys. Therefore, drone inspection technology is widely preferred across industries, ranging from oil and gas to energy and utility to naval defense. According to Sky-Futures Ltd., the drones used for conducting inspection operations in the North Sea offshore structures resulted in an 80% cost saving for their oil and gas industry client. Besides, with drone inspection technology, the dependency on human operators and risks associated with their lives has reduced. These advantages associated with drone inspection methods have increased their adoption over conventional methods.


RESTRAINING FACTORS


Limited Availability of Skilled Remote Drone Pilots to Hamper Market Growth


Experienced and skilled drone pilots are needed for the operation of drones for inspection of offshore and onshore structures, but the lack of such pilots is expected to hamper the growth of this market. As per the US federal regulations and guidelines, a drone pilot should have an authenticated remote pilot certificate authorized by the Federal Aviation Administration (FAA). Moreover, the stringent government regulations for drone utilization are also expected to hamper market growth during 2024-2032. For example, according to a press releases from the State of Arkansas forbids the use of drones for the surveillance of critical infrastructures under Act 1019. These factors will affect the growth of the market.


Drone Surveillance Market for Energy & Power Industry Segmentation Analysis


By Type Analysis


Rising Use of Multirotor Drones for Rig Inspection to Boost Segmental Share


Based on type, the market is divided into multirotor, fixed-wing, and hybrid.


Among these, the multirotor drone type segment registered the highest market share in 2023. This segment is foreseen to remain the largest segment throughout the forecast period. The wide use of multirotor drones in various applications including pipeline monitoring and inspection, offshore platform inspection, wind turbine inspection, power plant inspection, and solar panel inspection, among others, are expected to drive the segment’s growth in the upcoming years. The company such as Airrobotics Inc. is actively involved in the design and development of the drones and its payloads suitable for the surveillance specific to power and energy domain.


On the other hand, the hybrid drone type segment is anticipated to grow at a significant CAGR during the projected period. This growth is owing to the rising investments for the development of hybrid VTOL fixed-wing unmanned aircraft systems (UAS). The high initial cost of this hybrid done segments is the restraining factor for the growth of the market.


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By Application Analysis


Offshore Pipeline Monitoring and Inspection Segment to Account for Dominant Market Share


In terms of application, the market is segmented into pipeline monitoring and inspection, offshore platform inspection, wind turbine inspection, power plant inspection, solar panel inspection, and others.


The pipeline monitoring and inspection segment is expected to reach a significant market shares and is expected to display a healthy growth rate during the forecast period. This is owing to the high adoption of drones for new oil rigs and exploration activities in the Asian and European countries is expected to drive the growth of the market segment.


The wind turbine inspection segment is projected to grow at the fastest rate due to the rising number of offshore wind farm installations in the Middle East region. The growth of the segment is further supported by the rising demand for offshore drone surveillance in the energy industry.


REGIONAL INSIGHTS


In terms of geography, the market is divided into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.


North America Drone Surveillance Market for Energy & Power Industry Size, 2023 (USD Million)

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North America dominates Drone Surveillance Market for Energy & Power Industry industry share. This dominance is attributed to the widespread adoption of drone technology in the U.S. for pipeline inspection and monitoring applications. The U.S. has the world's largest pipeline network, which favors market growth in North America.


The market in Europe has registered the second-largest share in the base year owing to the increased installation of wind turbines in France. This is due to the major emphasis of various European nations on negating carbon emissions and reducing adverse effects from the enegy sector on the environment. Additionally, the carbon neutrality goals by 2040 from the European Commission are expected to drive the increased spending in renewable sources of energy infrastructure, further propelling market growth in the region.


Asia Pacific is anticipated to exhibit the fastest growth in the market during the forecast period. This growth is attributed to the expanding number of unmanned aircraft systems uavs(UASs) and unmanned aerial vehicles (UAVs) service suppliers in developing economies such as China and India. Besides, the region is home to several key players involved in the market, such as Terra Drone Corp., Australian UAV Pty Ltd, and Sphere Drones, among others.


The market in Latin America and the Middle East & Africa is anticipated to display considerable growth during the forecast period. The presence of multiple offshore oil and gas companies and a growing market for energy power are facilitating market growth in this region. Furthermore, the rising installation of wind turbines in Brazil is predicted to augment the market. According to the Brazilian Wind Energy Association, there are 7,738 wind turbines and 637 wind farms in Brazil.


List of Key Companies in Drone Surveillance Market for Energy & Power Industry


Market Players to Focus on Providing Cost-Efficient Inspection Services to Customers 


The drone surveillance markets for energy & power is highly fragmented with the presence of various key players such as Cyberhawk Innovations Limited, Airobotics Ltd., and Terra Drones, among others. These players are focusing on providing a wide range of cost-efficient services and solutions to oil and gas companies. Besides, factors such as strategic acquisitions, focus on expanding simulation and training services, and increasing investments in R&D activities are enabling large market players to hold a considerable share in the market.


