In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
· February 16, 2021- Terra Drone and INPEX Corporation joined hands to launch INPEX-Terra Drone Intelligent Drone Plan, which seeks to promote digital transformation and sustainable growth of natural gas industry in Japan and other parts of the world.
The global renewable drones market is estimated to garner a large revenue and grow at a CAGR of ~28% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing adoption of drones in order to reduce cost of inspection operation, growing emphasis on asset optimization, and rising demand for clean energy applications in drone technology. Along with these, there is a surge in usage of renewable drones in the solar energy sector, which is another factor expected to drive market growth in the near future. Furthermore, escalating establishment of renewable energy plants, mainly solar and wind farms, coupled with the rising focus on renewable energy generation, are projected to offer profitable opportunities for market growth in the upcoming years. According to the International Energy Agency, the use of renewable energy increased by 3 percent in 2020. In addition, the share of renewables in electricity generation globally rose up to 29 percent in 2020, up from 27 percent in 2019.
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The market is segmented by end user into solar, solar PV, solar CSP, and wind, out of which, the solar segment is anticipated to hold the largest share in the global renewable drones market on account of the rising demand for solar farm maintenance and inspection, and growing awareness regarding flight operations and thermography among inspectors, asset owners and drone service providers. Additionally, on the basis of drone type, the multirotor segment is assessed to grab the largest share over the forecast period owing to the ability of multirotor drones to perform vertical takeoffs and landings, and requirement of less space by these devices to take flight. Moreover, based on solution, the segment for end-to-end solution is predicted to grab the most significant share by the end of 2030, which can be credited to the fact that this type of solution helps in avoiding issues associated with the use of continuously-updating drone technology.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of geographical analysis, the global renewable drones market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the increase in investments for the generation of renewable energy in developing countries of the region, especially China and India, and rising number of government initiatives to promote use of clean energy. In addition, growing population and rapid rate of industrialization, are also projected to drive the region’s market growth in the coming years. As per the data provided by the World Bank, the population of South Asia grew up to 1.875 billion in 2020, up from 1.836 billion in the previous year. India is the most populated country in the region, accounting for about 1.38 billion people. Moreover, the market in North America is anticipated to gather the largest share during the forecast period ascribing to the imposition of favorable policies for use of solar energy and rise in demand for renewable drones from several end-user industries in the region.
The global renewable drones market is further classified on the basis of region as follows:
Our in-depth analysis of the global renewable drones market includes the following segments:
By Drone Type
By End User
Ans: The major factor driving market growth are increasing adoption of drones to reduce cost of inspection operation and rising demand for clean energy applications.
Ans: The market is anticipated to attain a CAGR of ~28% over the forecast period, i.e., 2022 – 2030.
Ans: Lack of skilled professionals is estimated to hamper the market growth.
Ans: Asia Pacific will provide more opportunities for market growth owing to the increase in investments for the generation of renewable energy in developing countries of the region.
Ans: The major players in the market are Terra Drone Corporation, Aerodyne Systems Sdn. Bhd., DroneDeploy, Inc., SZ DJI Technology Co., Ltd., DRONE VOLT Group, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by drone type, solution, end user, and by region.
Ans: The solar segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.