CHICAGO, Sept. 8, 2020 /PRNewswire/ -- According to the new market research report "Renewable Drones Market by Drone Type (Multirotor and Fixed Wing), Solution (End-to-End Solution and Point Solution), End user (Solar (Photovoltaics and Concentrated Solar Power) and Wind), and Region - Global Forecast to 2025", published by MarketsandMarkets, the Renewable Drones Market size will grow to USD 148 million by 2025 (forecast year) from USD 45 million in 2020 (estimated year), at a CAGR of 27.1% during the forecast period. The rising adoption of drones for reducing inspection, increasing focus on asset optimization are the driving factors for the Renewable Drones Market, globally. Technological developments software for drone data analytics, and rapid development of renewable plants which creates opportunities for growth of the market.
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The multirotor segment is expected to dominate the Renewable Drones Market, by drone type, during the forecast period.
Multirotor drones have various advantages over Fixed wing drones; for instance, multi-rotor aircraft can perform vertical takeoffs and landings. They also require less space to take flight, can hover mid-flight, and maneuver around objects for easy inspection, mapping, and modeling. Further, multirotor drones use multiple propellers to maneuver; hence, they do not require a larger surface area or wingspan as compared to Fixed wing drones. Moreover, multirotor drones are designed to be folded down and packed up into smaller cases, which makes them easier to transport. Such factors drive the growth of multirotor drones in the Renewable Drones Market.
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The solar segment is expected to be the fastest growing Renewable Drones Market, by end user, during the forecast period.
The solar segment, by end user, Renewable Drones Market is estimated to grow at the fastest rate during the forecast period. This is mainly because of the increasing demand for inspection operation from existing solar farms. Moreover, rapid investments for development of solar PV farms in the Asia-Pacific region are factors propel the growth of solar segment in the Renewable Drones Market.
Asia Pacific likely to emerge as the largest Renewable Drones Market
In this report, the Renewable Drones Market has been analyzed for six regions, namely, North America, South America, Europe, Asia Pacific, Middle East & Africa. Asia Pacific is expected to be the largest Renewable Drones Market during the forecast period. Asia Pacific comprises China, India, Japan, Australia, and Rest of Asia Pacific. The region has a high demand for electricity due to a rise in urbanization, industrialization, and population growth. The rapid increment in economic growth would lead to an increase in the demand for power. This would necessitate greater investments in the renewable power generation infrastructure. The region is expected to experience an increase in investments due to the rapidly declining prices of solar panels.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Renewable Drones Market.
Some of the key players are DJI Enterprise (China), Terra Drone (Japan), Aerodyne Measure (US), and DroneDeploy (US). The leading players are adopting various strategies to increase their share in the Renewable Drones Market.
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