Renewable Drones Market Trends

Growth Drivers

• Increasing Installation Of Wind And Solar Farms - As more renewable energy sources are installed, the need for efficient and reliable methods of monitoring these sources grows. This has created a demand for renewable drones, which can provide detailed information on the performance of renewable energy sources. As per the IEA, in 2021, there will be an estimated 830 GW of wind capacity installed worldwide, of which 93% will come from onshore systems, while the remaining 7% will come from offshore wind farms.
• Rising number of government initiatives to promote use of clean energy - A fact sheet released by the White House points out that the Biden-Harris Administration is taking major steps forward on wind, solar, transmission, and other clean energy projects in order to generate high-quality jobs and provide affordable, carbon-free electricity to all Americans.
• Increasing Deployment of Solar Plants - According to data from the end of 2021, India ranked 4th in the global deployment of solar PV. As of 30th November, 2022, there were 61.80 GW of solar power installed in the country. Solar energy is a clean and renewable source of energy, and solar plants have become increasingly common as technology advances. Solar-powered drones are increasingly in demand as more solar plants are installed, as they are more efficient at monitoring and inspecting solar plants.
• Increasing Use of Drones for Inspection Operations to Reduce Costs- Drones can inspect hard-to-reach areas with greater accuracy and safety than traditional methods, and they can do it faster and more cost-effectively. This makes them an attractive option for renewable energy operations, such as solar panel and wind turbine inspections. It is noted that drones collect data more than three times faster than traditional methods. On average, a drone can inspect one blade of a wind turbine in ten to eleven minutes, and three blades in approximately 40 minutes.
• Growing population and rapid industrialization rate - According to World Bank data, South Asia's population grew from 1.836 billion in the previous year to 1.875 billion in 2020. Approximately 1.38 billion people live in India, the most populous country in the region. As the population grows and more resources are needed to power industry, renewable sources of energy such as solar, wind, and geothermal are becoming increasingly important. The use of drones to monitor and maintain these sources of energy is becoming more popular and is driving the growth of the renewable drones market.

Challenges

• Lack of expertise and knowledge regarding their design, operation, and maintenance- Many people are not familiar with the technology and do not have the skills or resources to be able to use renewable drones effectively. This lack of knowledge and expertise makes it difficult for the market to expand, as people are not sure how to use the technology or how to maintain and operate it.
• High cost of renewable drones
• Stringent governmental regulations and the lack of public acceptance in some regions