LIST OF KEY COMPANIES PROFILED:



  • Aerodyne Group (Malaysia)

  • Aesthetix Global (UAE)

  • Airobotics Ltd. (Israel)

  • Azure Drone SAS (France)

  • BAE Systems Inc.  (U.K.)

  • Cyberhawk Innovations Limited (U.K.)

  • Martek Aviation (U.K.)

  • Mistras Group (U.S.)

  • Percepto (Israel)

  • SEIKEY Srl (Italy)

  • Sky-Futures Ltd (U.K.)

  • Sphere Drones (Australia)

  • Terra Drone Corp. (Japan)

  • Viper Drones (U.S.)

  • Avitas Systems, Inc. (U.S.)

  • Australian UAV Pty Ltd (Australia)

  • Qualcomm Technologies (U.S)

  • Texo DSI (U.K.) 


KEY INDUSTRY DEVELOPMENTS:



  • December 2023- The Government of India launched drones in Bhopal City with the main purpose of surveillance and monitoring of power supply lines to detect faults and anomalities. The government deployed the surveillance drones in two areas for detecting faults and to ensure timely maintenance of the power systems.

  • November 2023- Hedcor, a subsidiary of Aboitiz Power Corporation announced that the company introduced surveillance drops with its primary function to monitor and do surveys of its solar and hydropower plants as well as to carry out maintenance and rehabilitation activities more efficiently.

  • June 2023- The Lucknow Electricity Supply Administration (LESA) announced that the government body deployed surveillance drones in their power plants and electricity grids. The move intended to closely monitor and carry out surveillance activities owing to increasing power theft and illegal power cut cases in the city.

  • May 2023- Nokia showcased its latest CE-certified, turnkey drone-in-the-box solutions which are specifically designed and manufactured owing to increasing demand from various consumers from industries such as public safety agencies, energy sector, construction, and defense.

  • March 2022- In the Mobile World Congress held in Barcelona, Telefónica Tech, one of the leading suppliers in drone and defence technologies, showcased its aerial surveillance drones equipped with predictive maintenance offering for electricity grids. The drones are set to increase safety, improve quality, and optimize costs compared to traditional inspection methods.


REPORT COVERAGE


An Infographic Representation of Drone Surveillance Market

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The Drone Surveillance Market for Energy & Power Industry industry research report provides a detailed analysis of the market. It encompasses key aspects such as supply chain, R&D capabilities, and optimization of the manufacturing process. Besides this, the report offers insights into the current market trends and highlights key industry developments. In addition to the aforementioned factors, the report focuses on several factors that have contributed to the growth of the advanced market over recent years.


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Report Scope & Segmentation
















































ATTRIBUTE



DETAILS



Study Period



2019-2032



Base Year



2023



Estimated Year



2024



Forecast Period



2024-2032



Historical Period



2019-2022



Growth Rate



CAGR of 13.4% from 2024 to 2032



Unit



Value (USD Million)



Segmentation



By Type



  • Multirotor

  • Fixed Wings

  • Hybrid



By Application



  • Pipeline Monitoring and Inspection

  • Offshore Platform Inspection

  • Wind Turbine Inspection

  • Power Plant Inspection

  • Solar Panel Inspection

  • Others



By Region



  • North America (By Type, Application, and Country)

    • U.S. (By Type)

    • Canada (By Type)



  • Europe (By Type, Application, and Country)

    • U.K (By Type)

    • Germany (By Type)

    • France (By Type)

    • Italy (By Type)

    • Spain (By Type)

    • Russia (By Type)

    • Rest of Europe (By Type)



  • Asia Pacific (By Type, Application, and Country)

    • China (By Type)

    • India (By Type)

    • Japan (By Type)

    • Australia (By Type)

    • Southeast Asia (By Type)

    • Rest of Asia Pacific (By Type)



  • Middle East & Africa (By Type, Application, and Country)

    • South Africa (By Type)

    • GCC (By Type)

    • Rest of the Middle East & Africa (By Type)



  • Latin America (By Type, Application, and Country)

    • Brazil (By Type)

    • Mexico (By Type)

    • Rest of Latin America (By Type)








Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 212.3 million in 2023 and is projected to reach USD 685.2 million by 2032.

The market is anticipated to grow at a CAGR of 13.4% during the forecast period (2024-2032).

The pipeline monitoring and inspection application segment is anticipated to be the leading segment in this market during 2024-2032.

The increasing number of new wind turbines is the key factor that is driving the growth of the market.

Cyberhawk Innovations Limited, Terra Drone Corp., Aerodyne Group, Sky-Futures Ltd, and Avitas Systems, Inc. are the key players in the global market.

North America held the largest market share in 2023.

Providing cost-efficient services to customers and mergers & acquisitions are the top strategies adopted by the key players to sustain in the market.

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