Utility Drones Market: Growing Global Demand for Minimizing Power Outages Related to Transmission Infrastructure

 The global Utility Drones Market is estimated to be USD 110.2 million in 2018 and is projected to reach USD 538.6 million by 2023, at a CAGR of 37.34% from 2018 to 2023. Drones that are mainly used for utilities inspection, survey, and asset management are called utility drones.  In 2017, North America was the largest market for utility drones, followed by Asia Pacific and Europe. Growing demand for minimizing outages related to transmission and distribution infrastructure, cost efficiency, and reachability in hazardous locations are the major factors driving the utility drones market.

The power industry is expected to lead the utility drones market in 2018 and is projected to have the largest market share during the forecast period. The growth of the power industry is primarily driven by increase in population and rising demand for electricity. The benefits of utility drones in the power industry include cutting down of operation and maintenance costs; increasing worker safety considering their ability to operate drones in potentially dangerous areas; use of little or no fuel; and a negligible environmental impact. These factors drive the growth of the power industry of utility drones market.

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The renewable industry is estimated to grow at the fastest rate during the forecast period. Increasing investments in renewable energy sources to curb CO2 emissions across the world is the major factor driving the growth of the renewable industry of the utility drones market. The International Energy Agency’s (IEA) has predicted high growth of the renewable segment by 2022, with capacity estimated to expand by over 920 GW.

North America is estimated to be the largest market for utility drones in 2018 and is projected to grow at the highest CAGR during the forecast period. Continuous investments in power infrastructure, increasing power consumption, and subsequently increasing focus on renewable power generation are the key factors driving the growth of utility drones in the region. The US accounted for the largest share of the utility drones market in North America in 2017 and has the highest CAGR during the forecast period. Almost all the countries in the region are augmenting their renewable generation capacities. The need of monitoring extra connections in linking solar and wind parks to grids, is forcing utility companies to adopt much more advanced technology for maintenance and inspection of assets.

Moreover, the region plans to increase renewable power generation by 45% by 2025, according to EIA’s Annual Energy Outlook 2016. In June 2016, the US, Canada, and Mexico entered into an agreement and established a goal of 50% electricity generation from clean energy sources by 2025. All these factors are expected to drive the utility drones market in North America during the forecast period. Thermal Aerial Surveillance Drone Utility has thermal and video cameras with 3-axis gimbals stream images in real time. This type of utility drones provides safe monitoring and inspecting temperature-related problems.

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The key players operating in the Utility Drones Market are Cyberhawk (Scotland), Delair (France), Measure (US), PrecisionHawk (US), and HEMAV (Spain). The other players in the market are Aerodyne (England), Asset Drone (US), ABJ Drones (US), Terra Drone (Japan), Sky-Futures (England), Sharper Shape (US), Sky Scape (US), and ULC Robotics (US).

Circuit Breaker Market: Accelerating investments in power generation and enhancements for T&D networks to boost market growth

 According to the new market research report "Circuit Breaker Market by Insulation Type (Vacuum, Air, Gas, & Oil), Voltage (Medium, High), Installation (Indoor, Outdoor), End-User (Transmission & Distribution Utilities, Power Generation, Renewables, & Railways) and Region- Global Forecast to 2025", published by MarketsandMarkets™, the global Circuit Breaker Market size is expected to grow from an estimated USD 5.7 billion in 2020 to USD 7.7 billion by 2025, at a CAGR of 5.9%, during the forecast period. Growing investments in smart grid technologies to protect and control power equipment and replacement of aging infrastructure, and the need for reliable T&D networks offer high-growth opportunities for the Circuit Breaker Market.

 

The T&D utility Segment is expected to dominate in the Circuit Breaker Market

The T&D utility segment is estimated to lead the Circuit Breaker Market. Asia Pacific was the largest market for T&D Utilities end-user segment in 2019. This is attributed to the increasing demand for electricity and replacement of aging infrastructures, especially from countries such as Japan, China, and South Korea of the Asia Pacific region.

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The high voltage segment is expected to be the largest contributor in the Circuit Breaker Market.

The high voltage segment held the largest share of the circuit breaker system market in 2019. They are mostly used by different end users such as T&D utilities, large power generation plants, and railways & metros. Increasing investments in transmission and distribution networks due to the rise in demand for power and the need for an increase in the reliability of high-voltage electrical assets are expected to drive the market for this segment.

The gas circuit breaker segment is expected to grow at the fastest rate.

The insulation type segment accounted for the highest share of the Circuit Breaker Market, by insulation type during the forecast period. The market for gas circuit breaker is driven by high dielectric property and less space requirement. Asia Pacific is estimated to hold the largest share of the gas circuit breakers market, followed by Europe because of increasing investments in renewable energy.

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The Asia Pacific is expected to be the largest and fastest-growing market during the forecast period.

