Renewable Drones Market size was valued at USD 51.3 Million in 2023 and is projected to exceed USD 334.9 Million by the end of 2036, registering over 24.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of renewable drones is evaluated at USD 53 Million. The growth of the market can be attributed to the increasing investments in drone technology. For instance, a growth of three times in investments over three years makes the Indian drone industry flies high in 2023. With investments totaling USD 51 million, drone investments are expected to grow. Investing in drone technology allows companies to access hard to reach areas for renewable energy sources such as wind and solar. It also allows for cost-effective surveying and maintenance of renewable energy sites, as well as providing an efficient way to deploy renewable energy infrastructure.
In addition to these, factors that are believed to fuel the market growth of renewable drones include increasing awareness about the need for renewable energy sources, government support for clean energy sources, and technological advancements in the field of renewable energy. For instance, it is demonstrated that drone inspection and robotics-based automatic operations and maintenance (O&M) improve safety and productivity by handling dangerous repetitive work. Renewable energy sources, such as solar, wind, and geothermal, are becoming increasingly reliable and cost-effective. This allows for emerging drone technologies, such as solar-powered drones, to be used in a variety of applications.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
24.3% |
|
Base Year Market Size (2023) |
USD 51.3 Million |
|
Forecast Year Market Size (2036) |
USD 334.9 Million |
|
Regional Scope |
|
Drone Type (Multirotor, Fixed Wing)
The global renewable drones market is segmented and analyzed for demand and supply by drone type into multirotor and fixed wing Out of these, the multirotor segment is estimated to gain the largest market share of about 71% in the year 2036. This growth can be attributed to the advantages of multirotor drones such as their ability to stay airborne for longer durations, which makes them ideal for use in long-term surveillance and monitoring operations. Additionally, increasing adoption of multirotor drones owing to their compact size, low noise levels, and low carbon emissions renders them a more attractive various operation, further driving their demand. For instance, Indian Coast Guard received 10 multicopter drones by 2022 to boost maritime interdiction and surveillance. Moreover, the cost of multirotor drones has dropped drastically over the years due to advances in technology, making them more accessible and cost-effective. This has also been a major factor driving their increased adoption in various industries.
End-user (Solar, Solar PV, Solar CSP, Wind)
The global renewable drones market is segmented and analyzed for demand and supply by end user into solar, solar PV, solar CSP and Wind. Out of these, the solar segment is estimated to gain the significant market share of about 43% in the year 2036. The growth of the segment can be attributed to the increasing demand for renewable energy sources, government initiatives and subsidies to promote the adoption of solar energy, and the declining cost of solar power generation. Renewable drones are used for monitoring solar panels, detecting and repairing problems, and providing real-time data on the performance of the solar panels. This can help to reduce maintenance costs and increase energy efficiency, resulting in greater use of solar energy. A 1.9% annual improvement rate has been achieved over the past few years in the global primary energy intensity (energy efficiency) from 5.6 megajoules per US dollar in 2010 to 4.7 megajoules per US dollar in 2019. Additionally, the increasing need for energy security and the advancement of technology is also driving the growth of the solar segment.
Our in-depth analysis of the global market includes the following segments:
|
By Drone Type |
|
|
By Solution |
|
|
By End User |
|
APAC Market Statistics
The market share of renewable drones in Asia Pacific, amongst the market in all the other regions, is projected to be the largest with a share of about 33% by the end of 2036. The growth of the market can be attributed majorly to the growing awareness about the benefits of drone technology in the region and the increasing investment in the region from governments in order to reduce the dependency on fossil fuels and promote alternative energy sources. Moreover, the governments of various countries in the region have been actively pushing for the adoption of renewable energy sources and have put in place policies to promote renewable energy sources growth. The growth rate of renewable energy additions in India was observed to be 9% in 2022. There has been a 25-fold increase in solar energy capacity over the last nine years and there are now 64GW of solar energy installed in the country. Drones are used to inspect solar panels and wind turbines, detect issues, and track the performance of renewable energy sources. They can also be used to map out potential sites for new renewable energy sources, as well as monitor their performance.
North American Market Forecast
The North America renewable drones market is estimated to be the second largest, registering a share of about 26% by the end of 2036. The growth of the market is attributable to the increasing demand for renewable energy sources, as well as the technological advancements that have made drones capable of performing complex tasks such as surveying, mapping, and monitoring. Additionally, the imposition of favorable policies for the use of solar energy and the rise in demand for renewable drones from several end-user industries in the region is projected to drive the market in the North America region. For instance, in August 2022, the United States government passed the Inflation Reduction Act, a bill that significantly expanded renewable energy support over the next 10 years. Moreover, a growing need for cost-effective and efficient data collection solutions in the energy sector presents lucrative opportunities for the use of drones in region.
Europe Market Forecast
Further, the renewable drones market in the Europe, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2036. The growth of the market can be attributed majorly to the increasing demand for renewable energy sources in the region owing to its supportive government policies and initiatives towards transitioning from traditional sources of energy to renewable sources. Additionally, the growing investments in the renewable energy sector and the availability of advanced technology for drone operations are some of the other factors driving the growth of the renewable drones market in the Europe. The advanced technology for drone operations such as autopilot systems, obstacle avoidance systems, improved sensors, and software for tracking and mapping are enabling businesses to use drones for a variety of applications such as monitoring and surveillance, asset tracking, and aerial photography. As a result, the demand for renewable drones in the Europe market is increasing.
Terra Drone launched Terra Drone Technology Malaysia Sen Bh (TDMY) in Kuala Lumpur, Malaysia, seeking to provide drone survey, inspection, and industrial services to a variety of industries. The company aims to leverage Malaysia's existing industrial capabilities and infrastructure, as well as its strong government support for the industry, to become one of the leading providers of drone based solutions in the Asia Pacific region.
With the acquisition of Measure, Aerodyne Group created Aerodyne Measure to handle inspections and analysis using drones in North America. This acquisition was part of Aerodyne's strategy to expand its services in the commercial drone industry, helping customers to save time and money through automated drone inspections and data analysis.
Author Credits: Dhruv Bhatia
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?