Asia Pacific is estimated to be the largest and fastest growing market during the forecast period. The region has been segmented, by country, into China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific. Countries in this region are experiencing an increase in demand for power due to rapid urbanization and increase in industrialization. To meet the growing requirement for energy efficiency and continuous power supply, the State Grid Corporation of China (SGCC) plans to invest about USD 556 billion from 2017 to 2020, of which 11.1% (about USD 62 billion) would be spent on grid technologies, including circuit breaker, to accommodate a large amount of renewable energy in its grid. China managed to become the major consumer of smart grid technology because of the massive transformation taking place in the country’s energy landscape. The requirement for the smart grid is further supported by China’s focus on embracing energy efficiency and clean energy, along with the need to transform the nation’s power industry. China is expected to have more than 100 GW of installed wind capacity and a significant increase in its solar PV installations by 2020. Owing to this, the demand for circuit breaker would increase.

The key players in the Circuit Breaker Market include companies such as ABB (Switzerland), Schneider Electric (France), Siemens (Germany), Mitsubishi Electric (Japan), and Eaton (Ireland).

COVID-19 Impact on Smart Grid Market worth $28.8 Billion by 2021

Post COVID-19, the report "COVID-19 Impact on Smart Grid Market by Component (Hardware, Software and Services) and Region - Global Forecast to 2021" size is estimated to be USD 26.9 billion in 2020 and projected to reach USD 28.8 billion by 2021 at a CAGR of 7.1% from 2020 to 2021.  The major factors driving the growth of the smart grid industry include modernization of aging grid infrastructure, and improved grid reliability and efficient outage response.

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“Smart Grid Market for software to hold the highest market share during the forecast period.”

The software segment is expected to hold the highest market share as it is likely to witness a low impact due to the outbreak of COVID-19.  The software segment is further sub-segmented into advanced meter infrastructure (AMI), smart grid distribution management, smart grid network management, grid asset management, substation automation, smart grid security, and billing and customer information system.  It is estimated that the grid asset management, smart grid security, and billing and customer information system segments are expected to have the least impact during the lockdown of COVID-19.

Browse in-depth TOC on "COVID-19 Impact on Smart Grid Market"

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“Smart Grid Market in North America is expected to hold the highest share during the forecast period”

The smart grid industry in North America is expected to be the largest during the forecast period. This growth is attributed to the rise in demand for smart grid infrastructure to improve service reliability and operating efficiency. The US and Canada are the major two economies in the region that focus on investing in grid modernization. For instance, the US government allocated funds for smart meter units and making installation of smart meters mandatory in several states, including California and Texas. Such initiatives are likely to drive the Smart Grid Market.

Some of the major players in the smart grid industry are GE (US), ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Itron (US), Landis+Gyr (Switzerland), Aclara (US), Cisco (US), OSI (US), IBM (US), Wipro (India), Oracle (US),  Honeywell (US), S&C Electric Company (US), Eaton (Ireland), Kamstrup (Denmark) and Trilliant Holdings (US), among others.

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Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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Electrical Bushings Market: Focus Towards Combined Insulation Bushings

The global electrical bushings market is projected to grow at a CAGR of 3.86%, from 2018 to 2023. In 2017, Asia Pacific was the largest market for electrical bushings, followed by Europe and North America. The growth of the electrical bushings market is mainly driven by rising electrical network expenditure and the increasing demand for electrical equipment from end-users such as railways and renewable.

The electrical bushing application has been segmented into transformer, switchgear, and others. The others segment includes circuit breakers, generators, reactors, and wall applications. The transformer segment held the largest market share in 2017 and is expected to be the fastest-growing market from 2018 to 2023. Increasing investments in T&D networks and rising installation of electrical equipment such as transformers, switchgears, and circuit breakers are the major factors driving the transformer segment during the forecast period.

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The electrical bushing end-user has been segmented into utilities, industries, and others. The others segment includes railways and metro, renewable, and the commercial sector. The utilities segment held the largest market share in 2017 and is expected to be the fastest-growing market from 2018 to 2023. Bushings are the most important component of transformers and switchgears as they control the electric field and reduce electrical stresses. Many utilities are upgrading or adding T&D capacity, thereby, boosting the demand for electrical bushings.

Asia Pacific is expected to be the fastest-growing market

Asia Pacific held the largest market share in 2017 and is expected to be the fastest-growing market from 2018 to 2023. It is the most populated region in the world and consequently witnesses a high demand for electricity. Increasing grid investments especially in developing economies such as China and India and plans for electrification in countries such as Vietnam, Indonesia, and the Philippines are expected to drive the electrical bushings market in Asia Pacific. China accounted for the largest share of the electrical bushings market in Asia Pacific in 2017. The National Energy Administration of China estimates a cumulative investment of USD 280 billion is required to increase the length of the transmission lines in the ultra-high voltage (more than 800 kV) network, under its 2015–2020 Power Grid Construction and Reform Plan. This eventually increases the demand for power equipment such as transformers, generators, and circuit breakers, thereby creating business opportunities for the electrical bushings market in Asia Pacific.

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The electrical bushings market is dominated by a few global players. The key players operating in this market include ABB (Switzerland), Siemens (Germany), GE (US), Eaton (Ireland), and Nexans (France). The other players in the market include BHEL (India), CG Power (India), Elliot Industries (US), Gamma (Colombia), GIPRO GmbH (Austria), Hubbell (US), Polycast International (Canada), RHM International (US), Toshiba (Japan), and Webster-Wilkinson (UK).

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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